Twilio Inc (TWLO) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Twilio's second quarter 2025 earnings conference call. (Operator Instructions) I would now like to hand the conference over to your first speaker today, Bryan Vaniman, Senior Vice President of Investor relations and corporate Development. Please go ahead.

您好，感謝您的支持。歡迎參加 Twilio 2025 年第二季財報電話會議。（操作員指示）現在，我想將會議交給今天的第一位發言人，投資者關係和企業發展高級副總裁 Bryan Vaniman。請繼續。

Good afternoon, everyone, and thank you for joining us for Twilio second 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，感謝您參加 Twilio 2025 年第二季財報電話會議。今天與我一起出席的還有執行長 Khozema Shipchandler、財務長 Aidan Viggiano 和首席營收長 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 presentation posted on our IR website at investors.twilio.com. 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.

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。您可以在我們的投資者關係網站 investors.twilio.com 上發布的收益報告中查看我們 GAAP 和非 GAAP 業績的定義及對帳。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。

Many of those risks and uncertainties are described in our SEC filings, including our most recent Form 10-K and our forthcoming Form 10-Q. Forward-looking statements represent our beliefs and assumptions only as of the date such statements are made. We disclaim any obligation to update any forward-looking statements except as required by law.

我們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。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 Koamma and Aidan, who will discuss our Q2 results and will then open the call for Q&A.

接下來，我將把時間交給 Koamma 和 Aidan，他們將討論我們的第二季業績，然後開始問答環節。

Thank you, Bryan. Good afternoon, everyone, and thank you for joining us today. Twilio had a strong Q2, reaching over $1.2 billion in revenue and achieving another quarter of double-digit revenue growth in year over year growth acceleration. We also delivered another record quarter of both non-GAAP income from operations and free cash flow.

謝謝你，布萊恩。大家下午好，感謝大家今天的參與。Twilio 在第二季表現強勁，營收超過 12 億美元，並再次實現兩位數的季度營收成長，較去年同期成長加速。我們也創造了非公認會計準則營業收入和自由現金流創紀錄的季度。

And Q2 marked an important milestone as our segment business delivered non-GAAP income from operations for the first time, surpassing our Q2 break even target that we established early last year. Our strong performance this quarter reflects our continued progress in driving greater operating efficiencies, our focused product led innovation, and solid commercial execution.

第二季標誌著一個重要的里程碑，因為我們的分部業務首次實現了非公認會計準則營業收入，超過了我們去年年初設定的第二季損益平衡目標。本季的強勁表現反映了我們在提高營運效率、專注於產品主導的創新以及穩健的商業執行方面取得的持續進步。

In Q2, we delivered a fourth consecutive quarter of accelerating messaging growth, as well as double-digit voice growth. We are demonstrating not just our market leading scale in our core communications market, but also our pace of innovation which is allowing us to take share.

在第二季度，我們實現了連續第四個季度的資訊傳輸加速成長，語音傳輸也實現了兩位數的成長。我們不僅展示了我們在核心通訊市場的領先規模，還展示了我們能夠佔據市場份額的創新步伐。

This is also evident across our go to market levers as self-serve ISVs, international, and communications software add-ons each delivered double-digit revenue growth, and our multi-product customer count also grew double digits.

這也體現在我們的市場槓桿上，自助服務 ISV、國際和通訊軟體附加元件均實現了兩位數的收入成長，我們的多產品客戶數量也實現了兩位數的成長。

During the quarter, we had several notable wins, including Centerfield, Henry Schein, JustFab, Manus AI, Nooks AI, the Phoenix Suns, Postscript. We also had another great quarter of large deal activity with ISV and technology customers.

在本季度，我們取得了幾項顯著的勝利，包括 Centerfield、Henry Schein、JustFab、Manus AI、Nooks AI、菲尼克斯太陽隊、Postscript。我們也與 ISV 和技術客戶進行了另一個大規模交易活動的輝煌季度。

In fact, in communications, the number of large deals closed at $500,000 or more increased 57% year over year. This momentum is reflected in our dollar-based net expansion rate of 108% in Q2, our best rate in over two years. In self-serve, our voice channel was a bright spot. Driven by a variety of factors, notably, the surge in voice AI startups who are building on Twilio.

事實上，在通訊領域，成交金額在 50 萬美元或以上的大額交易數量比去年同期成長了 57%。這一勢頭反映在我們第二季度基於美元的淨擴張率 108% 上，這是兩年多來的最佳增速。在自助服務方面，我們的語音管道是一個亮點。受多種因素推動，尤其是在 Twilio 上建立語音 AI 新創公司的激增。

In May, we held our annual user conference, SIGNAL, bringing together nearly a thousand attendees in San Francisco for a preview of our next-generation customer engagement platform. During the event, I had the opportunity to engage with many of our customers and heard countless stories of how Twilio continues to bring more ROI to businesses.

五月，我們舉辦了年度用戶大會 SIGNAL，近千名與會者齊聚舊金山，預覽我們的下一代客戶參與平台。活動期間，我有機會與許多客戶交流，並聽到了無數關於 Twilio 如何繼續為企業帶來更多投資回報的故事。

It was evident that the power of combining communications plus contextual data plus AI through our product innovations and platform is driving meaningful value for brands. And that Twilio is increasingly becoming the infrastructure layer for customer interactions.

顯然，透過我們的產品創新和平台將通訊、上下文數據和人工智慧相結合的力量正在為品牌創造有意義的價值。Twilio 正日益成為客戶互動的基礎設施層。

Twilio is not just a company of and for builders, but a company that our customers can build their businesses on for years to come as they navigate AI and every other technological evolution they will encounter. At SIGNAL, we also showcase new products designed to help brands create modern intelligent customer experiences all built on the Twilio platform and tailored to meet customers wherever they are in their journey.

Twilio 不僅是一家由建設者組成的公司，也是一家為建設者服務的公司，我們的客戶在未來幾年內可以在其上建立自己的業務，因為他們可以探索人工智慧和他們將遇到的所有其他技術變革。在 SIGNAL，我們也展示了旨在幫助品牌創造現代智慧客戶體驗的新產品，這些產品均建立在 Twilio 平台上，並針對客戶在旅途中的不同階段進行客製化。

We announced the general availability of conversation relay, which empowers developers to create robust natural voice AI agents using their choice of LLM. And more importantly, is the first step toward realizing our vision of powering context-aware virtual agents across every Twilio conversation channel.

我們宣布了對話中繼的全面上市，它使開發人員能夠使用他們選擇的 LLM 創建強大的自然語音 AI 代理。更重要的是，這是我們實現在每個 Twilio 對話管道中支援情境感知虛擬代理的願景的第一步。

Conversation Relay is generating a lot of customer interest, and during its first quarter of general availability, we completed nearly 1 million calls. As an example, in Q2, we signed a conversation relay deal with a leading fintech company that will leverage Conversation Relay to automate their three most common customer care requests credit limit inquiries, card tracking, and installment payments.

Conversation Relay 引起了許多客戶的興趣，在其全面上市的第一個季度，我們完成了近 100 萬次通話。例如，在第二季度，我們與一家領先的金融科技公司簽署了對話中繼協議，該公司將利用對話中繼來自動化其最常見的三個客戶服務請求：信用額度查詢、信用卡追蹤和分期付款。

Within two weeks, they validated the solution and began scaling to production, demonstrating both the speed and impact of Twilio's AI-powered automation. We're powering innovation for both enterprises and the newest AI startups with our scalable and trusted communications infrastructure, orchestration, and observability.

在兩週內，他們驗證了解決方案並開始擴展到生產，展示了 Twilio 人工智慧自動化的速度和影響。我們利用可擴展且值得信賴的通訊基礎設施、編排和可觀察性為企業和最新的人工智慧新創公司提供創新動力。

True to our roots, these features are as extensible and configurable as any other part of the Twilio stack. Some customers value when much of the conversational AI ecosystem is focused on black box solutions, vendor lock-in, and extensive professional services integrations.

忠於我們的根源，這些功能與 Twilio 堆疊的任何其他部分一樣具有可擴展性和可配置性。當大部分對話式人工智慧生態系統專注於黑盒解決方案、供應商鎖定和廣泛的專業服務整合時，一些客戶會重視這一點。

We also announced that conversational intelligence, already generally available for voice, now supports messaging conversations in private beta. And it has already seen an 86% increase in account usage year over year.

我們也宣布，對話智能（已普遍用於語音）現在支援私人測試版的訊息對話。且其帳戶使用量已年增 86%。

This powerful feature unifies conversational data across voice and messaging for human and AI agents, giving brands a cross-channel view of the customer. It highlights the value of previously inaccessible conversational and contextual data by equipping sales and CX teams with holistic insights from every touch point, allowing them to deliver seamless, personalized experiences which lead to a better relationship with brands.

這項強大的功能統一了人類和人工智慧代理的語音和訊息對話數據，讓品牌能夠跨通路了解客戶。它透過為銷售和 CX 團隊提供來自每個接觸點的整體洞察，突出了以前無法訪問的對話和上下文數據的價值，使他們能夠提供無縫的個人化體驗，從而與品牌建立更好的關係。

Conversational intelligence also includes built-in AI agent observability, allowing brands to analyze AI agent interactions, customize call scoring, generate competitive intelligence, and detect customer intent through natural language understanding.

對話智慧還包括內建的 AI 代理可觀察性，讓品牌分析 AI 代理互動、客製化呼叫評分、產生競爭情報並透過自然語言理解檢測客戶意圖。

And we've also continued to innovate across our trusted core channels. A few weeks ago, WhatsApp business calling via programmable voice became generally available, enabling businesses to engage directly with consumers on WhatsApp through a single seamless conversation, whether via messaging or voice.

我們也繼續在我們值得信賴的核心管道上進行創新。幾週前，透過可程式語音的 WhatsApp 商業通話功能正式推出，企業可以透過 WhatsApp 上的單一無縫對話（無論是透過訊息還是語音）直接與消費者互動。

We're also seeing momentum with RCS adoption currently available in select markets with a full GA in the coming months. RCS is already delivering strong results, transforming standard notifications into trusted and branded communications.

我們也看到 RCS 的採用勢頭良好，目前已在部分市場推出，並將在未來幾個月內全面推出 GA。RCS 已經取得了顯著成果，將標準通知轉變為值得信賴的品牌通訊。

One of Twilio's longtime customers, Fresha, a leading booking platform for the beauty and wellness industry that facilitates over 700,000 appointments daily, adopted RCS with no code changes and saw an immediate measurable impact.

Fresha 是 Twilio 的長期客戶之一，也是美容和保健行業領先的預訂平台，每天處理超過 700,000 次預約，該平台在未更改代碼的情況下採用了 RCS，並立即看到了可衡量的效果。

With Twilio, Fresha achieved 99.2% message delivery rate and saw a 41% read rate with RCS messages achieving a 6% increase in appointment confirmations and a 7% uplift in customer reviews. With Twilio segment, we announced event trigger journeys at SIGNAL and the feature officially went live just a few weeks ago. Now journeys will create rich contextual payloads that combine information from not only the triggering events but also from the data stored in the warehouse and everything in the segment customer profile.

借助 Twilio，Fresha 實現了 99.2% 的訊息送達率，閱讀率達到 41%，其中 RCS 訊息的預約確認率提高了 6%，客戶評論率提高了 7%。借助 Twilio 部分，我們在 SIGNAL 上宣布了事件觸發旅程，該功能於幾週前正式上線。現在，旅程將創建豐富的上下文有效負載，不僅結合了觸發事件的信息，還結合了倉庫中存儲的數據以及細分客戶資料中的所有內容。

For example, when an online shopper has abandoned their cart, a business can see exactly which items are in the cart and all their key details like name, price, size, color, image, and if that customer is a loyalty member with rewards points, they can use towards their purchase.

例如，當線上購物者放棄購物車時，企業可以準確地看到購物車中的商品及其所有關鍵詳細信息，如名稱、價格、尺寸、顏色、圖像，如果該客戶是擁有獎勵積分的忠誠會員，他們可以使用獎勵積分進行購買。

With event trigger journeys, Twilio segment creates a complete view of the customer, allowing brands to respond dynamically to moments that matter, whether it's an abandoned cart, a missed form submission, or a key onboarding milestone.

透過事件觸發旅程，Twilio 細分創建了客戶的完整視圖，使品牌能夠動態地響應重要時刻，無論是廢棄的購物車、錯過的表單提交還是關鍵的入職里程碑。

And lastly, at SIGNAL, we welcomed Microsoft CEO Satya Nadella as part of our keynote to announce a multi-year strategic partnership between Twilio and Microsoft. The collaboration unlocks the potential for more than 10 million Twilio developers and thousands of Microsoft managed customers to build the future of conversational AI.

最後，在 SIGNAL 大會上，我們歡迎微軟執行長薩蒂亞·納德拉 (Satya Nadella) 在我們的主題演講中宣布 Twilio 和微軟建立多年戰略合作夥伴關係。此次合作將為超過 1,000 萬名 Twilio 開發人員和數千名微軟管理客戶釋放潛力，共同建構對話式 AI 的未來。

All of these enhanced capabilities are paramount for our customers. Twilio's 2025 state of customer engagement report recently found that 88% of consumers are more likely to buy when engagement is personalized, but 44% of brands struggle with executing at this level.

所有這些增強的功能對於我們的客戶來說都是至關重要的。Twilio 的 2025 年客戶參與度報告最近發現，當參與度個人化時，88% 的消費者更有可能購買，但 44% 的品牌在執行這一層面時遇到困難。

This data illustrates the magnitude of the opportunity, as companies are still figuring out how to evolve their customer experiences, especially given the opportunities presented by generative AI. Twilio's platform delivers the set of tools and infrastructure businesses need to modernize and help brands ultimately deliver personalization at scale to drive more ROI.

這些數據說明了機會的巨大，因為公司仍在研究如何改善客戶體驗，特別是考慮到產生人工智慧帶來的機會。Twilio 的平台提供了企業現代化所需的一系列工具和基礎設施，並幫助品牌最終實現大規模個人化，從而提高投資回報率。

Our commitment to delivering enhanced product innovation and customer value is also continuing to get recognition and reinforces the power of the Twilio platform and our leadership in the market. Recently, Gartner named Twilio a leader in the CPaaS Magic Quadrant for the third consecutive year and number one, in three of the five use cases in the CPaaS critical capabilities report.

我們致力於提供增強的產品創新和客戶價值，這也不斷獲得認可，並增強了 Twilio 平台的力量和我們在市場上的領導地位。最近，Gartner 連續第三年將 Twilio 評為 CPaaS 魔力像限的領導者，並在 CPaaS 關鍵能力報告的五個用例中的三個案例中排名第一。

And Omnia named Tullio a CPaaS universe leader. I'm very pleased with the hard work of our team, and today's results underscore the strength of the Twilio platform and the progress we've made as a company. And now I'd like to turn it over to Aidan who will walk you through our financial results.

Omnia 任命 Tullio 為 CPaaS 領域的領導者。我對我們團隊的辛勤工作感到非常高興，今天的成果凸顯了 Twilio 平台的實力以及我們作為一家公司所取得的進步。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.

謝謝你，Khozema，大家午安。

Twilio had a strong second quarter, delivering our fourth consecutive quarter of double digit revenue growth and year over year growth acceleration. For Q2, we generated record revenue of $1.228 billion up 13% year over year, both on a reported basis and an organic basis.

Twilio 在第二季表現強勁，連續第四季度實現兩位數營收成長，且較去年同期成長加速。第二季度，我們創造了創紀錄的收入 12.28 億美元，無論是報告收入還是有機收入，都比去年同期成長 13%。

We also generated record non-GAAP income from operations of $221 million and free cash flow of $263 million. Revenue in our communications business was $1.153 billion for the quarter, up 14% year over year.

我們還創造了創紀錄的 2.21 億美元的非公認會計準則營業收入和 2.63 億美元的自由現金流。本季我們的通訊業務營收為 11.53 億美元，年增 14%。

We've continued to drive accelerated levels of growth as we execute against a focused set of go to market initiatives across ISCs, self-serve, cross-sell, and international expansion.

我們透過實施一系列針對 ISC、自助服務、交叉銷售和國際擴張的行銷計劃，繼續推動加速成長。

As Khozema mentioned, messaging revenue growth accelerated for the fourth consecutive quarter while we generated double-digit voice revenue growth for the first time in two years. Strong uptake among AI startups in our self-serve business contributed to the acceleration and voice revenue growth.

正如 Khozema 所提到的，訊息收入連續第四個季度加速成長，而我們兩年來首次實現了兩位數的語音收入成長。我們自助服務業務中人工智慧新創企業的強勁成長促進了語音收入的加速成長。

In early June, Verizon raised its A2P messaging fee rate, which contributed $6 million in incremental pass through to our reported communications and total revenue for the quarter. Consistent with how we handled A2P messaging fees when they were first instituted by US carriers, in order to provide a consistent comparison of the business's underlying growth rate, we exclude the revenue from these incremental A2P carrier fees when calculating our organic revenue growth until we have lapped the comparative period.

6月初，Verizon 提高了其 A2P 訊息費率，這為我們本季報告的通訊和總收入貢獻了 600 萬美元的增量。與美國營運商首次設立 A2P 訊息費用時我們處理這些費用的方式一致，為了提供對業務基本成長率的一致比較，在計算有機收入成長時，我們將這些增量 A2P 營運商費用的收入排除在外，直到我們完成比較期。

As a reminder, we passed these fees through at 0% gross margin. Segment revenue for the quarter was $75 million flat year over year. Our Q2 dollar-based net expansion rate was 108%, reflecting the improving growth trends we've seen in our communications business over the last several quarters.

提醒一下，我們以 0% 的毛利率轉嫁了這些費用。本季分部營收為 7,500 萬美元，與去年同期持平。我們第二季的美元淨擴張率為 108%，反映了我們過去幾季通訊業務的成長趨勢不斷改善。

Our DBNE rate for communications was 109% and the DBNE rate for segment was 95%. Pass through revenue from incremental carrier fees contributed roughly 60 basis points to both total and communications DBNE in the quarter.

我們的通訊DBNE率為109％，段的DBNE率為95％。本季度，來自增量營運商費用的轉嫁收入為總 DBNE 和通訊 DBNE 貢獻了約 60 個基點。

We delivered non-GAAP gross profit of $623 million up 8% year over year. This represented a non-GAAP gross margin of 50.7%, down 260 basis points year over year and 60 basis points quarter over quarter.

我們實現的非公認會計準則毛利為 6.23 億美元，年增 8%。這意味著非公認會計準則毛利率為 50.7%，年減 260 個基點，較上季下降 60 個基點。

As Khozema mentioned, we are taking share in our core communications market, led by accelerating messaging and voice growth. We saw our messaging revenue mix increase by 260 basis points year over year, which was the primary driver of our gross margin decline in Q2.

正如 Khozema 所提到的，我們正在核心通訊市場中佔有一席之地，這主要得益於訊息傳遞和語音業務的加速成長。我們發現，我們的消息收入組合年增了 260 個基點，這是導致我們第二季毛利率下降的主要原因。

The balance of the gross margin decline was driven by the $6 million of increased carrier fees and FX, given our international carrier costs are paid in local currency. Our revenue was not materially impacted by FX as we build primarily in US dollars.

由於我們的國際承運人費用是以當地貨幣支付的，因此毛利率下降的其餘部分是由於承運人費用和外匯增加了 600 萬美元。由於我們主要以美元結算，因此我們的收入並未受到外匯的重大影響。

We're taking steps to stabilize and improve gross margins, including both price and cost actions. We have announced price increases in both messaging and voice in the US, and we're also investing at the platform level to ensure we're delivering our services efficiently.

我們正在採取措施穩定和提高毛利率，包括價格和成本行動。我們已經宣布提高美國境內簡訊和語音服務的價格，我們也在平台層面進行投資，以確保高效地提供服務。

Notably, we continue to generate strong growth in both non-GAAP income from operations and free cash flow. Excluding the impact of carrier fees, we would expect our pricing and cost actions, as well as our continued growth in our higher margin products to help stabilize gross margins over the near term.

值得注意的是，我們的非公認會計準則營業收入和自由現金流持續保持強勁成長。排除承運人費用的影響，我們預計我們的定價和成本行動以及高利潤產品的持續成長將有助於短期內穩定毛利率。

Non-GAAP gross margin for communications was 49.2%, and non-GAAP gross margins per segment was 74.3%. Non-GAAP income from operations came in ahead of expectations at a record $221 million up 26% year over year, driven by strong revenue growth and ongoing cost discipline.

依照非公認會計準則，通訊業務毛利率為 49.2%，依照非公認會計準則，每個部門的毛利率為 74.3%。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 2.21 億美元，年增 26%。

Our non-GAAP operating margin of 18% was up 180 basis points year over year and down 20 basis points quarter over quarter. The sequential decline was due to anticipated cost incurred from our annual merit increases along with expenses for our SIGNAL conference. In addition, we generated $37 million in GAAP income from operations, our third consecutive quarter of GAAP operating profitability.

我們的非公認會計準則營業利潤率為 18%，年成長 180 個基點，較上季下降 20 個基點。環比下降是由於我們年度績效加薪預計產生的成本以及 SIGNAL 會議的費用。此外，我們的 GAAP 營業收入為 3,700 萬美元，這是我們連續第三個季度實現 GAAP 營業盈利。

Non-GAAP income from operations for communications was $281 million. Non-GAAP income from operations for Segment was $6 million which exceeded our break even target originally introduced in March 2024.

非公認會計準則下，通訊業務營運利潤為 2.81 億美元。非公認會計準則下該部門的營業收入為 600 萬美元，超過了我們最初在 2024 年 3 月制定的盈虧平衡目標。

Earlier this year, we realigned our business unit structure into a functional support model, and we continue to integrate segment with our communications capabilities to deliver one trusted, smart and integrated platform.

今年早些時候，我們將業務部門結構重新調整為功能支援模型，並繼續將各部門與我們的通訊能力結合，以提供一個值得信賴、智慧和整合的平台。

Because of this, beginning in the third quarter, we no longer plan to disclose our results by business unit. Stock-based compensation as a percentage of revenue was 12.1%, up 30 basis points quarter over quarter, and down 150 basis points year over year.

因此，從第三季開始，我們不再計劃以業務部門揭露業績。股票薪資佔營收的百分比為 12.1%，比上一季成長 30 個基點，比去年同期下降 150 個基點。

As we noted on our Q1 earnings call, the modest sequential increase in stock-based compensation is due to the timing of our annual refresh brands during the second quarter. We generated record free cash flow of $263 million in the quarter.

正如我們在第一季財報電話會議上所指出的，股票薪資的環比小幅成長是由於我們在第二季進行了年度更新品牌。本季我們創造了創紀錄的 2.63 億美元自由現金流。

Additionally, we purchased $177 million of shares in the second quarter, bringing our year-to-date share repurchases to $307 million through the end of Q2. Moving to guidance. For Q3, we're initiating a revenue target of $1.245 billion to $1.255 billion, representing 8% to 9% organic growth and 10% to 11% reported growth.

此外，我們在第二季回購了價值 1.77 億美元的股票，截至第二季末，我們的年初至今的股票回購額已達到 3.07 億美元。轉向指導。對於第三季度，我們設定的營收目標為 12.45 億美元至 12.55 億美元，這意味著有機成長率為 8% 至 9%，報告成長率為 10% 至 11%。

Based on our first half performance and Q3 guidance, we're raising our full year 2025 organic revenue growth guidance to a range of 9% to 10%, up from 7.5% to 8.5% previously, and we're initiating a reported revenue growth range of 10% to 11%, which includes the contribution from incremental increases to carrier fees.

根據我們上半年的業績和第三季的指引，我們將 2025 年全年有機收入成長指引從先前的 7.5% 至 8.5% 上調至 9% 至 10%，並且我們預計報告的收入成長範圍為 10% 至 11%，其中包括營運商費用增量的貢獻。

Our revenue guidance assumes $20 million in pass through revenue from incremental carrier fees in both Q3 and Q4. Turning to our profit outlook, for Q3, we expect non-GAAP income from operations of $205 million to $215 million.

我們的收入預期是，第三季和第四季的增量營運商費用將帶來 2,000 萬美元的轉嫁收入。談到我們的利潤展望，對於第三季度，我們預計非 GAAP 營業收入為 2.05 億美元至 2.15 億美元。

We are maintaining our full year non-GAAP income from operations range of $850 to $875 million as we're taking the opportunity to make some accelerated R&D investments in response to strong customer demand invoice, RCS, and our AI offerings.

我們將全年非 GAAP 營業收入維持在 8.5 億美元至 8.75 億美元之間，因為我們正在藉此機會加速研發投資，以滿足客戶對發票、RCS 和 AI 產品強勁的需求。

Based on our strong cash generation during the first half of the year, we're raising our full year free cash flow guidance to a range of $875 to $900 million up from $850 to $875 million previously. I'm very pleased with the accelerated revenue growth we delivered in the second quarter, as well as our ongoing cost discipline that is driving strong profitability and free cash flow.

基於我們今年上半年強勁的現金創造能力，我們將全年自由現金流預期從先前的 8.5 億美元至 8.75 億美元上調至 8.75 億美元至 9 億美元。我對第二季度我們實現的加速收入成長以及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。

We had a strong first half of the year, and we will continue to focus on what we can control as we seek to drive durable revenue growth and strong operating profit and free cash flow generation throughout 2025. And with that we'll now open it up to questions.

我們上半年表現強勁，我們將繼續專注於我們能夠控制的事情，力求在 2025 年實現持久的收入成長、強勁的營業利潤和自由現金流的產生。現在我們開始回答問題。

Thank you. (Operator Instructions) Meta Marshall, Morgan Stanley.

謝謝。（操作員指示）Meta Marshall，摩根士丹利。

Great thanks. This is Jamie on for me to, I guess maybe just to start off, can you speak to the traction of of where you're seeing the most traction with ISVs?

非常感謝。我是 Jamie，我想也許只是為了開始，您能談談您認為 ISV 最有吸引力的地方嗎？

I, this is Thomas Wyatt, so just to comment on that, we're seeing it across protocols, financial services, healthcare professional services, and what we're seeing is the use cases often start with messaging and from there adding second and third channels whether it be voice or now more importantly with RCS and by the combination of that, the [2o] platform providing orchestration capabilities across that. With some of our newer products like conversational insights allows our ISV customers to get a true representation of the level of engagement a consumer has with its brand. So we're really encouraged by our ISV growth. It continues to grow above the company averages.

我是 Thomas Wyatt，我來評論一下這一點，我們在協議、金融服務、醫療保健專業服務中都看到了這一點，我們看到的用例通常從訊息傳遞開始，然後從那裡添加第二和第三個管道，無論是語音還是現在更重要的是 RCS，透過這些的結合，[2o] 平台提供了跨平台的編排功能。透過我們的一些較新產品（例如對話洞察），我們的 ISV 客戶可以真實地了解消費者與其品牌的參與程度。因此，我們的 ISV 成長確實令我們感到鼓舞。它的成長速度持續高於公司平均。

Got it thanks and then just a quick follow up is there any impact from the price increase in the quarter?

明白了，謝謝。然後我想問一下，本季價格上漲有什麼影響嗎？

Not material, no.

不是物質的，不是。

Great, thanks again. I'll jump back thank you.

太好了，再次感謝。我會跳回去謝謝你。

Thank you. Jim Fish, Piper Sandler.

謝謝。吉姆·菲什、派珀·桑德勒。

Yeah, thanks for the question guys. I was going to start with a different one, but just given we brought up the price increase here you implemented it here in the US on the messaging side just, can you walk us through why now for a price increase and just making sure that this wasn't tied to, the Verizon. A to increase and that this is actually incremental to that. So I guess why now and making sure this isn't just, a fee raise because your costs are getting raised as well.

是的，謝謝大家的提問。我本來想從另一個問題開始，但鑑於我們在這裡提出了價格上漲，您只是在美國的消息傳遞方面實施了這一措施，您能否向我們解釋一下為什麼現在要漲價，並確保這與 Verizon 無關。A 增加，這其實是增量。所以我想為什麼現在要確保這不僅僅是費用的提高，因為你的成本也在提高。

Hey, Jim, I'll start and then I'll hand it over to Thomas. I want to be clear that, the price increase that we did in the US, for messaging was not tied to the A to P fee increase that came through from Verizon. Those two things are separate and distinct. So just wanted to make that clear. I'll hand it over to Thomas to talk about timing and why we felt it was prudent to do so. Yeah.

嘿，吉姆，我先開始，然後交給湯瑪斯。我想明確指出的是，我們在美國提高簡訊服務的價格與 Verizon 提高 A 到 P 的費用無關。這兩件事是獨立且不同的。所以只是想把這一點說清楚。我會把時間交給托馬斯來討論時機以及為什麼我們認為這樣做是謹慎的。是的。

So raising the list price, particularly in North America for a messaging business, really reflects mainly on our self-service business, which is growing very fast, and, we think we have pricing power in that capability. We also think the pricing does help us with some of our enterprise deals as well over time, but They're on a bit different renewal contract timelines, so it will be sort of a modest increase over time for them.

因此，提高定價，特別是在北美的訊息業務中，實際上主要反映了我們的自助服務業務，該業務增長非常迅速，我們認為我們在該功能方面擁有定價權。我們也認為，隨著時間的推移，定價確實會幫助我們完成一些企業交易，但他們的續約合約時間表略有不同，因此對他們來說，隨著時間的推移，價格會略有上漲。

Yeah, and then, look, your customer additions have been really strong and even stronger than last quarter, I guess where are these customers coming from though they seem to be coming in at a smaller rate and how much of it is tied towards that voice AI opportunity or AI opportunity generally.

是的，然後，你看，你的客戶成長非常強勁，甚至比上一季還要強勁，我想這些客戶來自哪裡，雖然他們的成長速度似乎較小，以及其中有多少與語音 AI 機會或一般 AI 機會相關。

We're seeing broad strength coming in from our self-service channel. There's been a number of innovations that we've made in terms of reducing the friction of the onboarding and the setup for our self-service, which has really dramatically increased the conversion rate of free users into paid users that upgrade.

我們看到自助服務管道不斷增強。我們在減少入職和自助服務設定方面的摩擦方面做出了許多創新，這確實大大提高了免費用戶轉換為付費用戶的轉換率。

In addition to that, we introduced a new service for our email customers only that moves it from free. To more of a trial, free trial type service, and that's added some additional, but this is one of the strongest quarters we've had in years related to new customer acquisition and we really had a strong new business in our enterprise segment quarter as well.

除此之外，我們還為我們的電子郵件客戶推出了一項新服務，該服務不再免費。對於更多的試用、免費試用類型的服務，這增加了一些額外的內容，但這是我們多年來在獲取新客戶方面表現最強勁的季度之一，而且我們在企業部門季度也確實擁有強勁的新業務。

Thank you. Michael Turrin, Wells Fargo Securities.

謝謝。圖林 (Michael Turrin)，富國證券。

Hey, great, thanks very much. I appreciate you taking the questions. I was just hoping, I mean, you gave a lot of useful bread crumbs at the investor day, a while back on some of these aspects, but it just be curious to get your updated view on the durability and drivers of growth profile you're delivering, you're guiding for double digit organic growth at the high end for the full year now and then.

嘿，太好了，非常感謝。感謝您回答這些問題。我只是希望，我的意思是，您在投資者日上就這些方面給出了很多有用的信息，但我只是想了解您對您所提供增長概況的持久性和驅動力的最新看法，您不時地預測全年高端有機增長將達到兩位數。

The commentary around actions you're taking to deliver stabilization on the gross margin side, are those fairly immediate for us to consider when we're kind of updating models from here going forward or is there time to impact for some of those for us to consider as we're rolling it all forward? Thanks very much.

您為穩定毛利率而採取的行動評論，這些行動對於我們來說是否是相當直接的，當我們從現在開始更新模型時，還是在我們推進這一切時，有時間考慮其中一些因素？非常感謝。

Sure, hey, Michael, this is [Kazama]. I'll take the both answers and Aiden and Thomas can add to it as they want. I'd say on the growth side, like we feel pretty good about it. Growth has been pretty durable across a number of different industries. Obviously it's going to be a little bit harder in the back half just because of the compares, but I would say growth feels durable.

當然，嘿，邁克爾，這是[風間]。我會採納這兩個答案，艾登和湯瑪斯可以依照自己的需求來補充。我想說，就成長方面而言，我們對此感覺相當良好。許多不同行業的成長都相當持久。顯然，由於比較，後半段將會變得更加困難，但我想說成長是持久的。

We're obviously not guiding beyond the current period, but we felt pretty good about what we've experienced in the first half, I think. We've seen resilience in a number of different areas so like there's no one thing particularly to point to in terms of where that strength has come from, it's industry based, it's customer based, it's geo based and so that all feels pretty good. In terms of gross margins, as Aidan pointed to in the context of the prepared remarks, we obviously are seeing a little bit of a mixed dynamic there, and FX clipped us as well.

顯然，我們沒有對當前時期之後的情況做出預測，但我認為，我們對上半年的經歷感覺相當良好。我們已經看到許多不同領域都表現出了韌性，因此，對於這種力量來自何處，沒有什麼特別可以指出的，它是基於行業的，基於客戶的，基於地理位置的，所以一切都感覺很好。就毛利率而言，正如艾丹在準備好的發言中指出的那樣，我們顯然看到了一些混合動態，外匯也對我們造成了影響。

And then of course you've got the Verizon fee thing, but more to your question, we are taking some actions. Let me start on the pricing side we already talked about some of the price increases that we've undertaken, as Thomas said. A lot of that will be geared towards what we experience on the self-serve side and so to the extent that we have a lot more self-serve ads you'd certainly see that faster with respect to other customers it's going to happen more in the context of their renewal cycles and stuff like that and so that'll happen more modestly over time I would say.

當然，您也遇到了 Verizon 費用問題，但更重要的是，我們正在採取一些行動。讓我先從定價方面開始，正如托馬斯所說，我們已經討論了我們已經採取的一些價格上漲措施。其中許多將針對我們在自助服務方面的體驗，因此，在我們擁有更多自助服務廣告的範圍內，您肯定會比其他客戶更快地看到這一點，這將更多地發生在他們的續訂週期和諸如此類的事情中，所以我認為，隨著時間的推移，這種情況會更加適度地發生。

And then on the cost side, there's also a number of actions that we're taking there as well. I would say they largely have to do with op optimization of our our platform and and the way that the costs show up there so that we're using it more efficiently. But I do think those things, as well as the fact that, we've got a number of higher margin gross margin products that are growing very nicely, all of that will allow us to in kind of the near term stabilize gross margins, but over, time for that to inflect up a bit.

在成本方面，我們也採取了一些措施。我想說，它們主要與我們的平台的操作優化以及成本的顯示方式有關，以便我們更有效地使用它。但我確實認為，這些因素，以及我們擁有一些利潤率較高的毛利率產品且這些產品增長非常良好，所有這些都將使我們能夠在短期內穩定毛利率，但隨著時間的推移，毛利率會略有上升。

Maybe the one thing I'll add, Michael, just as it relates to the fees, so we had one month of an impact of the new or the increased Verizon fees in Q2. We will have a full quarter effect of that in Q3 and Q4, so all else being equal, we would expect it to be about $20 million of an impact in those quarters and roughly 50 basis points. Of a margin impact associated with that. But again, importantly, as it relates to those fees, we pass them through at 0% gross margin, so it kind of grosses up our revenue, doesn't impact gross profit dollars, and it has no impact on our ability to generate a profit dollars or free cash flow dollars going forward.

邁克爾，也許我要補充一點，因為它與費用有關，所以我們在第二季度受到了新的或增加的 Verizon 費用的影響。我們將在第三季和第四季感受到這一整季的影響，因此在其他條件相同的情況下，我們預計這兩個季度的影響約為 2000 萬美元，影響約為 50 個基點。與此相關的利潤影響。但同樣重要的是，就這些費用而言，我們以 0% 的毛利率轉嫁它們，因此它會增加我們的收入，不會影響毛利，也不會影響我們未來產生利潤或自由現金流的能力。

Thank you. Mark Murphy, JP Morgan.

謝謝。摩根大通的馬克墨菲。

Thank you so much. Kama, we're witnessing some pretty incredible advancements in voice from the foundational AI model providers, and today was a good example with the GBT 5, demo session.

太感謝了。Kama，我們見證了基礎 AI 模型提供者在語音方面取得的一些相當令人難以置信的進步，今天的 GBT 5 演示會議就是一個很好的例子。

So, since they are the ones handling all the voice synthesis and the speech parts of the equation, can you just help us understand which parts of this voice AI.

因此，既然他們負責處理所有語音合成和語音部分，您能否幫助我們了解語音 AI 的哪些部分。

Wave do those companies want Twilio to handle, for instance, is it the.

例如，那些公司希望 Twilio 來處理 Wave 嗎？

Are they mostly want you to handle a phone call or are they asking you to stream the audio, to and from the bot or.

他們主要是想讓你接聽電話，還是要求你向機器人傳輸音訊。

Routing calls.

路由呼叫。

I mean, what is it that they're relying upon Twilio for?

我的意思是，他們依賴 Twilio 做什麼？

Yeah, good question mark. So it's the full gamut and so it really depends a lot on the customer and their specific use case. So that's sort of the bare metal version we're providing the voice infrastructure. They'll ride on our rails, we'll provide the calling capabilities, and they'll provide some of the intelligence on top of that. In the most extreme example on the other side of it, you'd have like a conversation relay product which incorporates the voice activities, all of the voice intelligence that goes with that, the recording capability, the context awareness, and then you've got a lot of different things in between.

是的，很好的問號。所以它是全方位的，所以它實際上很大程度上取決於客戶及其特定的用例。這就是我們提供的語音基礎設施的裸機版本。他們將搭乘我們的列車，我們將提供呼叫功能，他們也將在此基礎上提供一些情報。另一方面，最極端的例子是，你會有一個對話中繼產品，它融合了語音活動、所有與之相關的語音智慧、錄音功能、情境感知等，然後你就會得到很多不同的東西。

For example, we talked about conversational intelligence that allows us to capture context from the different calls and so. Mark, it depends on the customer really I would say, for some of the, kind of more AI forward or AI native companies I would say it tends to be more the voice infrastructure side I think when it tends to be more enterprises or let's say more digitally native companies that are perhaps not AI based, it tends to be our fuller stack but it really runs in between.

例如，我們討論了對話智能，它使我們能夠從不同的呼叫中捕捉上下文等等。馬克，這實際上取決於客戶，我想說，對於一些更具人工智慧前瞻性或人工智慧原生的公司，我會說它往往更專注於語音基礎設施方面，我認為當它傾向於更多的企業或比方說更多的數位原生公司可能不是基於人工智慧時，它往往是我們更完整的堆疊，但它實際上介於兩者之間。

No matter what, obviously we're incredibly excited about taking on those volumes. Voice overall is gross margin of creative for us, which I think is attractive, and getting it back to double digits, I think is really important.

不管怎樣，我們顯然對承擔這些任務感到無比興奮。總體而言，語音是我們的創意毛利率，我認為這很有吸引力，而將其恢復到兩位數，我認為這非常重要。

Okay, thank you, because man, and as a quick follow up maybe for Thomas or or Aiden, I did notice in the customer wins that RCF is may be mentioned twice and I understand a lot of it's probably earlier in a in a pilot phase, but are you seeing anything there that would cause you to think that, messaging customers are going to expand toward RCS, maybe a little faster than you expected?

好的，謝謝你，因為夥計，也許作為對托馬斯或艾登的快速跟進，我確實注意到在客戶勝利中 RCF 可能被提及兩次，而且我知道很多可能還處於試點階段的早期，但是你是否看到任何會讓你認為消息傳遞客戶將向 RCS 擴展的東西，也許比你預期的要快一點？

We're definitely encouraged with the trends that we've seen around RCS adoption, particularly this past quarter. A lot of our ISV customers are beginning to add a bit of their percentage of their traffic over to the RCS channel, and they're getting really excellent results. We talked. About a little bit of the prepared remarks with FSA with [FRSA].

我們對 RCS 採用的趨勢感到非常鼓舞，尤其是上個季度。我們的許多 ISV 客戶都開始將其部分流量轉移到 RCS 管道，並且獲得了非常出色的結果。我們交談了。關於與 FSA 的準備發言[FRSA]。

So I think we're still in the early innings, but we believe that the holiday season coming up will be a really great proof point for RCS because the deliverability, the read receipts, the branded capabilities stand out compared to SMS. Thank you.

所以我認為我們仍處於早期階段，但我們相信即將到來的假期將成為 RCS 的一個非常好的證明點，因為與 SMS 相比，RCS 的可傳遞性、已讀回執和品牌功能非常突出。謝謝。

Thank you. Taylor McGinnis, UBS.

謝謝。瑞銀的泰勒麥金尼斯。

Yeah, hi, thanks so much for taking my question. Just maybe on the revenue outlook for this year. So if I look at the implied organic guide, it looks like at the high end it implies growth around 7% for 4Q compared to the 8% to 9% and 3.

是的，你好，非常感謝您回答我的問題。也許只是關於今年的收入前景。因此，如果我看一下隱含的有機指引，它看起來高端意味著第四季的成長約為 7%，而第三季的成長為 8% 至 9%。

I know that there's a bit of a tougher compare as we get into 4Q, so I guess anything to flag, right, in terms of potential opportunities, right, that might be incremental in 4Q versus 3Q and then how to think, about that tougher compare and seasonality as well too.

我知道，當我們進入第四季度時，比較起來會更加困難，所以我想，就潛在機會而言，任何需要標記的事情，相對於第三季度，第四季度可能會有所增加，然後如何思考這種更困難的比較以及季節性。

Thanks so much.

非常感謝。

Hey Taylor, yeah, I think you hit on the key point there. So I'd say, we're really pleased with how we started the year. We've delivered four consecutive quarters of accelerating double digit growth. That feels really good. I think as we've talked about, it's pretty broad based in terms of where we're seeing it come from in terms of the go to market channels, in terms of the products, in particular messaging and voice, in terms of the regions, etc. So in terms of that, we think about the second half of the year, we do have tougher comparisons as a reminder.

嘿，泰勒，是的，我認為你觸及了關鍵點。所以我想說，我們對今年的開局感到非常滿意。我們已經連續四個季度實現了兩位數的成長。感覺真好。我認為，正如我們所討論的，就我們看到的市場管道、產品（特別是訊息和語音）、地區等而言，它的基礎相當廣泛。因此，就這一點而言，我們認為下半年我們確實有更嚴格的比較，需要提醒的是。

We did have some messaging headwinds in particular political traffic in the third quarter and fourth quarter of last year, and we also had some improving go to market performance along with the new platform innovations that we introduced last year like the deliver deliverability dashboard that kind of helped customers remediate messaging errors.

去年第三季和第四季，我們確實在訊息傳遞方面遇到了一些阻力，尤其是政治流量，但隨著我們去年推出的新平台創新，我們的市場表現也有所改善，例如交付可交付性儀表板，可以幫助客戶糾正訊息傳遞錯誤。

So those two things kind of create. A bit of a tougher comparison for messaging as we face into the second half of the year, but we feel really good about the momentum we've had to date again around self-serve, cross sell ISDs International, and we think that we believe that that'll help us generate durable, profitable growth over the course of this year and into next year.

所以這兩件事就形成了。當我們進入下半年時，對於訊息傳遞的比較會有些困難，但我們對迄今為止在自助服務、交叉銷售 ISDs International 方面再次取得的勢頭感到非常滿意，我們認為這將幫助我們在今年和明年實現持久的盈利增長。

Great, thank you so.

太好了，非常感謝。

Much.

很多。

Thank you. Alex Zukin, Wolf Research.

謝謝。沃爾夫研究公司的亞歷克斯祖金 (Alex Zukin)

Yeah, hey guys, thanks for taking the question. I just maybe a quick two parter for me, because maybe on voice first, kind of how did it, perform relative to your expectations in the quarter when as we think about that, channel and the volume that you're seeing from it, kind of how do we think about the aspiration for how it can contribute to kind of both, top line growth.

是的，嘿夥計們，謝謝你們回答這個問題。我可能只想快速地分成兩部分來說，因為也許首先是關於語音，它在本季度的表現相對於你的預期如何，當我們考慮這一點時，你從渠道和數量中看到的，我們如何看待它如何為營收增長做出貢獻的願望。

Over the course of maybe the next two quarters, but even beyond that, and then maybe on the gross margin side, we're talking about kind of sustainability or stability, if you will, if we just do kind of like a almost non-gap adjustment for gross margins, with from an FX and from an A to P perspective, what was the actual kind of sequential degradation on that basis? And how do we think about the Kind of longer trajectory when you start layering in tailwinds from from voice.

或許在接下來的兩個季度，甚至更久之後，也許在毛利率方面，我們談論的是可持續性或穩定性，如果你願意的話，如果我們只是對毛利率進行幾乎沒有差距的調整，從外匯和從 A 到 P 的角度來看，在此基礎上實際的連續下降情況是怎樣的？當你開始從聲音中分層順風時，我們如何考慮更長的軌跡。

Yeah, let me start on the first, and I'll let Aidan give you some of the math on on the gross margin adjustment. As it relates to voice, I would say it's performing really well. I mean, I think, we've talked a little bit about our expectations about a voice renaissance, particularly behind a lot of the voice AI use cases that that you're seeing, and I think, the early indication is that we're starting to see some of that. A lot of the voice volumes that we're seeing are really being built on demand from voice AI type customers, but they're also coming from a lot of other customers, which is also encouraging.

是的，讓我從第一個開始，然後我會讓艾丹給你一些關於毛利率調整的數學計算。就聲音而言，我想說它的表現非常好。我的意思是，我認為我們已經談論了一些關於語音復興的期望，特別是在您所看到的許多語音 AI 用例背後，我認為早期跡象表明我們已經開始看到其中的一些。我們看到的許多語音量實際上是根據語音 AI 類型客戶的需求而構建的，但它們也來自許多其他客戶，這也令人鼓舞。

And then, we've launched a number of products recently as well like conversation relay, conversation intelligence. That also help add to the mix in terms of like why voice is an important channel and how it's being used and then obviously just as it relates to kind of the broader environment, voice is being heavily utilized in a variety of AI-based use cases and so I think that gives us a lot of encouragement in terms of the way that it's been performing, the way that it contributes.

然後，我們最近也推出了一些產品，像是對話中繼、對話智慧。這也有助於解釋為什麼語音是一個重要的管道以及語音的使用方式，顯然，正如它與更廣泛的環境相關一樣，語音在各種基於人工智慧的用例中被廣泛使用，所以我認為，就語音的表現方式和貢獻方式而言，這給了我們很大的鼓勵。

I think the hard thing for us is obviously that. The messaging business is still extremely large. It tends to be, well, it has been forever the largest piece of the business, and it continues to grow at very fast rates. And so the fact that growth relative to any product eclipses the growth rate of any other, it's always going to impact our margin mix. But all the same, the given the the performance invoice that'll have some uplift and over time I think it'll start contributing.

我認為對我們來說困難的事情顯然就在於此。訊息傳遞業務仍然非常龐大。它往往一直是業務中最大的一塊，並且繼續以非常快的速度成長。因此，任何產品的成長率超過任何其他產品的成長率這一事實總是會影響我們的利潤組合。但同樣地，給定的績效發票會有一定的提升，並且隨著時間的推移，我認為它會開始做出貢獻。

Hey Alex, I'll comment a bit and actually just to Kaima's point on the messaging mix, we actually included our a page in our presentation that shows messaging kind of mixes a percentage of total, tuttuo revenue. You can see how that has increased as that business has grown faster than the overall. Company and so you can see that that would have a negative mix effect.

嘿，亞歷克斯，我會發表一點評論，實際上只是針對 Kaima 關於訊息組合的觀點，我們實際上在演示文稿中包含了一個頁面，其中顯示了訊息組合佔總收入的百分比。您可以看到，由於該業務的成長速度快於整體業務的成長速度，其成長速度也隨之增加。公司，因此您可以看到，這將產生負面的混合效應。

But to answer your question, which was sequentially how do we think about non-GAAP gross margins, adjusting for fees and FXs, it would have been roughly flat quarter over quarter relative to 21, so.

但要回答你的問題，即我們如何看待非 GAAP 毛利率，根據費用和外匯進行調整，與 21 相比，季度環比基本持平，所以。

The fee fees were roughly 30 basis points of a headwind in Q2, and the balance, there was some mix in there as well, but actually FX made up most of the balance, so roughly flat, quarter over quarter.

費用在第二季度大約是 30 個基點的阻力，餘額中也有一些混合因素，但實際上外匯佔了餘額的大部分，因此與上一季相比基本持平。

Blast the new up guys, thank you.

炸開新的面紗，夥計們，謝謝。

Thank you.

謝謝。

Joshua Riley of Needham. Your line is open.

尼德姆的約書亞·萊利。您的線路已開通。

All right, thanks for taking my questions. How are you thinking about the balance of market share growth for messaging in international markets, relative to the pricing considerations there and, the lower gross margin versus the US business and. How much did maybe outperformance and international messaging impact the Q2 messaging growth margin?

好的，感謝您回答我的問題。相對於國際市場的定價考量以及與美國業務相比較低的毛利率，您如何看待國際市場上訊息傳遞市場份額成長的平衡？優異的表現和國際訊息傳遞對第二季度訊息傳遞成長幅度有多大影響？

Maybe I'll kind of want to start the gross margin piece. Well, we don't bring out messaging, in particular, but the company, let me just give you a little bit more color on gross margin. So for the year over year in Q2 we were down.

或許我想開始討論毛利率部分。好吧，我們不會特別透露信息，但是公司，讓我給你更多關於毛利率的信息。因此，與去年同期相比，第二季我們的業績有所下降。

260 basis points. Now messaging increased almost 3 points year over year as a percentage of our total revenue. That alone had a 150 basis point impact on the company, just the fact that it mixed higher. And then you had, if you listen to my prior answer, the fees and the FX, which really made up the difference in terms of the year over year walk. So those were primarily kind of what drove the the grind, the gross margin decline.

260個基點。現在，訊息傳遞占我們總收入的比例同比增長了近 3 個百分點。僅此一項就對公司產生了 150 個基點的影響，僅是混合率較高這一事實。如果你聽了我之前的回答，你就會知道費用和外匯確實彌補了同比差異。所以這些都是導致毛利率下降的主要原因。

And I'll kick back over to Thomas to talk about the international.

我將再次與湯瑪斯討論國際賽事。

Just from a go to market perspective in general, we're looking at messaging of voice and trying to consider the full balance because in practice a lot of our customers we're really trying to drive more of a cross-sell multiproduct type of adoption and oftentimes customers land with messaging and then add voice and we've seen that acceleration, particularly in the last couple of quarters just taking self-service globally, for example, it is voice has been the fastest channel of growth for us and as we talked about in investor day, 63% of our enterprise customers started in voice or started in self-service, so we see that trend continuing and we want to grow market share as much as possible to continue to build that platform layer and deliver orchestration. And so sometimes it's easier to land internationally in messaging and then add voice and other channels as we go and we've seen really good growth in international in the last couple of quarters.

僅從整體行銷角度來看，我們正在研究語音訊息傳遞，並試圖考慮全面的平衡，因為在實踐中，我們的許多客戶實際上都在嘗試推動更多的交叉銷售多產品類型的採用，並且客戶經常通過訊息傳遞來獲取信息，然後添加語音，我們已經看到了這種加速，特別是在過去幾個季度中，在全球範圍內推行自助服務，例如，語音一直是我們增長最快的渠道，正如我們在投資者日所討論的那樣，63％的企業客戶都是從語音或自助服務開始的，因此我們看到這種趨勢將繼續下去，我們希望盡可能地擴大市場份額，以繼續構建該平台層並提供編排。因此，有時先透過訊息傳遞實現國際化，然後再添加語音和其他管道會更容易，而且我們在過去的幾個季度中看到了國際業務的良好成長。

Awesome and then just a quick follow up on the product development and AI. How are you prioritizing product investments relative to the efficiency that you need for the 2027 financial targets that you put out there?

太棒了，然後快速跟進產品開發和人工智慧。相對於您提出的 2027 年財務目標所需的效率，您如何優先考慮產品投資？

Just to make sure I understand your question, you're asking how are we prioritizing R&D investments as it relates to our op margin targets, i.e., are we be more efficient on that line?

為了確保我理解您的問題，您問的是我們如何優先考慮與我們的營業利潤率目標相關的研發投資，即我們在這方面是否更有效率？

Yes, exactly. Just given that there's all these incremental opportunities for AI product development, was that factored into the financial targets.

是的，確實如此。鑑於人工智慧產品開發存在所有這些增量機會，這些機會是否已計入財務目標？

For 2027.

2027 年。

Yeah, I mean, I'd say by and large, yes. I mean, obviously we have a framework out there. I'm not going to necessarily provide updates on that one way or the other but I Ithink what what we talked about in the context of the current call is that in the short term we saw an opportunity to put a little bit more emphasis on R&D dollars to be able to accelerate our growth, I think. The results of which have been in the current year that we've been able to take up our cash flow and profitability guidance like pretty consistently over a period of time.

是的，我的意思是，總的來說，是的。我的意思是，顯然我們有一個框架。我不一定會以任何方式提供這方面的最新消息，但我認為我們在當前電話會議上討論的是，在短期內，我們看到了一個機會，可以更加重視研發資金，以加速我們的成長。結果是，今年我們能夠在一段時間內相當持續地實現現金流和獲利指導。

Obviously revenue has gone up as well and so I think so long as the investments that we make support our ongoing ability to generate free cash flow, we'll look at that balance very carefully, but I don't see anything that's in there that gives me cause for concern.

顯然收入也增加了，所以我認為只要我們所做的投資支持我們持續產生自由現金流的能力，我們就會非常仔細地審視這種平衡，但我沒有看到任何讓我擔心的事情。

Awesome, thank you.

太棒了，謝謝。

Thank you. Siti Panigrahi, Mizuho, your line is now open.

謝謝。Siti Panigrahi，瑞穗，您的線路現已開通。

Oh great, thank you, Koima, I have a high level question on AI. If you look at 202,021 and 22, the opportunity from COVID for two years, just like a billion dollars dollar revenue you're adding every year. But when you look at agentic AI or even voice AI opportunity, all that, how big that could be, and over what time frame do you think this is more like multiple of that opportunity but over a long, longer time frame or any cover would be helpful?

哦，太好了，謝謝你，Koima，我有一個關於人工智慧的高級問題。如果你看一下 2020、2021 和 2022 年，你會發現，兩年來，COVID 帶來的機會就像每年增加 10 億美元的收入一樣。但是，當您考慮代理 AI 或語音 AI 機會時，所有這些機會可能有多大，在什麼時間範圍內，您認為這更像是該機會的倍數，但在很長、更長的時間範圍內或任何覆蓋範圍內都會有幫助？

I think that it's hard for me to kind of put like dollar figures to it specifically but I think what it is is going to be materially TAM expansive. I think that every single AI capability that gets added, it's beneficial to to Twilio fundamentally. I'll start sort of at the bottom. I think every one of these companies that we're seeing, for the most part like they attach themselves to Twilio just given.

我認為我很難用美元數字來具體說明，但我認為它將具有實質的 TAM 擴張性。我認為，每增加一項 AI 功能，根本上都會對 Twilio 有益。我將從最底層開始。我認為我們看到的每一家公司，大部分都與 Twilio 緊密相連。

Our brand, our performance, and we're a very attractive entry point, as Thomas alluded to a moment ago in terms of self-serve, which is where a lot of these, if not the majority of these customers end up starting. I think then if you look at the opposite end of the spectrum, so perhaps enterprises, I think enterprises as well as they start to figure out like what it is that they're going to do with AI.

我們的品牌、我們的業績，以及我們非常有吸引力的切入點，正如托馬斯剛才在自助服務方面提到的那樣，許多（如果不是大多數）客戶最終都是從自助服務開始的。我認為，如果你從另一個角度來看，也許企業，我認為企業也開始弄清楚他們要用人工智慧做什麼。

In so many different cases they're either turning to Twilio or turning to partners of Twilio, which is also additive ultimately to Twilio in terms of the size of the opportunity that we see going forward. I certainly think that AI has been a contributor in terms of the way that we've been growing the company over the last several quarters. I think it's been a tailwind for us, but I think more importantly it really positions us in the center of the AI value chain ultimately because we can be both an infrastructure provider as well as a full stack solutions provider at the platform in which we're orchestrating.

在許多不同的情況下，他們要么轉向 Twilio，要么轉向 Twilio 的合作夥伴，從我們預見的未來機會規模來看，這最終也會對 Twilio 產生附加作用。我確實認為，就過去幾季我們公司的發展而言，人工智慧做出了貢獻。我認為這對我們來說是一個順風，但我認為更重要的是，它最終將我們置於人工智慧價值鏈的中心，因為我們既可以成為基礎設施提供商，也可以成為我們所協調的平台上的全端解決方案提供商。

Channels we're orchestrating contexts and we're allowing our customers to be able to really personalize interactions and so just given the gamut of opportunities that I see, I think that it is really TAM expansive and you know over time it'll add material dollars to the top line.

我們正在協調各種管道，讓客戶能夠真正個性化互動，因此，鑑於我看到的各種機會，我認為 TAM 確實具有擴展性，而且你知道，隨著時間的推移，它會為營收增加實質性的收入。

That's a helpful color and then a quick follow up. Your voice is around 12% of revenue, but if you think of sip trunking, how big is that of of the voice business?

這是一種有用的顏色，然後可以快速跟進。您的語音業務約佔總收入的 12%，但是如果您考慮 SIP 中繼，語音業務的份額有多大？

Yeah, we don't give the breakdown there we give the the kind of breakdown of voice periodically. Voice infrastructure tends to be the contributor and obviously it's driving the margins of voice and so you can take some signal from that, but we don't provide a breakdown beyond that.

是的，我們不會在那裡給出細分，我們會定期給出聲音的細分。語音基礎設施往往是貢獻者，顯然它正在推動語音的利潤，因此您可以從中獲得一些訊號，但我們不會提供除此之外的細分。

All right. Thank you.

好的。謝謝。

Thank you. Arjun Bhatia, William Blair.

謝謝。阿瓊·巴蒂亞、威廉·布萊爾。

Yes, perfect, thank you so much. Then I think I, the incremental RD investments, certainly makes sense, right, especially if you're seeing traction. I'm curious though, like when if you think about just breaking it down where exactly those go, is that just incremental engineers? Is that some infrastructure and you know what do you think it kind of adds. From a product platform perspective that you don't have today.

是的，非常好，非常感謝。那麼我認為，增量研發投資肯定是有意義的，對吧，特別是如果你看到了牽引力。不過我很好奇，如果你想把它分解成具體的去向，那是否只是增量工程師？這是一些基礎設施嗎？您認為它增加了什麼？從產品平台的角度來看，這是您今天所沒有的。

Well, I think it's going to be predominantly in engineering. I mean, obviously we're all experiencing this hugeE GAI opportunity that that we spoke of just a moment ago and in answer to some of the other questions, but I think, the customer reactions that we got at our conference, our signal conference in the US, or signal conference in Brazil, I think really speak to the size of the opportunity that our customers are talking to us about and so.

嗯，我認為這將主要在工程領域。我的意思是，顯然我們都在經歷我們剛才談到的這個巨大的 E GAI 機會，並在回答其他一些問題時也提到過，但我認為，我們在會議、美國信號會議或巴西信號會議上得到的客戶反應，我認為確實說明了我們的客戶正在與我們談論的機會的規模等等。

You know this is kind of a once in a generation technology paradigm, and you don't want to lose a step obviously when these things are happening. We're not going to make irresponsible investments. We're going to continue to generate strong operating profit dollars, strong cash flow, but I think when opportunities like this come along, especially that are perhaps once in a generation, it is important to make sure that you stay ahead of them so that you can capture the fullness of the opportunity.

你知道這是一種百年一遇的技術範式，當這些事情發生時，你顯然不想落後一步。我們不會進行不負責任的投資。我們將繼續創造強勁的營業利潤和現金流，但我認為，當這樣的機會出現時，特別是一代人中可能只有一次的機會，重要的是確保你保持領先地位，以便你能夠充分利用機會。

And what we're doing is not more complicated than that. And, again, we're going to make responsible investments, but it's really behind AI and it's going to be predominantly in engineering.

我們所做的並不比這更複雜。再次強調，我們將進行負責任的投資，但這實際上落後於人工智慧，而且主要集中在工程領域。

If I could just add to that, because, just from a customer's perspective, they're really pushing us continued acceleration around RCS and voice AI capabilities, and we're just seeing such a strong demand for that that any additional acceleration in the roadmap will benefit us over time.

我可以補充一點，因為從客戶的角度來看，他們確實在推動我們繼續加速 RCS 和語音 AI 功能，而且我們看到了對此的強烈需求，以至於路線圖中的任何額外加速都會使我們隨著時間的推移受益。

Okay, perfect, understood, and then, one of the other things that kind of, stuck out from Signal, I think was the just the integration of customer profiles from segment into the coms business along with the rest of your technology and you get some kind of steps on relay and, conversational intelligence earlier but I'm curious how customers are responding. To that integration of of profiles, is that something they're already taking advantage of? Is that something that's still to come and how might it kind of enrich the broader coms platform?

好的，完美，明白了。然後，我認為 Signal 的另一個突出特點是將客戶資料與其他技術一起整合到通訊業務中，這樣你就可以在中繼和對話智慧方面取得一些進展，但我很好奇客戶的反應如何。對於配置文件的集成，他們是否已經在利用它了？這是尚未實現的事情嗎？它將如何豐富更廣泛的通訊平台？

Yeah, I mean Thomas and I can both speak to it. I think from my perspective, every customer conversation I've had since the signal event that we had in the US has probably started with a conversation about conversation relay that's customers asking about it, not me pitching it, and so I'd say that's pretty encouraging in terms of the kinds of things that they want to be able to do with our stack. That is by far, the most integrated version that that that we've got, and it's kind of the the most fully featured capability that we offer, but equally we're seeing a lot of uptake with conversational intelligence, for example, different kinds of software add-ons that fundamentally utilize. Segment capabilities, data capabilities that integrate with our communications, those are in very high demand as well. Those are growing very nicely. So I would say in general the combination of our data business with our communications business has been extremely well received by customers and more importantly it is driving a lot of ROI for them. I don't know.

是的，我的意思是托馬斯和我都可以談論它。我認為從我的角度來看，自從我們在美國舉辦信號活動以來，我與每一次客戶交談可能都是從有關對話中繼的談話開始的，這些談話都是客戶詢問的，而不是我推銷的，所以我認為這是相當令人鼓舞的，因為他們希望能夠用我們的堆棧來做各種事情。這是迄今為止我們所擁有的最整合的版本，也是我們提供的功能最齊全的版本，但同樣，我們也看到對話智慧的大量應用，例如從根本上利用不同類型的軟體附加元件。與我們的通訊結合的分段功能、數據功能，這些也都有很高的需求。它們長得很好。所以我想說，總的來說，我們的數據業務與通訊業務的結合受到了客戶的極大歡迎，更重要的是，它為他們帶來了大量的投資回報。我不知道。

Just to add an example, this particular quarter we had a leading fashion. The retailer that was expanding with us using agent co-pilot and it's really the use cases enhancing agent productivity, reducing customer wait times, and ultimately reducing the number of seasonal hires the customer needed to bring on to handle peak periods. So this is just an example of the Tullio architecture of being able to have a platform with multiple channels and driving personalization from segment across every channel. We think that's a unique value proposition and our customers are loving that.

舉個例子，這個季度我們有一種領先的時尚。與我們一起擴張的零售商使用代理副駕駛，這實際上是提高了代理生產力、減少了客戶等待時間，並最終減少了客戶為應對高峰期而需要雇用的季節性僱員的數量。這只是 Tullio 架構的一個例子，該架構能夠擁有一個具有多個管道的平台，並推動每個管道各個細分市場的個人化。我們認為這是一個獨特的價值主張，我們的客戶非常喜歡它。

Alright perfect thank you.

好的，非常感謝。

So much.

這麼多。

Thank you.

謝謝。

Our next question comes from Patrick Walrainns of Citizens Bank. Your line is open.

我們的下一個問題來自公民銀行的派崔克‧沃爾萊恩斯。您的線路已開通。

Oh great, thank you so much and congratulations you guys. So Joamma, it's been almost 5 years since Tullio acquired segment.

哦，太好了，非常感謝，祝賀你們。所以 Joamma，自從 Tullio 收購該部門以來已經快 5 年了。

And I just thought, since you're not going to break it out anymore, just maybe we could do just sort of a how did the evolution of this space impact this business? I mean, is it just that that the CD CDP market really shifted towards data platforms like snowflakes and snowflake and data bricks, or was it something else? What happened to that space?

我只是想，既然你不再詳細討論這個問題，也許我們可以先了解這個領域的發展對這個產業有何影響？我的意思是，CD CDP 市場真的轉向雪花、雪花和數據磚等數據平台了嗎，還是有其他原因？那個空間發生了什麼事？

Well, I think the original thesis for us when we bought segment was that more intelligent communications were going to be the future of this company. And so I think, putting aside some of the other developments that have happened in the broader CDP landscape which are frankly in some ways less the focus for us. The opportunity to be able to drive intelligent conversations, intelligent communications, highly personalized interactions between our customers and consumers, like that was always the goal when we bought the company, and I think we're really starting to see the fruition of that original strategy, we've launched a number of different products that integrate. The two capabilities natively in singular APIs, I think that's really exciting. It makes it easier for customers to adopt, obviously, and then every quarter we've added increasingly richer capabilities so that our customers in the context of communications can use contextual data to be able to derive, richer and richer understanding of what their consumers are doing to be able to drive higher personalization so. I'd say again, putting aside what's happened in sort of the broader CDP, the strategy of the company had been to fundamentally integrate a CDP into the communications business, and that's what we've done and I think based on the traction that we're seeing with it, that's really exciting.

嗯，我認為我們收購該部門時的最初論點是，更聰明的通訊將成為這家公司的未來。因此我認為，撇開更廣泛的 CDP 領域中發生的一些其他發展不談，坦白說，從某種程度上來說，這些發展並不是我們關注的重點。能夠推動智慧對話、智慧通訊以及客戶和消費者之間高度個人化的互動，這始終是我們收購該公司時的目標，我認為我們真的開始看到最初策略的成果，我們已經推出了許多不同的整合產品。我認為這確實非常令人興奮。顯然，這讓客戶更容易採用，而且我們每個季度都會增加越來越豐富的功能，以便我們的客戶在通訊環境中可以使用上下文數據來更深入地了解他們的消費者在做什麼，從而能夠推動更高的個人化。我想再說一遍，拋開更廣泛的 CDP 領域發生的事情，公司的策略是從根本上將 CDP 融入到通訊業務中，這就是我們所做的，我認為，基於我們所看到的牽引力，這真的令人興奮。

Awesome. And then, if I could ask a follow up, you commented in your prepared remarks that for the gross margins, we are investing at the platform level to ensure we're delivering our services efficiently, so that caught my attention. What what are those investments?

驚人的。然後，如果我可以問一個後續問題，您在準備好的評論中評論說，對於毛利率，我們正在平台層面進行投資，以確保我們高效地提供服務，所以這引起了我的注意。這些投資是什麼？

Yeah, let me give you an example. So for our email platform, for example, or email product, we're in the process of migrating off of legacy data centers to cloud, and so that takes a little bit of time, that probably takes several quarters and there's a period of time in which you have a double bubble of cost. We did this segment actually in 2024 if you recall. And so we're in the process of doing the same thing for email, again, a little bit of of cost and margin headwind in the short term, but it's the right long term play. So that's an example of something that would fall into that bucket. The other things we're doing like on the messaging side.

是的，讓我舉個例子給你聽。例如，對於我們的電子郵件平台或電子郵件產品，我們正在將傳統資料中心遷移到雲端，這需要一點時間，可能需要幾個季度，並且有一段時間成本會出現雙重泡沫。如果您還記得的話，我們實際上是在 2024 年完成這個部分的。因此，我們正在對電子郵件採取相同的做法，短期內成本和利潤率會受到一些不利影響，但從長期來看，這是正確的做法。這就是屬於這一類事物的例子。我們正在做的其他事情與訊息傳遞有關。

We're looking to establish, more direct connections. That's something that we're kind of continuously doing as we operate around the world. We're also leveraging our balance sheet where it makes sense to do so in terms of pre-paying carriers to secure better pricing. So a number of different things, but that just gives you some examples, Pat.

我們希望建立更直接的聯繫。這是我們在全球開展業務時一直在做的事情。我們也利用我們的資產負債表，在預付費業者方面這樣做是合理的，以確保更好的定價。所以有很多不同的事情，但這只是給你一些例子，帕特。

Awesome thank you.

太棒了謝謝。

Both. Thank you. Our next question comes from Jackson Ader of Key Bank Capital Markets. Your line is now open.

兩個都。謝謝。我們的下一個問題來自 Key Bank Capital Markets 的 Jackson Ader。您的線路現已開通。

Great, thanks for.

太好了，謝謝。

Taking our questions guys.

回答我們的問題。

Good evening. On the AI.

晚安.在人工智慧上。

Voice piece, is this a separate competitive environment from kind of the rest of your business? Are you competing more on, your like for like capabilities with point solutions in that area?

聲音部分，這是與您其他業務不同的競爭環境嗎？您是否在該領域利用同類解決方案進行更多競爭？

Not as much as you might think. I mean, clearly there are a ton of voice AI vertical companies that are out there. I'd say in so many of those instances, we shared some stats that our investor day like some really compellingly high stats that so many of those companies are building on our infrastructure and so. In the first instance, like that's pretty compelling. I think the tricky thing is is that for a lot of companies that you might think we would end up competing with, I think our ability to use our CDP, this kind of goes to the prior question as well, our ability to use our CDP to be able to drive context inside of those interactions. As you've got voice to voice or agent to human, whatever the the paradigm is in terms of those interactions, I think that gives us a bit of a leg up. But if a customer comes to us and says, hey, look, we've already got an LLM that we've got credits with, we want to be able to integrate that with you guys. Like we are open season on that and we certainly support, a wide variety of different LLMs that we will integrate to rapidly but if they want to go in the opposite direction, which we're seeing a lot of too like with conversation relay for example, we'll support that all day long as well. So it really kind of runs the gamut.

並沒有你想像的那麼多。我的意思是，顯然有大量的語音 AI 垂直公司存在。我想說，在很多情況下，我們在投資者日分享了一些統計數據，這些數據非常引人注目，表明很多公司都在我們的基礎設施上進行建設等等。首先，這非常引人注目。我認為棘手的是，對於許多你可能認為我們最終會與之競爭的公司來說，我認為我們使用 CDP 的能力，這也涉及到前面的問題，即我們使用 CDP 來驅動這些互動中的情境的能力。由於您擁有語音對語音或代理對人的溝通能力，無論這些互動的範例是什麼，我認為這都會為我們帶來一些優勢。但是如果客戶來找我們說，嘿，看，我們已經獲得了法學碩士學位，我們希望能夠將其與你們結合起來。就像我們對此持開放態度一樣，我們當然會支持各種不同的 LLM，我們會迅速將其整合起來，但如果他們想朝相反的方向發展，我們也看到很多這樣的情況，例如對話中繼，我們也會全天提供支持。所以它確實涵蓋了所有方面。

And I'd say it's a pretty exciting time, Jack, and just maybe a stat to give you. So we have a number of different AI startups that were founded in just the last 3 years, spending over 7 figures with us today, and our TOP10, I'd say startups in that cohort, they have a blended gross margin of over 80%, so a lot to be excited about here.

我想說這是一個非常激動人心的時刻，傑克，也許這只是一個統計數據。因此，我們有許多不同的人工智慧新創公司，它們都是在過去 3 年內成立的，今天與我們一起花費了超過 7 位數的資金，而我們的 TOP10，我想說的是，這些新創公司的混合毛利率超過 80%，所以這裡有很多值得興奮的地方。

Nice, okay, quick follow up on pricing.

很好，好的，快速跟進定價。

In a future state.

在未來的狀態中。

Where hopefully your.

希望你在那裡。

Multi-product cost.

多產品成本。

Customers have a more cohesive contract structure, let's say, how do you view your ability to drive pricing, maybe in that in that future? Thanks.

客戶擁有更具凝聚力的合約結構，比如說，您如何看待自己推動定價的能力，也許在未來是如此？謝謝。

I would say, yeah, I was just going to say, look, I think in the short term what we're trying to do is really grow into multiple products, right? And I think just given the number of customers that we have today for which that opportunity exists, that's kind of our initial approach. I think the second thing is is that. As it relates to sort of the broader AI opportunity like that also presents a pretty compelling opportunity. Those two actions alone, because of the fact that they're gross margin accretive, I think will add, accretion over time, again, you've got this messaging mix dynamics, so just kind of putting that aside, assuming that that was at. Level loaded, you'd see gross margin accretion just as a result of those things. I think as it relates to price on sort of the core stack, the reality is actually that we raise price periodically on list pretty regularly. It does take time, especially with some of our larger enterprise customers, for that to bleed through, but you see the more immediate impact in self-serve.

我想說，是的，我只是想說，看，我認為在短期內我們真正想要做的是發展多種產品，對嗎？我認為，考慮到我們目前擁有的客戶數量，這就是我們最初的做法。我認為第二件事是這樣的。由於它與更廣泛的人工智慧機會有關，因此也提供了一個非常引人注目的機會。僅憑這兩項行動，由於它們可以增加毛利率，我認為隨著時間的推移，毛利率還會增加，再次，你有這種信息組合動態，所以只是把它放在一邊，假設那是。水平加載後，您會看到毛利率因這些因素而增加。我認為，由於它與核心堆疊的價格有關，實際情況是，我們確實會定期提高清單上的價格。這確實需要時間，特別是對於我們的一些較大的企業客戶來說，但你會看到自助服務更直接的影響。

Understood, thank you.

明白了，謝謝。

Thank you.

謝謝。

Our next question comes from William Power of Baird. Your line is now open.

我們的下一個問題來自貝爾德公司的威廉·鮑爾。您的線路現已開通。

Okay, great, thanks.

好的，太好了，謝謝。

Maybe a follow up first just on, guidance and implications for the second half of the year. I may have missed this, but the messaging price increase, it's occurring in the US. What kind of tailwind or impact does that have on guidance for the second half and then and then. Koima in your prepared remarks, I think you talked about, some real improvements in large, deal traction year over year. I just wondered if, there's anything else you can unpack there, any common factors, what's kind of helping, drive that. Thanks.

也許首先要跟進的是下半年的指導和影響。我可能錯過了這一點，但消息價格上漲是在美國發生的。這對下半年及之後的指導會產生什麼樣的順風或影響？Koima，在您準備好的演講中，我認為您談到了大型交易的吸引力逐年提高的一些實際改進。我只是想知道，還有什麼其他東西可以解釋，任何共同的因素，什麼有助於推動這一點。謝謝。

Maybe Thomas, do you want to speak to the large deal activity, and then I can pick up? Yeah.

也許托馬斯，你想談談大型交易活動，然後我可以接聽嗎？是的。

Yeah, no, absolutely. The large deal activity has been one of the brighter spots of the business for the last few quarters, but I think this quarter in particular, it stood out with 57% growth in customers spending over $500,000 with us in the quarter. So just in general this speaks to the nature of a lot more of our platform selling, cross selling motion. Where oftentimes customers are landing with messaging, increasing their volume, and then we're seeing them add.

是的，絕對不是。大額交易活動是過去幾季業務的亮點之一，但我認為本季尤其突出，在本季度，在我們這裡消費超過 50 萬美元的客戶數量增加了 57%。所以總的來說，這說明了我們平台銷售和交叉銷售行為的本質。通常情況下，客戶會透過發送訊息來增加他們的發送量，然後我們看到他們又增加了。

More software capabilities on top of messaging. We had really strong quarter with products like Verify and Fraudguard, for example, and then of course we've talked a lot about voice today, but importantly, the voice add-ons are doing quite well on top of the voice infrastructure components, which is critical. And so those combinations together are allowing us to drive much larger deal sizes, and we're seeing that whether it's in our ISP business or whether it's in our direct business globally.

除了訊息傳遞之外，還有更多的軟體功能。例如，我們本季的 Verify 和 Fraudguard 等產品表現非常強勁，當然，我們今天也談了很多關於語音的事情，但重要的是，語音附加組件在語音基礎設施組件之上表現相當不錯，這是至關重要的。因此，這些組合使我們能夠推動更大規模的交易，我們看到無論是在我們的 ISP 業務中還是在我們的全球直接業務中。

And then on the pricing question, well, we don't anticipate it really having a material impact over the balance of the year. It's North America only and it primarily affects our self-service customers as Thomas mentioned, so it'll have a bit of an impact, but nothing material at the consolidated level will take some time to work its way through kind of the renewal cycles with with some of our bigger customers.

關於定價問題，我們預計它不會對今年的餘額產生重大影響。正如托馬斯所提到的，它僅限於北美，主要影響我們的自助服務客戶，因此會產生一些影響，但在合併層面上不會產生任何實質影響，需要一些時間才能與我們的一些大客戶一起完成續約週期。

Okay, thanks.

好的，謝謝。

Thank you. Derek Wood, TD Cowen. Your line is now open.

謝謝。德里克·伍德（Derek Wood），TD Cowen。您的線路現已開通。

Great, thanks. Kazama, could you comment on the robocall market? It seems like, volumes are growing at a decent clip in the US this year. Just how much of robocall type use cases go through your voice business and what's your approach to this market longer term, especially in the age of AI?

太好了，謝謝。Kazama，您能評論一下自動撥號電話市場嗎？看起來，今年美國的銷量正在以相當快的速度成長。您的語音業務中到底有多少自動呼叫類型的用例，以及您對這個市場的長期策略是什麼，尤其是在人工智慧時代？

Yeah, there's, different kinds of robocalling, obviously the fraudulent stuff like we take like really significant compliance measures to ensure that that traffic does not run through our platform as it relates to robocalling more generally like I'd say it's not like a big piece of what we ultimately do like what we're doing in large part is a lot of the voice infrastructure I think where if you want to call this robocalling. Like there are instances in which there'll be phone call notifications that happen when their delivery scheduled or or notifications required about a specific expertise that's being delivered. I can think of a handful of examples off the top of my head that involves stuff like that. And then as it relates to AI I would say that's not really the thing that, kind of creates the AI opportunity for us meaning it's not robocalls it tends to be more sophisticated use cases that are around customer care or service and then obviously inside of the company we do some customer care stuff with our voice AI stack and we also do some.

是的，有不同類型的自動呼叫，顯然是欺詐行為，例如我們採取非常重要的合規措施，以確保流量不會通過我們的平台，因為它與自動呼叫更普遍地相關，就像我想說的那樣，它不是我們最終所做的事情的一大部分，就像我們在很大程度上所做的是很多語音基礎設施，我想如果你想稱之為自動呼叫。例如，在某些情況下，當他們安排交付時，會透過電話通知，或需要通知有關正在交付的特定專業知識。我可以立即想到一些涉及這類事情的例子。然後，當它與人工智慧相關時，我想說這並不是真正為我們創造人工智慧機會的事情，這意味著它不是自動呼叫，而是傾向於圍繞客戶關懷或服務的更複雜的用例，然後顯然在公司內部，我們使用語音人工智慧堆疊做一些客戶關懷的工作，我們也做了一些。

Some inbound sales, prospecting with it.

一些入站銷售，以此進行探勘。

Understood. If I could squeeze one more in there were a bunch of regulatory changes in a number of countries in recent months, including new sender ID registration rules and new KYC requirements. Just wondering, did things like this have any impact on your business, whether from a sales cycle or cost of sale perspective, just anything to flag and, potential disruption from regulatory changes like this or potential positive impact.

明白了。如果我可以再擠進一個的話，最近幾個月許多國家都發生了一系列監管變化，包括新的寄件者 ID 註冊規則和新的 KYC 要求。只是想知道，這樣的事情是否會對您的業務產生任何影響，無論是從銷售週期還是銷售成本的角度來看，有什麼需要注意的，以及此類監管變化可能帶來的破壞或潛在的積極影響。

Thank you.

謝謝。

Yeah, I think that, over time I would imagine that there's some positive benefits here. I think in the short term, the short answer is no. We don't see a lot of impact as a result of different regulatory changes. We're very proactive with regulators in effectively every market, so we typically have pretty advanced notice. We're typically participating in the way in which a lot of this regulation gets shaped, being the largest provider globally. A regulators are often coming to us asking about, what makes sense, what doesn't make sense, how do we protect the consumer. We're obviously in favor of anything that ultimately does end up protecting the consumer just given that it protects the ecosystem more broadly. So I would say short term, no impact, longer term, probably a mild positive impact because it reinforces compliance in the ecosystem more broadly.

是的，我認為，隨著時間的推移，我認為這裡會帶來一些正面的好處。我認為從短期來看，答案是否定的。我們並未看到不同的監管變化帶來太大的影響。我們實際上對每個市場的監管機構都採取了非常積極主動的態度，因此我們通常會提前收到通知。作為全球最大的供應商，我們通常會參與制定許多此類法規。監管者常來詢問我們什麼有意義，什麼沒有意義，我們如何保護消費者。顯然，我們支持任何最終能夠保護消費者的措施，只要它能夠更廣泛地保護生態系統。所以我想說短期內沒有影響，長期來看可能會有輕微的正面影響，因為它更廣泛地加強了生態系統的合規性。

Thank you.

謝謝。

Thank you. This concludes the question and answer session. I would now like to turn it.

謝謝。問答環節到此結束。我現在想轉動它。

Back over For closing remarks.

回到正題，做最後的總結。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

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。

Goodbye.

再見。