Twilio Inc (TWLO) 2025 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Twilio third-quarter 2025 earnings conference call. (Operator Instructions)

您好，感謝您的耐心等待。歡迎參加 Twilio 2025 年第三季財報電話會議。（操作說明）

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄影。

I like to hand the conference over to your first speaker today, Brian Vanneman, Senior Vice President of Investor Relations and Corporate Development. Please go ahead.

今天，我謹將會議交給第一位發言人，投資人關係和企業發展資深副總裁布萊恩·範內曼。請繼續。

Good afternoon, everyone, and thank you for joining us for Twilio's third-quarter 2025 earnings conference call.

各位下午好，感謝各位參加 Twilio 2025 年第三季財報電話會議。

Joining me today are Khozema Shipchandler, Chief Executive Officer; Aidan Viggiano, Chief Financial Officer; and Thomas Wyatt, Chief Revenue Officer.

今天與我一同出席的有：執行長 Khozema Shipchandler；財務長 Aidan Viggiano；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 presentation posted on our IR website at investors.twililio.com.

再次提醒大家，我們將在本次電話會議上揭露非GAAP財務指標。有關我們 GAAP 和非 GAAP 結果的定義和調整表，請參閱我們發佈在投資者關係網站 investors.twililio.com 上的收益簡報。

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發表前瞻性聲明，包括關於我們未來展望和目標的聲明。此類聲明存在已知和未知的風險和不確定性，可能導致實際結果與所述結果有重大差異。這些風險和不確定性中的許多都已在我們的美國證券交易委員會文件中進行了描述，包括我們最新的 10-K 表格和即將提交的 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等陳述之日的信念和假設。除法律要求外，我們不承擔更新任何前瞻性聲明的義務。

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

接下來，我將把發言權交給 Khozema 和 Aidan，他們將討論我們第三季的業績，之後我們將開放問答環節。

Thank you, Brian. Good afternoon, everyone, and thank you for joining us today. Twilio had a great Q3, reaching $1.3 billion in revenue and $235 million in non-GAAP income from operations, another record for both.

謝謝你，布萊恩。各位下午好，感謝各位今天參加我們的節目。Twilio 第三季表現出色，營收達到 13 億美元，非 GAAP 營業收入達到 2.35 億美元，兩項數據均創下新紀錄。

The team's operational rigor and discipline is paying off as we executed across the board and exceeded our quarterly guidance. As a result, we've raised our revenue, profitability, and free cash flow targets for the full year, which Aidan will discuss in more detail.

團隊嚴謹的營運和紀律性正在取得成效，我們全面執行了各項任務，並超額完成了季度目標。因此，我們提高了全年的收入、獲利能力和自由現金流目標，Aidan 將會對此進行更詳細的討論。

We saw broad-based strength across customer segments, from innovative and high growth startups to the world's largest global enterprises, all choosing Twilio to power their customer engagement. This momentum and the continued revenue growth across products like messaging, voice, and software add-ons are a testament to the growing trust in the Twilio platform to help brands create amazing experiences.

我們看到各個客戶群都展現了廣泛的實力，從創新和高成長型新創公司到全球最大的跨國企業，都選擇 Twilio 來增強其客戶互動能力。這種勢頭以及訊息傳遞、語音和軟體插件等產品的持續收入增長，證明了人們對 Twilio 平台的信任度不斷提高，該平台能夠幫助品牌創造卓越的體驗。

Our progress was repeatedly underscored by my conversations with customers this quarter, who consistently expressed excitement and validation for the direction we're taking. During the quarter, Twilio's ISV and self-serve customers continued to be excellent growth drivers, with both growing revenue more than 20% year over year.

本季我與客戶的交流反覆印證了我們所取得的進展，他們始終對我們所採取的方向表示興奮和認可。本季度，Twilio 的 ISV 和自助服務客戶繼續保持良好的成長勢頭，兩者的收入年增均超過 20%。

Importantly, our innovation bets on new trusted capabilities like conversational AI and branded communications are also paying off. In September, we hosted our annual Exec Connect event where we spent a few days with our most strategic accounts, giving them a preview of the Twilio platform and roadmap.

重要的是，我們對對話式人工智慧和品牌傳播等新型可信能力的創新投入也正在獲得回報。9 月，我們舉辦了年度高階主管交流會，與我們最重要的客戶共度了幾天時間，向他們展示了 Twilio 平台和發展路線圖。

I witnessed customers ranging from global banks, AI startups, and Fortune 500 software companies having multiple aha moments as they watched our demos and understood what is possible when you have a lifelong, two-way, omnichannel conversation with your customers over time.

我親眼目睹了從全球銀行、人工智慧新創公司到財富 500 強軟體公司等各類客戶在觀看我們的簡報時多次恍然大悟，並理解了隨著時間的推移，與客戶進行終身、雙向、全通路對話所能帶來的可能性。

I believe Twilio's potential is to be the customer experience layer of the Internet. Our customers are eager to build on a platform that brings together three essential capabilities: multi-channel communications; contextual data that creates a persistent customer memory; and AI-driven orchestration that turns every interaction into an intelligent two-way conversation. With these seamlessly integrated across the entire customer journey, Twilio empowers businesses to build relationships that grow stronger and more meaningful with every engagement.

我認為 Twilio 的潛力在於成為網路的顧客體驗層。我們的客戶渴望在一個能夠將三種基本功能結合起來的平台上進行構建：多渠道通信；創建持久客戶記憶的上下文數據；以及將每一次互動都變成智能雙向對話的 AI 驅動的編排。透過將這些功能無縫整合到整個客戶旅程中，Twilio 使企業能夠建立隨著每一次互動而變得更加牢固和更有意義的客戶關係。

Go-to-market execution continues to be a key driver of our results. In Q3, we had several notable customer wins, including a nine-figure renewal spanning multiple products with a leading cloud provider, the largest deal in our company's history. Other wins included Genspark AI, GoGoGrandparent, Inhabit, and Paychex, among others.

市場推廣執行力仍是我們績效的關鍵驅動因素。第三季度，我們贏得了幾項重要的客戶訂單，其中包括與一家領先的雲端供應商續簽了一份價值數億美元的合同，涵蓋多種產品，這是我們公司歷史上最大的一筆交易。其他獲獎者包括 Genspark AI、GoGoGrandparent、Inhabit 和 Paychex 等。

Self-serve, a foundational growth lever for us and an important entry path for our customers to build and grow their usage on Twilio, grew 20% plus year over year. As an example, last December, a leading AI model company started as a self-serve customer using email for account creation notifications. In under a year, they've scaled into a six-figure, multi-product customer, now using our voice stack to power their AI agent for outbound and inbound calling at scale.

自助服務是我們實現成長的基礎槓桿，也是我們的客戶在 Twilio 上建立和發展其使用量的重要入口途徑，較去年同期成長超過 20%。例如，去年 12 月，一家領先的 AI 模型公司最初是使用電子郵件接收帳戶建立通知的自助服務客戶。不到一年時間，他們就發展成為一家年收入達六位數的多產品客戶，現在使用我們的語音技術堆疊來支援他們的 AI 代理，大規模地進行外呼和呼入呼叫。

We're also seeing traction in cross-sell and our solution selling, in which we bundle multiple Twilio products together to help solve more complex customer use cases. Q3 marked the first quarter with our agent productivity solution in market, which is a new bundled offering that makes it easier for customers to purchase multiple products across the Twilio platform to transform their customer experience.

我們還看到交叉銷售和解決方案銷售取得了進展，我們將多個 Twilio 產品捆綁在一起，以幫助解決更複雜的客戶使用案例。第三季標誌著我們的代理商生產力解決方案首次進入市場，這是一個全新的捆綁式產品，讓客戶更容易在 Twilio 平台上購買多種產品，從而改變他們的客戶體驗。

More specifically, the solution helps businesses boost both human and virtual agent productivity, increase speed to resolution, and provide better call deflection and containment.

更具體地說，該解決方案可以幫助企業提高人工和虛擬代理的生產力，加快問題解決速度，並提供更好的呼叫轉移和控制。

During the quarter, we signed our first set of agent productivity solution deals. A standout example is Inhabit, a leading property management software company who chose Twilio as the partner for its multi-year, hybrid, agentic transformation. This is powered in part by Twilio's Flex as the modern omnichannel contact center integrating voice, SMS, email, and chat and conversation relay as the layer that powers Inhabit's virtual agents intelligent handling of inbound leasing inquiries.

本季度，我們簽署了第一批代理商生產力解決方案合約。一個突出的例子是 Inhabit，這是一家領先的物業管理軟體公司，它選擇 Twilio 作為其多年混合代理商轉型專案的合作夥伴。這部分得益於 Twilio 的 Flex，它是一款現代化的全通路聯絡中心，整合了語音、簡訊、電子郵件、聊天和對話中繼功能，作為 Inhabit 虛擬代理智慧處理入站租賃諮詢的底層支援。

While it's still early with our solution selling motion, we're seeing encouraging traction in financial services, retail, travel, and healthcare, and have a healthy pipeline of new business with a strong mix of high margin products.

雖然我們的解決方案銷售模式還處於早期階段，但我們在金融服務、零售、旅遊和醫療保健領域取得了令人鼓舞的進展，並且擁有健康的新業務管道，其中包含大量高利潤產品。

And finally, our efforts to target ISVs are continuing to deliver strong results as revenue from ISV customers grew 20% plus year over year. One notable win we saw with ISVs was a leading enterprise management platform who signed a seven-figure deal to use SMS, WhatsApp, and RCS in their platform, in addition to engagement suite running over the top.

最後，我們針對獨立軟體開發商 (ISV) 的努力持續取得強勁成果，來自 ISV 客戶的營收年增超過 20%。我們看到 ISV 取得的一個顯著勝利是，一家領先的企業管理平台簽署了一份價值七位數的合同，在其平台中使用 SMS、WhatsApp 和 RCS，以及在其上運行的互動套件。

The incremental investments we made last quarter are paying off as we're continuing to see strong customer demand for voice, conversational AI, and RCS. Our voice business accelerated to mid-teens revenue growth year over year; its fastest rate in over three years, aided by growth in the AI ecosystem.

我們上個季度進行的增量投資正在取得成效，因為我們持續看到客戶對語音、對話式人工智慧和RCS的強勁需求。在人工智慧生態系統的推動下，我們的語音業務實現了超過兩位數的年收入成長，這是三年多來最快的成長速度。

Conversation relay call volume more than tripled quarter over quarter as customers are increasingly relying on Twilio's technology to power context-aware voice AI agents. For example, a longtime messaging customer turned to voice and conversation relay to create AI enabled voicemail agents that helped redirect phone calls and send follow-up texts for customers' appointments. The customer chose to integrate the Twilio solution rather than trying to build or source this technology from multiple providers.

由於客戶越來越依賴 Twilio 的技術來支援具有上下文感知能力的語音 AI 代理，對話中繼呼叫量環比增長超過三倍。例如，一家長期使用即時通訊服務的客戶轉向語音和對話中繼，創建了人工智慧語音郵件代理，幫助客戶重定向電話並發送後續簡訊以提醒客戶預約。客戶選擇整合 Twilio 解決方案，而不是嘗試從多個供應商建置或取得該技術。

We're also seeing a growing wave of AI startups choose Twilio as the foundation for their intelligent voice capabilities. GenSpark AI, one of our top 10 voice AI startup customers, signed a voice deal and launched within a week to power their automated Call For Me function, which allows their super agent platform to make phone calls to businesses, services, or individuals on the user's behalf. Additionally, GenSpark signed an email deal for marketing communications. This rapid time-to-value remains a key differentiator across our platform.

我們也看到越來越多的 AI 新創公司選擇 Twilio 作為其智慧語音功能的基礎。GenSpark AI 是我們排名前 10 名的語音 AI 新創公司客戶之一，他們簽署了一項語音協議，並在一周內啟動了該協議，為其自動化「代我打電話」功能提供支援。該功能允許他們的超級代理平台代表用戶向企業、服務機構或個人撥打電話。此外，GenSpark 還簽署了一份電子郵件行銷傳播協議。快速實現價值仍然是我們平台的關鍵差異化優勢。

In Q3, RCS became generally available around the world, and we saw RCS messaging volume more than double quarter over quarter. These branded experiences are able to help consumers trust the brands they're communicating with, which is especially important as the holiday season is upon us.

第三季度，RCS 在全球全面推出，我們看到 RCS 訊息量較上季成長了一倍以上。這些品牌體驗能夠幫助消費者信任他們所接觸的品牌，這在即將到來的節慶季節尤其重要。

In fact, Partiful, the social events platform, onboarded with RCS this year and sent millions of messages in Q3 across multiple countries, powering a branded experience for event invitations and reminders. We also saw continued adoption of software add-on products, including Twilio Verify, which helps customers with authentication use cases while protecting them from fraud and abuse with AI-powered features such as Fraud Guard. Verify has been one of our fastest-growing products and grew more than 25% year over year, a clear signal of the rising demand for trusted, verified communication in an increasingly digital and security conscious world.

事實上，社群活動平台 Partiful 今年加入了 RCS，並在第三季向多個國家發送了數百萬則訊息，為活動邀請和提醒打造了品牌體驗。我們也看到軟體附加產品（包括 Twilio Verify）的持續普及，該產品可協助客戶處理身分驗證用例，同時利用人工智慧驅動的功能（例如 Fraud Guard）來保護客戶免受詐欺和濫用。Verify 一直是我們成長最快的產品之一，年成長超過 25%，這清楚地表明，在一個日益數位化和安全意識日益增強的世界中，人們對值得信賴、經過驗證的通訊的需求不斷增長。

Finally, today we announced that we entered into a definitive agreement to acquire Stitch, an identity platform for AI agents that's built for developers. This is a small tech and talent tuck-in that will augment our ability to enable amazing digital interactions by delivering next-generation authentication capabilities built for the era of generative AI.

最後，今天我們宣布，我們已達成最終協議，收購 Stitch，這是一個面向開發者的 AI 代理身份平台。這是一項小型技術和人才整合，它將透過提供為生成式人工智慧時代構建的下一代身份驗證功能，增強我們實現卓越數位互動的能力。

In summary, our Q3 results showcase the continued hard work of our team as we execute on our strategy. I was pleased that Twilio made the list of best workplaces for innovators by Fast Company, a recognition that highlights our strong culture of creativity and employee-led innovation.

總而言之，我們第三季的業績展現了我們團隊在執行策略過程中持續付出的努力。我很高興 Twilio 被 Fast Company 評為最適合創新者的工作場所之一，這項認可突顯了我們強大的創造力文化和員工主導的創新精神。

We remain focused on ending the year strong and helping our customers realize the power and possibilities of the Twilio platform.

我們將繼續專注於以強勁的勢頭結束今年，並幫助我們的客戶認識到 Twilio 平台的強大功能和各種可能性。

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

現在我把麥克風交給艾丹，他將為大家介紹我們的財務表現。

Thank you, Khozema, and good afternoon, everyone. Twilio had a record-breaking third quarter. We generated record revenue of $1.3 billion, up 15% year over year on a reported basis, and 13% year over year on an organic basis. We also generated record non-GAAP income from operations of $235 million, free cash flow of $248 million.

謝謝你，霍澤瑪，大家下午好。Twilio 第三季業績創下歷史新高。我們創造了創紀錄的 13 億美元收入，按報告數據計算年增 15%，以有機成長計算年增 13%。我們也創造了非GAAP營業收入2.35億美元的紀錄，自由現金流2.48億美元。

We're continuing to drive top-line performance through broad-based, go-to market execution. Messaging revenue grew in the high-teens for the second consecutive quarter. Voice revenue growth accelerated to the mid-teens, its fastest growth rate in over three years. This was aided by strong growth from voice AI customers which accelerated to nearly 60% year over year.

我們正透過廣泛的市場推廣活動，持續推動營收成長。簡訊服務收入連續第二季實現兩位數以上的成長。語音業務收入成長加速至十幾個百分點，創三年多來最快成長。語音人工智慧客戶的強勁成長為此提供了助力，其年成長速度接近 60%。

In addition, revenue from our 10 largest voice AI startup customers increased more than 10x year over year. Software add-on revenue growth also accelerated, led by Verify which grew more than 25% year over year. Finally, from a sales channel perspective, we saw continued strength from both ISPs and self-serve customers, evidenced by 20%-plus year-over-year revenue growth from both.

此外，我們 10 家最大的語音 AI 新創公司客戶的收入年增超過 10 倍。軟體附加收入成長也加速，其中 Verify 的成長尤為顯著，較去年同期成長超過 25%。最後，從銷售管道的角度來看，我們看到 ISP 和自助服務客戶都保持了強勁的成長勢頭，兩者的年收入成長均超過 20%。

Our Q3 dollar-based net expansion rate was 109%, reflecting the improving growth trends we've seen in our business over the last several quarters. We delivered non-GAAP gross profit of $652 million, up 9% year over year.

我們第三季以美元計價的淨擴張率為 109%，反映了我們業務在過去幾季中不斷改善的成長趨勢。我們實現了 6.52 億美元的非 GAAP 毛利，年增 9%。

This represented a non-GAAP gross margin of 50.1%, down 280 basis points year over year and 60 basis points quarter over quarter. As we called out in our expectations for Q3, we incurred carrier passthrough fees of $20 million associated with increased Verizon A2P fees, which drove the sequential decline in gross margins.

這相當於非GAAP毛利率為50.1%，較去年同期下降280個基點，較上季下降60個基點。正如我們在第三季預期中所指出的那樣，由於 Verizon A2P 費用增加，我們產生了 2000 萬美元的運營商轉嫁費用，這導致毛利率環比下降。

As mentioned last quarter, we continue to take actions to stabilize and improve gross margins. We are taking price actions across our business while investing in initiatives to drive platform efficiency. We're encouraged by the acceleration in high margin products such as voice and software add-ons, and we believe these actions will drive durable revenue and gross profit dollar growth over time.

正如上個季度所提到的，我們將繼續採取措施穩定並提高毛利率。我們正採取價格調整措施，同時投資於提高平台效率的各項措施。語音和軟體插件等高利潤產品的加速成長令我們感到鼓舞，我們相信這些舉措將隨著時間的推移推動收入和毛利的持續成長。

Non-GAAP income from operations came in ahead of expectations at a record $235 million, up 29% year over year, driven by strong revenue growth and continued cost discipline. Non-GAAP operating margin was 18%, up 190 basis points year over year, and 10 basis points quarter over quarter. This included a sequential 20 basis point headwind from incremental carrier fees. In addition, we generated $41 million in GAAP income from operations.

非GAAP營業收入超出預期，達到創紀錄的2.35億美元，年增29%，主要得益於強勁的收入成長和持續的成本控制。非GAAP營業利益率為18%，較去年成長190個基點，較上季成長10個基點。這其中包括因營運商費用遞增而導致的 20 個基點的周期性不利因素。此外，我們實現了 4,100 萬美元的 GAAP 營業收入。

Stock-based compensation as a percentage of revenue was 12.2%, down 150 basis points year over year and flat quarter over quarter. We generated free cash flow of $248 million in the quarter. Additionally, we completed $350 million in share repurchases, up roughly 100% quarter over quarter. This brings our year-to-date share repurchases to $657 million through the end of Q3, representing approximately 95% of year-to-date free cash flow.

股票選擇權費用佔收入的百分比為 12.2%，年減 150 個基點，較上季持平。本季我們產生了2.48億美元的自由現金流。此外，我們完成了 3.5 億美元的股票回購，季增約 100%。截至第三季末，我們今年的股票回購總額已達 6.57 億美元，約佔今年迄今自由現金流的 95%。

Moving to guidance. For Q4, we're initiating a revenue target of $1.31 billion to $1.32 billion, representing 9.5% to 10.5% reported growth and 8% to 9% organic growth. Our revenue guidance assumes $22 million and passthrough revenue from incremental US carrier fees in Q4. That compares to $20 million in Q3.

進入指導環節。對於第四季度，我們設定的營收目標為 13.1 億美元至 13.2 億美元，相當於報告成長率 9.5% 至 10.5%，有機成長率 8% 至 9%。我們的營收預期為 2,200 萬美元，以及第四季來自美國營運商增量費用的轉嫁收入。相比之下，第三季為 2000 萬美元。

Based on our year-to-date performance and our Q4 guidance, we're raising our full year 2025 organic revenue growth guidance to 11.3% to 11.5%, up from 9% to 10% previously. And raising our reported revenue growth to 12.4% to 12.6%, up from 10% to 11% previously. As a reminder, our reported revenue includes the contribution from incremental increases to US carrier fees, whereas our organic revenue excludes those contributions.

根據我們今年迄今的業績和第四季的業績指引，我們將 2025 年全年有機收入成長指引從先前的 9% 至 10% 上調至 11.3% 至 11.5%。我們將公佈的營收成長預期上調至 12.4% 至 12.6%，高於先前的 10% 至 11%。需要提醒的是，我們報告的收入包括美國營運商費用增加帶來的收益，而我們的有機收入則不包括這些收益。

Turning to our profit outlook, for Q4, we expect non-GAAP income from operations of $230 million to $240 million. We are raising our full year non-GAAP income from operations range to $900 million to $910 million, up from $850 million to $875 million previously. Based on our strong cash generation year-to-date, we are raising our full year free cash flow guidance to a range of $920 million to $930 million, up from $875 million to $900 million previously.

展望第四季的獲利前景，我們預期非GAAP營業收入為2.3億美元至2.4億美元。我們將全年非GAAP營業收入預期範圍上調至9億美元至9.1億美元，高於先前預期的8.5億美元至8.75億美元。鑑於我們今年迄今強勁的現金流生成情況，我們將全年自由現金流預期從先前的 8.75 億美元至 9 億美元上調至 9.2 億美元至 9.3 億美元。

I'm very pleased with the strong revenue growth we delivered in the quarter as well as our ongoing cost discipline that is driving robust profitability and free cash flow. We remain focused on executing against our product and go-to-market initiatives as we close out 2025 and build on our momentum into 2026.

我對我們本季實現的強勁營收成長以及持續的成本控制感到非常滿意，這些都推動了穩健的獲利能力和自由現金流。在 2025 年即將結束之際，我們將繼續專注於執行我們的產品和市場推廣計劃，並將這種勢頭延續到 2026 年。

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

接下來，我們將開放提問環節。

Thank you. At this time, we'll conduct the question answer session. (Operator Instructions)

謝謝。屆時我們將進行問答環節。（操作說明）

James Fish, Piper Sandler.

詹姆斯·菲什，派珀·桑德勒。

Hey guys, great quarter here. Appreciate the questions. Maybe just on Stitch, how should we think about what functions or features -- it really complements Verify with. Why couldn't you do it organically here?

嘿，夥計們，這季度很棒。感謝提問。或許就 Stitch 而言，我們該如何思考哪些功能或特性──它真正能與 Verify 互補。為什麼不能在這裡自然而然實現呢？

And Aidan, maybe for you, is there any way to think about the numbers, in fact financially to sort of purchase price and whatnot?

艾丹，或許對你來說，有沒有辦法從財務角度考慮這些數字，例如購買價格等等？

Yeah. Hey Jim, thanks for the question. This is Khozema. Maybe I'll start, I would say just to maybe go back to our vision for a second, like our vision as we've articulated it is to really ensure a world in which every digital interaction is amazing.

是的。嗨，吉姆，謝謝你的提問。這是霍澤瑪。或許我可以先說，讓我們回顧一下我們的願景，正如我們所闡述的，我們的願景是真正確保每一次數位互動都令人驚嘆。

And as part of that, what Stitch helps us do is to expand our capabilities to ensure that there's trust between businesses and consumers. And what we're finding is that for brands that authentication piece is both a critical and foundational step in the customer journey in terms of creating that customer engagement.

作為其中的一部分，Stitch 幫助我們擴展了我們的能力，以確保企業和消費者之間建立信任。我們發現，對於品牌而言，身分驗證是客戶旅程中建立客戶參與度的關鍵基礎步驟。

And so that was kind of the primary reason. It's an accelerant as far as that goes. And just I'll maybe take a part of it, Aidan, and just since I'm talking, the revenue and the P&L altogether is pretty immaterial in the scheme of things. We don't think it's going to have a material impact on our financials going forward. In fact, it won't.

所以，這大概就是主要原因了。從這個意義上講，它是一種助推器。艾丹，我或許會拿走一部分，既然說到這裡了，那麼從整體來看，收入和損益表其實無關緊要。我們認為這不會對我們未來的財務狀況產生實質影響。事實上，不會。

And it's a small kind of tech and talent acquisition that we ultimately did for less than $100 million.

而且，這是一項規模較小的技術和人才收購，我們最終花費不到 1 億美元。

Got it. That's great. Maybe not to let Aidan off the hook here, I'm going to get asked this all day tomorrow. But any sense to -- obviously a very, very strong net customer addition number here. Any sense to what's causing that?

知道了。那太棒了。或許不能就此放過艾丹，明天我一定會被問到一整天這個問題。但從任何角度來看——顯然，這裡的淨新增客戶數量非常非常強勁。知道這是什麼原因造成的嗎？

And if you saw any churn related to the price increase and the overall price increase impact on the quarter. Thanks guys.

如果您發現任何與價格上漲相關的客戶流失，以及價格上漲對本季整體的影響。謝謝各位。

Yeah, I'll jump in here, but Thomas can add anything that he'd like. So just in terms of the net customer add, you're right, Jim, it was a big quarter for us.

是的，我會插幾句，但湯瑪斯可以補充任何他想補充的內容。所以就淨新增客戶數量而言，你說得對，吉姆，這對我們來說是一個重要的季度。

Just as a reminder, last quarter, we announced that we were ending our free tiers for our email and marketing campaign APIs. So we did that. Some fairly small accounts, I would say, ended up becoming active accounts and that drove a big part of the add quarter over quarter.

再次提醒大家，上個季度我們宣布將停止提供電子郵件和行銷活動 API 的免費服務。於是我們就這麼做了。一些規模較小的帳戶最終變成了活躍帳戶，這在很大程度上推動了季度環比新增帳戶的成長。

Now that being said, we still had solid customer account growth even adjusting for that, but that drove a big part of that number.

即便考慮到這一點，我們的客戶帳戶成長依然穩健，但這在一定程度上導致了該數字的成長。

And then as it relates to the price increase, we haven't seen churn associated with that over the last quarter or so.

至於價格上漲方面，在過去一個季度左右的時間裡，我們還沒有看到與之相關的客戶流失。

And just to add a little bit more to that, we saw a particular strength in our self-service business which generates a lot of our new customer logo acquisition. And some of the voice AI capabilities was really attractive and that business grew well over 20%. And then our enterprise new business team had a really strong quarter as well, so encouraging signs overall on customer adds.

此外，我們也發現自助服務業務具有特別強的優勢，它為我們帶來了大量的新客戶。語音人工智慧的一些功能確實很有吸引力，這項業務成長超過 20%。此外，我們的企業新業務團隊本季表現也非常強勁，因此總體而言，客戶成長方面出現了令人鼓舞的跡象。

Siti Panigrahi, Mizuho.

Siti Panigrahi，瑞穗銀行。

That's great. Congrats on a great quarter. In fact, 13% growth against the tough comp. Very impressive.

那太棒了。恭喜你本季表現出色。事實上，在競爭激烈的市場環境下，實現了 13% 的成長。非常出色。

And on the voice side, you said meetings growth. And specifically want to understand the voice AI adoption trends and how should we think about this voice trends, especially with voice AI? What kind of trajectory we can expect versus messaging from here?

在語音方面，您提到了會議成長。具體來說，我想了解語音人工智慧的應用趨勢，以及我們應該如何看待這些語音趨勢，特別是語音人工智慧的發展趨勢？從目前的情況來看，我們可以預期訊息傳遞會呈現什麼樣的軌跡？

Yeah, as it relates to some of the numbers in the quarter, so you mentioned messaging there at the end. So that grew kind of high-teens. That's our second consecutive quarter of high-teens growth on the messaging side. And voice grew mid-teens, which is our fastest growth rate in over three years.

是的，這與本季的一些數據有關，所以你最後提到了訊息傳遞方面的問題。所以它就發展到了十幾歲。這是我們在資訊傳遞方面連續第二個季度實現兩位數以上的成長。語音用戶成長了十幾歲，這是我們三年多來最快的成長速度。

A big part of that, we gave some of the voice AI staff. But let me repeat them, so the cohort of voice AI customers that we kind of look at, they grew nearly 60% year over year. And our top 10 largest kind of voice AI startups were up 10x. So this continues to be an area for us where we see accelerated growth. We're really excited about it.

其中很大一部分，我們交給了一些語音人工智慧工作人員。但讓我再重複一遍，我們所關注的語音人工智慧客戶群，其年增長率接近 60%。我們排名前 10 的大型語音 AI 新創公司數量增加了 10 倍。因此，這仍然是我們看到快速成長的領域。我們對此感到非常興奮。

Thomas just talked about how that's impacting kind of our self-serve business as well, and that kind of sales channel in total was up 20%-plus. So we're pretty happy with the performance from a voice perspective and it's something that we continue to be excited about going forward.

Thomas 剛剛談到了這對我們自助服務業務的影響，而這種銷售管道的總銷售額增長了 20% 以上。所以從聲音的角度來看，我們對目前的表現相當滿意，這也是我們未來會繼續保持熱情的方向。

So I'll add one thing which is just generally in terms of voice AI. It's still a relatively small portion of the overall business and the overall voice business to that. And so I think what we're seeing is like pretty healthy performance across the entirety of the voice business. It spans a wide variety of customers, industries, and use cases.

所以，我再補充一點，這主要是指語音人工智慧方面的內容。這仍然只佔整個業務以及整個語音業務中相對較小的一部分。所以我認為，我們目前看到的是整個語音業務都表現得相當健康。它涵蓋了各種各樣的客戶、行業和應用場景。

And so I think given all that, we're kind of encouraged about where it could potentially go just given the fact that we sit at the center of the AI value chain. The results have been good. We obviously don't guide by product but I'll just kind of leave it at that, that we're encouraged by the trends and we have seen very good product adoption, especially if you start to think about the ongoing trends around voice AI and then some of our products like conversation relay. for example.

因此，考慮到所有這些因素，我們對人工智慧的未來發展方向感到鼓舞，因為我們處於人工智慧價值鏈的中心。結果不錯。我們顯然不會以產品為導向，但我就說到這裡吧，我們受到這些趨勢的鼓舞，並且我們看到了非常好的產品普及率，特別是如果你開始考慮語音人工智慧的持續發展趨勢，以及我們的一些產品，例如對話中繼。

That's great. Thank you.

那太棒了。謝謝。

Alex Zukin, Wolfe Research.

Alex Zukin，Wolfe Research。

Perfect. Thank you guys for taking my question. Maybe just the strength that you're seeing in the non-messaging business, the sequential adds up a lot this quarter. I think almost double last quarter.

完美的。謝謝各位回答我的問題。或許僅是非即時通訊業務的強勁表現，就使得本季環比成長顯著。我認為上個季度幾乎翻了一番。

So two-parter, maybe what drove that? Is that primarily voice? And if it is voice, why not -- when do you expect to see some of the positive gross margin benefits of that attached and? I have a quick follow-up.

所以是兩部分組成的，也許是什麼原因促成了這種安排？主要是指語音嗎？如果是語音服務，為什麼不呢？ ——您預計何時能看到由此帶來的正向毛利率收益？我還有一個後續問題。

Yeah. Why don't I jump in here. So the net adds in terms of customers quarter over quarter was largely email actually. So we did away with our kind of free tier and we saw a number of smaller customers kind of convert onto the platform as active accounts. But excluding that, even adjusting for that, we were up kind of quarter over quarter.

是的。我為什麼不插一腳呢？因此，從季度環比來看，新增客戶主要來自電子郵件。所以我們取消了免費套餐，我們看到許多小客戶轉換成了平台上的活躍帳戶。但排除這一因素，即使進行調整，我們的季度環比仍然實現了成長。

As it relates to gross margins, I think maybe a couple of things. So first, sequentially, we saw gross margins flat, adjusting for the carrier fees. As we think about voice and how that impacts gross margins going forward, as kind of said, a lot of the AI startup revenue is still pretty small.

關於毛利率，我認為可能有兩點需要考慮。首先，從順序上看，扣除運營商費用後，我們看到毛利率持平。當我們思考語音技術及其對未來毛利率的影響時，正如前面所說，許多人工智慧新創公司的收入仍然很小。

But as a company we're driving a mentality of cross sell, upsell, adoption of our software, add-on products. And I think as you know, Alex, most of our non-messaging products are very high margins. So as that continues to progress and as we make progress on that from a go-to-market perspective, that should help buoy our gross margins going forward.

但作為一家公司，我們正在推行交叉銷售、向上銷售、推廣我們的軟體和附加產品的概念。我想你也知道，Alex，我們大多數的非即時通訊產品利潤率都非常高。因此，隨著這一進程的不斷推進，以及我們在市場推廣方面取得進展，這應該有助於提升我們未來的毛利率。

If I could just add one point on the growth we're seeing in particular in self-service, a lot of those customer additions, 40% of those customers that was 40% growth was in voice in particular. So that's the strongest part of our self-service business as well.

如果我只能補充一點關於我們在自助服務領域看到的成長，那就是新增客戶中，有 40% 的客戶（也就是 40% 的成長）是透過語音服務實現的。所以，這也是我們自助服務業務最強大的部分。

And then maybe an embarrassing of good news -- embarrassment of good news this quarter between the large, cloud service provider deal nine figures that you signed maybe kind of double click on that. What drove that? Is that related to the partnership we saw with the named service provider earlier in the year?

然後，或許會有令人尷尬的好消息——本季度會有令人尷尬的好消息，比如你簽署的那筆數額巨大的雲端服務提供商交易，金額高達九位數，或許你會對此感到興奮不已。是什麼原因導致這種情況？這與我們今年稍早與該服務提供者建立的合作關係有關嗎？

And also to your point, the ISV relationships seem like they're inflecting the growth opportunity, kind of what's -- is that ISA? Your lead agent driving so many leads so efficiently? Or what's driving some of these elements?

還有一點，正如您所說，ISV 關係似乎正在影響成長機會，這有點像——那是 ISA 嗎？您的首席經紀人為何能如此有效率地帶來如此多的潛在客戶？或者說，是什麼因素在驅動這些因素？

Yeah. Alex, it's Khozema; I'll take that. So a couple of questions there, I'd say ISV relationships generally, we've done well there. Like we've been able to grow that cohort particularly well.

是的。Alex，是Khozema；我接受這個名字。所以，關於那幾個問題，我想說，總的來說，我們在與獨立軟體開發商（ISV）的關係方面做得很好。我們已經成功地壯大了這個群體。

As Thomas said a number of times like, a lot of those customers actually start in in self-serve and they grow from there, and then in many cases, grow to be very large accounts over time that grow with us over extended periods of time. And so I think that combination of self-serve then feeding over to ISV and then those ISV relationships growing, that's what you're kind of seeing play out there.

正如 Thomas 多次說過的那樣，許多客戶實際上都是從自助服務開始的，然後逐漸發展壯大，在很多情況下，隨著時間的推移，他們會成長為非常大的客戶，並在很長一段時間內與我們共同成長。所以我認為，先是自助服務，然後向獨立軟體開發商 (ISV) 提供資源，再發展與 ISV 的關係，這就是你現在看到的現象。

In terms of the larger deal that that you referenced, we're not going to provide necessarily additional financial details there. It's a customer that we had a relationship with for some period of time and we're excited about signing a really material renewal.

至於您提到的那筆更大的交易，我們不會提供額外的財務細節。我們與這位客戶保持了一段時間的合作關係，我們很高興能夠簽署一份非常重要的續約合約。

Excellent. Thank you guys.

出色的。謝謝大家。

Taylor McGinnis, UBS.

泰勒‧麥金尼斯，瑞銀集團。

Yeah. Hi, thanks so much for taking my questions and congrats on the quarter. When we look at the 4Q guides, so the 8% to 9% organic revs growth guide is solid.

是的。您好，非常感謝您回答我的問題，並恭喜您本季取得好成績。當我們查看第四季度指南時，會發現 8% 到 9% 的有機收入成長指南是可靠的。

So maybe just two questions on that. One, I know 4Q volumes tend to be tied to the performance of the holiday season, so any early signs on what you guys are expecting there? And maybe the puts and the takes of some of these emerging or other areas outside of messaging growing faster? And how that could contribute to the guide? And how you guys are thinking about the messaging holiday piece?

所以，關於這個問題，我可能會問兩個問題。第一，我知道第四季的銷售往往與假日季的表現有關，所以你們對第四季的銷售有什麼初步的預期嗎？或許，訊息傳遞以外的某些新興領域或其他領域的投資和投資成長速度更快？這又將如何為本指南做出貢獻呢？你們對節日訊息傳遞方面有什麼想法？

And then second question would just be the performance in 3Q was really strong and greater than what we've seen historically. So just curious if anything surprised you guys or if there was any areas that performed better than expected. Thanks.

第二個問題是，第三季的業績確實非常強勁，比我們以往看到的都要好。所以，我只是好奇你們有沒有遇到什麼意料之外的事情，或是有沒有哪些方面表現超出預期。謝謝。

Yeah, well, why don't I start with the second one and then I'll hit on the holiday season. I wouldn't say anything surprised us. What I'll say is it was pretty broad based, which I think is encouraging. So we've kind of talked about the different pieces, right, but from a sales channel perspective, ISVs, self-serve, right, both were up 20% plus. Our software add-on products, which is something we've been driving with the go-to market team, the sales team, we saw that accelerate in particular with products like Verify.

好啊，那我先從第二個開始，然後再講講節慶季。我不會說有什麼事讓我們感到驚訝。我想說的是，它的影響範圍相當廣泛，我認為這令人鼓舞。所以我們已經討論過各個方面，對吧？但從銷售管道的角度來看，ISV、自助服務，對吧，兩者都成長了 20% 以上。我們的軟體附加產品，是我們與市場推廣團隊和銷售團隊共同努力的方向，我們看到，像 Verify 這樣的產品尤其加速發展。

Then from a product perspective, our two biggest products in messaging and voice, both grew kind of mid- to high-teens, which was great. A lot of the voice stuff driven by the voice AI startup customer volume that we just talked about.

從產品角度來看，我們在即時通訊和語音領域的兩大產品都實現了十幾到十幾的成長，這非常棒。許多語音技術的發展都得益於我們剛才提到的語音人工智慧新創公司客戶數量的成長。

And then from an industry perspective, I'd say consistent with kind of Q2 and Q1 is, it was pretty broad based, right? We saw healthy volumes in tech, healthcare, professional services, retail e-commerce. So I think that's kind of how I think about Q3.

從行業角度來看，我認為與第二季度和第一季的情況一致，它的基礎相當廣泛，對吧？我們看到科技、醫療保健、專業服務、零售電子商務等領域的交易量都表現良好。所以我覺得這就是我對第三季的看法。

And then as it relates to the holiday season, I guess what I'd say is as we kind of called out last year, we have a very strong holiday season which does create a little bit more of a challenging comparison for us this year. Obviously, the usage-based nature of our business, and I'd say maybe a bit more of a mixed macro does make it a little bit harder to kind of predict the holiday season.

至於假期季，我想說的是，正如我們去年所指出的，我們今年的假期季節非常強勁，這確實為我們今年的比較帶來了一些挑戰。顯然，我們業務的性質是基於使用量的，而且我認為宏觀經濟狀況可能更加複雜，這使得預測假期季節變得更加困難。

But we're pleased with the guidance that we're providing right today on Q4. And we're encouraged by the strength that we've seen across the product portfolio, across the sales channels, and across the industry verticals.

但我們對目前發布的第四季業績指引感到滿意。我們對產品組合、銷售通路和產業垂直領域所展現出的強勁勢頭感到鼓舞。

Great, thank you so much.

太好了，非常感謝。

Elizabeth Porter, Morgan Stanley.

伊莉莎白‧波特，摩根士丹利。

Great. Thank you so much for the question. I wanted to follow-up on some of the comments around demand for voice and you've really had some great adoption with AI startups.

偉大的。非常感謝您的提問。我想就語音需求方面的一些評論做個後續說明，你們在人工智慧新創公司方面確實取得了非常好的成果。

So my question is: How are you seeing adoption trend for some of the newer products like conversational intelligence and conversational relay? Among some of the more traditional non-AI parts of the customer base? And how are you thinking about the traditional enterprise customers engaging with these products? And any sort of pathway you see for broader adoption outside of the early AI company? Thank you.

所以我的問題是：您如何看待對話智慧和對話中繼等一些較新產品的採用趨勢？在客戶群中，包括一些較為傳統的非人工智慧使用者群體嗎？您如何看待傳統企業客戶使用這些產品的情況？那麼，您認為除了早期人工智慧公司之外，還有哪些途徑可以更廣泛地應用人工智慧技術？謝謝。

Yeah, thanks, Elizabeth for the question. This is Thomas. I think just broadly, we saw a really solid traction of our enterprise and ISV customers with multi-product growth. In particular, add-ons, as Aidan said, grew 20%, but also multi-product customers count grew north of 20% as well.

好的，謝謝伊麗莎白的提問。這是托馬斯。總的來說，我們看到企業客戶和獨立軟體開發商客戶在多產品成長方面取得了非常穩健的成長。艾丹表示，附加產品尤其成長了 20%，而多產品客戶數量也增加了 20% 以上。

And to give you some examples of that, ISVs in particular, we saw a lot of early traction with our agent productivity solution, which really brings together a lot of core capabilities of voice, SMS, email, and chat all into a unified experience. And conversational relay is really what powers that to create these virtual agents that can allow customers to power customer care use cases or pre-sales use cases.

舉例來說，特別是對於獨立軟體開發商 (ISV) 而言，我們的代理生產力解決方案早期就獲得了很大的關注，該解決方案真正將語音、短信、電子郵件和聊天等許多核心功能整合到一個統一的體驗中。而對話式中繼正是實現這些虛擬代理的真正動力，這些虛擬代理可以讓客戶支援客戶服務用例或售前用例。

And there's a number of examples that we've already talked about. One in particular that we're excited about is Inhabit, which is a company that does leading property management. But a great example of how you can use a number of Twilio technologies in an integrated way to deliver a new experience. So we're seeing it in enterprise, we're seeing it in ISV, as well as the voice AI startups.

我們已經討論過很多這樣的例子。我們尤其對 Inhabit 這家公司感到興奮，該公司是一家領先的物業管理公司。但這正是如何將多種 Twilio 技術整合使用，帶來全新體驗的絕佳範例。所以我們在企業中看到了這種情況，在獨立軟體開發商 (ISV) 中也看到了這種情況，在語音人工智慧新創公司中也看到了這種情況。

And then just as a quick follow-up on the net dollar-based retention saw a nice uptick again, particularly gets a harder comp. So could you just unpack that a bit? How much of the uplift was pricing related, if any, versus underlying expansion?

然後，我們快速跟進了一下，發現基於淨美元的留存率再次出現了不錯的增長，尤其是在比較更嚴格的數據時。能詳細解釋一下嗎？在此次成長中，物價上漲佔多大比例（如果有的話），而實際成長又有多少是源自於經濟擴張？

And as you can see to see success with these larger customers and deals, how should we think about the durability of that and our trend? Thanks.

正如你所看到的，我們在與這些大客戶和交易中取得了成功，我們應該如何看待這種成功和我們發展趨勢的持久性？謝謝。

Yeah, I'd say it's mostly expansion. I don't think the price increase that we did in June around US messaging. I don't think that had a material impact on the quarter. Well, I would say is contraction and churn remained stable, so it really was an expansion story this quarter.

是的，我覺得主要是擴張。我不認為我們在6月份針對美國訊息傳遞方面進行的價格上漲是合理的。我認為這並沒有對本季業績產生實質影響。嗯，我認為收縮和流失率保持穩定，所以本季實際上是一個擴張的故事。

The one under tidbit I'd give is we did have an impact from the carrier fees. They were $20 million in Q3, $6 million in Q2, so that did have 180 basis point impact quarter over quarter. But even adjusting for that in both periods, DBNE, or dollar-based net expansion, was up slightly.

我補充一點，運營商費用確實對我們產生了影響。第三季為 2,000 萬美元，第二季為 600 萬美元，因此季報影響了 180 個基點。但即使在這兩個時期都考慮到這一點，以美元計價的淨擴張（DBNE）也略有上升。

Joshua Reilly, Needham.

約書亞·雷利，尼德姆。

All right, thanks for taking my question. I just wanted to hit on the AI voice startups as well in terms of their usage and growth trajectory. Is there an inflection in the last couple quarters in terms of volumes here, whereas before it was more of an experimentation phase by these kind of hundreds of thousands of AI voice startups? And if so, what would you say is driving that?

好的，謝謝你回答我的問題。我還想談談人工智慧語音新創公司，包括它們的使用情況和成長軌跡。近幾個季度以來，人工智慧語音新創公司的數量是否出現了轉折點？而在此之前，數十萬家人工智慧語音新創公司更像是處於試驗階段。如果是這樣，你認為是什麼原因造成的？

Yeah, I wouldn't say an inflection per se. I mean, I think it's part of the overall trend that we're seeing around AI a little bit more generally. And obviously, we're a beneficiary of it as it relates to voice AI.

是的，我不會說這是一種語調變化。我的意思是，我認為這是我們在人工智慧領域普遍看到的大趨勢的一部分。顯然，在語音人工智慧領域，我們是這項技術的受益者。

I mean, I think from our perspective, we're seeing more voice AI agents go into production. But as I mentioned earlier, like for us, it's still a relatively small contributor. We're seeing an impact with those companies; they're accelerating. We talked about the growth characteristics about 60% in the quarter, but both for the business and then actually as well as even for voice, it's still a relatively small proportion.

我的意思是，從我們的角度來看，我們看到越來越多的語音人工智慧代理投入生產。但正如我之前提到的，對我們來說，它仍然是一個相對較小的貢獻者。我們看到這些公司正在受到影響；它們的成長速度正在加快。我們討論了本季約 60% 的成長特徵，但無論對於業務還是語音業務而言，這仍然是一個相對較小的比例。

So I think we're kind of encouraged by the trends that we're seeing just given that it is still relatively small. We do feel like we sit in the center of the AI value chain. You heard Thomas talk a moment ago about the way in which that's getting adopted into some of our more multi-product and perhaps more even complex offerings like a conversation relay, like an agent productivity solution. And so I think all of these different things are coming together at the right time to be able to drive some additional growth for us. But again, still relatively small in the scheme of things.

所以我覺得，考慮到它目前規模仍然相對較小，我們目前看到的趨勢還是令人鼓舞的。我們感覺自己處於人工智慧價值鏈的中心位置。您剛剛聽到 Thomas 談到，這項技術正在被應用到我們的一些多產品甚至更複雜的產品中，例如對話中繼和代理生產力解決方案。所以我認為所有這些因素都在適當的時機匯聚在一起，能夠推動我們實現進一步成長。但話說回來，從整體來看，這仍然相對較小。

Got you. And then is it fair to say that the momentum continued for international messaging in Q3 as well? And curious, what are you seeing in the competitive landscape for international messaging that may be helping you win more?

抓到你了。那麼，是否可以說國際訊息傳播的動能在第三季也得以延續？另外，我很好奇，在國際資訊傳播的競爭格局中，您看到了哪些可能有助於您贏得更多競爭優勢的因素？

And thoughts around -- that was historically a price sensitive market, but it seems like you're taking market share with international messaging and what may be driving that. Thank you.

還有一些想法——從歷史上看，這是一個對價格敏感的市場，但似乎你們正在透過國際宣傳來搶佔市場份額，以及可能是什麼因素在推動這一趨勢。謝謝。

Yeah, thanks for the message, Pat (sic - Joshua). In general, we had a really strong quarter in international as well. It's one of our key growth levers and overall growth was at 18%, so we like that.

是的，謝謝你的訊息，帕特。（原文如此 - Joshua）。整體而言，我們在國際業務方面也取得了非常強勁的季度業績。這是我們的關鍵成長槓桿之一，整體成長率達到了 18%，所以我們很滿意。

If you think about it competitively, what we're just seeing more broadly on a global basis is that the multi-product capabilities that Twilio offers has really helped us differentiate from specific players and messaging only, for example, and some of the solutions that we've wrapped around our core channel capability has really allowed us to become a more strategic player for some of these customers and helped us win a lot of competitive bids that maybe we wouldn't have won in the past.

從競爭的角度來看，我們更廣泛地在全球範圍內看到，Twilio 提供的多產品功能確實幫助我們與特定參與者和僅提供訊息傳遞服務的其他參與者區分開來，例如，我們圍繞核心通路功能推出的一些解決方案確實使我們能夠成為某些客戶更具戰略意義的參與者，並幫助我們贏得了許多過去可能無法贏得的競爭性投標。

So we're encouraged with the traction that we're seeing there. I think Genspark AI is a great example; we talked about earlier in the call. But the ability to bring email messaging, voice all together, and integrated experience is a powerful value proposition.

因此，我們對目前所取得的進展感到鼓舞。我認為 Genspark AI 是一個很好的例子；我們之前在電話會議中討論過。但將電子郵件、語音和整合體驗整合在一起的能力，是一項強大的價值主張。

Thank you so much.

太感謝了。

Patrick Walravens, Citizens.

派崔克‧沃爾拉文斯，市民。

Great thank you. So maybe for Khozema and Thomas, I'm curious what areas you guys feel like you want to invest in the most to help continue driving growth next year.

非常感謝。所以，對於 Khozema 和 Thomas 來說，我很好奇你們覺得明年最想在哪些領域進行投資，以幫助繼續推動成長。

And Aidan, I'll just give you my question upfront. So on the A2Ps, Verizon raised them. I mean, realistically, shouldn't we expect T-Mobile and AT&T to do it at some point, too, and how do we think about that?

艾丹，我就開門見山地問你問題吧。所以，Verizon 在 A2P 方面提高了他們的期望值。我的意思是，現實點說，我們不應該期待 T-Mobile 和 AT&T 在某個時候也這樣做嗎？我們該如何看待這個問題呢？

Why don't I start with the last question and then I'll hand it back Khozema. Yeah, they may. I mean, listen, what we've factored in is what we know, which is the Verizon, impact. We don't know of anything else. We haven't forecasted anything else in our guidance.

我先回答最後一個問題，然後再把問題還給霍澤瑪。是的，他們可能會。我的意思是，聽著，我們已經把我們知道的事情考慮進去了，那就是 Verizon 的影響。我們對此一無所知。我們的預測中沒有提及其他任何內容。

Yeah, but there could be a day when those do those; AT&T and T-Mobile follow the Verizon action. And that would present an additional pressure to kind of our gross margins. But as a reminder, the way this works is it's kind of a gross up of revenue and a gross up of our cost of goods sold, but it has no impact on our ability to generate gross profit dollars or free cash flow dollars.

是的，但也許有一天他們也會這樣做；AT&T 和 T-Mobile 會效仿 Verizon 的做法。這將給我們的毛利率帶來額外的壓力。但需要提醒的是，這種做法實際上是對收入和銷售成本進行某種程度的加總，但這不會影響我們產生毛利或自由現金流的能力。

Yeah. On the first question, Pat, in terms of priorities for investment, like I wouldn't call out anything really different than the things that we've been talking about previously. We feel like we've got kind of the right OpEx envelope for the company. We alluded to some investments in Q2 that we thought were ephemeral in terms of their timing and the impact on the P&L. They've obviously paid off in terms of some of the results that we've seen, in particular, Voice AI and RCS adoption, still pretty early days, I would say on that latter one.

是的。關於第一個問題，帕特，就投資優先事項而言，我不會提出任何與我們之前討論過的事情真正不同的建議。我們覺得我們已經為公司製定了合適的營運支出預算。我們曾在第二季提到一些投資，我們認為這些投資從時間上來看是短暫的，對損益表的影響也不大。從我們看到的一些結果來看，這些努力顯然已經取得了成效，特別是語音人工智慧和RCS的採用，不過就後者而言，我認為還處於相當早期的階段。

And then we made an inorganic investment that we announced today with Stitch; that's an identity company. We think that that's an important space as we continue to build out our platform and so. I wouldn't call out anything like radically different than things that we've articulated in the past.

然後，我們今天宣布對 Stitch 進行了一項非有機投資；Stitch 是一家識別公司。我們認為，隨著我們不斷完善平台，這是一個重要的領域。我不會說有什麼與我們過去闡述過的內容截然不同的話。

I think even identity for us is much more about like how do we deliver platform value in a true authentication experience through the platform in a world that's more agentic going forward.

我認為，對我們而言，身分認同更多的是關於我們如何在未來更加依賴自主性的世界中，透過平台提供真正的身分驗證體驗，從而實現平台價值。

Great, thank you guys.

太好了，謝謝大家。

Samad Samana, Jefferies.

薩馬德·薩馬納，傑富瑞集團。

Hi, good evening and thanks for taking my questions. First, maybe just if you think about the voice AI customers, I know it's been asked about enterprise versus AI startups. But maybe within that enterprise cohort that you're that you're signing up, is it more customers that you have existing relationships with on the messaging side that are exploring voice AI with you? Or is it actually bringing in new customers that are completely new to Twilio because of the voice AI use case? And then I have one follow-up question.

您好，晚上好，感謝您回答我的問題。首先，或許可以想想語音人工智慧的客戶，我知道有人問過企業與人工智慧新創公司之間的差異。但也許在你註冊的企業群中，更多的是那些在訊息傳遞方面與你已經建立關係的客戶，他們正在與你一起探索語音人工智慧？或者，它是否真的因為語音 AI 的應用場景而為 Twilio 帶來了全新的客戶？我還有一個後續問題。

Yeah, I'll take that first one. It really is a balance. A lot of our enterprise customers again, we do have strategic relationships with and maybe they were a messaging customer initially with just a little bit of voice, and this has accelerated. Voice AI has accelerated their usage of voice, so that's been a trend for us.

好的，我要第一個。這確實需要權衡。我們許多企業客戶都與我們建立了策略合作關係，他們最初可能只是使用訊息功能，語音功能也略有涉及，但現在語音功能發展迅速。語音人工智慧加速了語音技術的使用，這已經成為我們的一種趨勢。

But the other is our self-service business is just growing well over 20%. Voice is a big chunk of that growth, as I said. Grew 40% this quarter. So that's largely coming from new customers that are doing more with voice. So in general, it is a pretty good balance across the customer base.

但另一方面，我們的自助服務業務成長速度超過 20%。正如我所說，語音業務是這一成長的重要組成部分。本季成長40%。所以這主要來自越來越多使用語音的新客戶。所以總的來說，客戶群之間的平衡性相當不錯。

And then maybe if I just think about the context of a lot of parts of the business firing really well right now, it's been quite impressive just like sales and marketing has been very consistent in dollar terms.

然後，如果我仔細想想目前公司許多業務部門都運作得非常好，這確實令人印象深刻，就像銷售和行銷在美元方面一直非常穩定一樣。

And so I'm just trying to think how do you feel about current capacity, especially as you think about more selling more of the products and the capturing the opportunity that's ahead of you right now? How should we think about maybe sales and marketing going forward and maybe a sneak peek at 2026? And how you're thinking about that?

所以，我只是想了解您對目前的產能有何感想，尤其是在您考慮銷售更多產品並抓住眼前機會的時候？我們該如何看待未來的銷售和行銷，以及展望一下 2026 年？你對此有何看法？

I can start to talk a little bit about how we're running the go-to market organization more efficiently, and I think that's helped us a lot. But we've been a big user of our own technology. We've got AI assistants that power a lot of our pre-sales motion. In fact, he says, what we've mentioned before is our AI assistant for our self-service business, and the AI assistant handles the vast majority of inbound leads for us and helps customers not only get acquainted with Twilio but also on board and get activated and upgraded as part of the process.

我可以開始談談我們如何更有效地經營市場推廣部門，我認為這對我們幫助很大。但我們一直是自主研發技術的忠實使用者。我們擁有人工智慧助手，它們為我們大量的售前工作提供支援。事實上，他說，我們之前提到的就是我們自助服務業務的 AI 助手，AI 助手為我們處理了絕大多數的入站線索，並幫助客戶不僅熟悉 Twilio，還能幫助他們完成註冊、激活和升級等流程。

That's allowed us to scale our go to market motion there. And the same is true on post sales where we handle a lot of our typical customer cases and service tickets powered by AI. And that's given us a lot of productivity gains as well. So we'll continue to invest in capacity as we need to, but we've been able to grow through an efficient manner using our own technology.

這使我們能夠擴大在該地區的產品上市規模。售後服務也是如此，我們利用人工智慧處理許多典型的客戶案例和服務工單。這也大大提高了我們的生產效率。因此，我們將根據需要繼續投資產能，但我們一直能夠透過利用我們自己的技術以高效的方式實現成長。

Great, nice quarter, guys.

夥計們，這季度真不錯。

Ryan MacWilliams, Wells Fargo Securities.

Ryan MacWilliams，富國證券。

Hey guys, thanks for your question. Just high level to start on macro in the quarter. Anything worth calling out that deviated from your expectations, either from a seasonality standpoint or a linearity standpoint in the quarter?

嘿，各位，謝謝你們的提問。本季宏觀經濟情勢概述如下。本季中，無論是從季節性角度或線性角度來看，有沒有什麼值得一提的、與預期不符的情況？

In short, no.

簡而言之，不。

Perfect. And then just on RCS, the existing customers are able to upgrade with no code changes. So will customers immediately begin sending RCS as part of their traditional messaging? And how is interest so far for net new RCS use cases? It's early and you can add different use cases like two-way messaging, but our folks approaching at this point. Thanks.

完美的。而且，僅就 RCS 而言，現有客戶無需更改程式碼即可升級。那麼客戶是否會立即開始將 RCS 作為其傳統訊息傳遞方式的一部分進行傳送？目前市場對新增RCS用例的興趣如何？現在還處於早期階段，您可以添加不同的用例，例如雙向訊息傳遞，但我們的人員目前正朝著這個方向努力。謝謝。

I think it's still pretty early, honestly, like I think what we are seeing is, so we're seeing growth, right? So that's encouraging, but I think we're seeing growth off of a relatively low basis.

說實話，我覺得現在還為時過早，就像我們目前看到的，我們看到的是成長，對吧？這令人鼓舞，但我認為我們看到的成長是在相對較低的基數上實現的。

I think what we're finding is that there's a lot of experimentation happening. I think we're finding a lot of that is happening kind of going into this holiday season. I'm not sure that that's going to manifest itself in terms of like kind of the broad variety of different kinds of RCS use cases that you've seen kind of described. So I think it's still a little bit slow going as far as that goes, but I do think customers that have tried it are excited about the potential for the technology.

我認為我們發現的是，現在有很多實驗正在進行。我認為我們發現，這種情況在即將到來的假期期間越來越普遍。我不確定這是否會體現在你所看到的、各種各樣的 RCS 用例中。所以我覺得就這方面而言，進展仍然有點緩慢，但我確實認為已經嘗試過的客戶對這項技術的潛力感到興奮。

Obviously, it's very strong for marketing, for promotional activities, I think. Some of the other use cases, especially around notifications, obviously [today], like a more traditional SMS is still kind of hanging in there. And so I'd say it's still early days in terms of what we're seeing, but I think the thing that we're most encouraged by in terms of RCS, in terms of like kind of a longer-term view is it is branded and I think anything that's branded in this world where there's a lot of communication coming at us as consumers is just higher efficacy and more trusted. And so we like those characteristics about RCS, but again, early days.

顯然，它對行銷和促銷活動非常有效。其他一些使用場景，尤其是在通知方面，顯然（如今）像傳統的短信仍然在某種程度上存在。所以我覺得就我們目前所看到的而言，還處於早期階段，但就RCS而言，從長遠來看，最讓我們感到鼓舞的是它擁有品牌，我認為在這個消費者會接收到大量信息的時代，任何擁有品牌的產品都具有更高的效力和更值得信賴。所以，我們喜歡RCS的這些特點，但話說回來，現在還處於早期階段。

Rishi Jaluria, RBC.

Rishi Jaluria，RBC。

Wonderful. Thanks so much for taking my questions. Nice to see continued underlying strength in the business.

精彩的。非常感謝您回答我的問題。很高興看到公司業務持續保持強勁勢頭。

Look, I think we've been talking about some of the margin expansion, capital returns, gross margins. Maybe taking a step back if we think about, the key drivers here where you have durable top-line growth and makeshift story and an AI story, you've got margin expansion and COGS discipline.

你看，我認為我們一直在討論利潤率擴張、資本回報和毛利率等問題。或許退後一步，如果我們思考一下，這裡的關鍵驅動因素是：持續的營收成長、臨時編造的故事、人工智慧的故事、利潤率擴張和銷售成本控制。

And you've been doing a good job of returning capital shareholders via buyback. Just how should you be thinking maybe about what is a steady state [per customer] for share growth profile for this business look like. And I'm not asking for a specific number. But just, as you think about aligning the business towards that, how should we be thinking about what that sort of profile on a durable, kind of steady state basis looks like. And then I've got a quick follow-up.

你們透過股票回購很好地回報了股東的資本。那麼，對於這家企業而言，每個客戶的穩定市佔率成長曲線應該是什麼樣的呢？我並沒有要求一個具體的數字。但是，在考慮如何讓業務朝著這個方向發展時，我們應該如何思考這種持久、穩定的業務模式會是什麼樣子呢？然後我還有一個後續問題。

Yeah, Rishi, this is Khozema. I'll try. It's obvious; we're obviously not going to provide guidance on it, right? So I think that it's kind of hard to answer the question in that context.

是的，里希，我是霍澤瑪。我會盡力。很明顯，我們顯然不會就此提供指導，對吧？所以我覺得在這種情況下很難回答這個問題。

But what I would say is that, look, when we kind of went into Investor Day and we kind of tackled this as a newer management team, we're very intent on just driving more financial discipline, more operating rigor in the way that we ran the place. And then in terms of the innovation bets that we were replacing to just be a lot more focused about those, right?

但我想說的是，你看，當我們參加投資者日活動，作為一個新的管理團隊著手處理這個問題時，我們非常注重在公司運作方式上加強財務紀律和營運嚴謹性。然後，在創新投資方面，我們正在進行調整，以便更加專注於這些方面，對吧？

So I'd say it really starts just in terms of the way that we run the company with those three things. Now, as a result of those three things we've been able to do many of the things that that you've been describing, right? So you heard Thomas talk a moment ago about the way in which he's running the go to market team, that's been done well. But on top of that, that's also been able to be done efficiently based on some of the investments that he and his team have made into productivity in terms of running that team.

所以我覺得，關鍵就在於我們如何圍繞這三點來經營公司。現在，由於這三件事，我們已經能夠做很多你剛才描述的事情，對吧？剛才你們聽到湯瑪斯談到他如何管理市場推廣團隊，他做得很好。但除此之外，由於他和他的團隊在團隊營運效率方面進行了一些投資，這項工作也得以有效率地完成。

As it relates to R&D, I would say there are a handful of bets that we've really put wood behind the arrow on. We're excited about identity, but there again, relatively small investment in terms of doing a tech and talent tuck-in to augment some of our existing capabilities.

就研發而言，我認為我們確實在一些專案上投入了大量精力。我們對身分識別感到興奮，但同樣，在技術和人才整合方面，我們投入的資金相對較少，以增強我們現有的一些能力。

As it relates to kind of leverage and then cash flow going forward, you've heard Aidan in the past talk about that it's still relatively early for us. I mean, we have undergone some mixed shift as it relates to the geographic characteristics of our workforce. I think that's played out pretty well. I think we've been able to been able to keep our employment relatively steady state. And so by definition, we're getting some volume leverage there.

至於槓桿作用以及未來的現金流，你可能聽過艾丹以前說過，對我們來說現在還為時過早。我的意思是，就我們員工的地理特徵而言，我們經歷了一些複雜的變化。我覺得結果相當不錯。我認為我們已經能夠保持就業相對穩定。因此，從定義上講，我們獲得了一定的交易量優勢。

I think on top of it all you know we still are making investments behind AI, behind automation. I think that drives ongoing leverage and free cash flow. And then, look, we're not kind of prescriptive about it per se, but we've said that there's sort of a framework for which we're going to do stock buybacks. When we think that the stock is a good value, we're going to step on the gas a little bit, and we've got a grid that otherwise kind of dictates that.

我認為最重要的是，我們仍在人工智慧和自動化領域進行投資。我認為這會推動持續的槓桿作用和自由現金流。然後，你看，我們並沒有對此做出具體規定，但我們已經說過，我們將按照一定的框架進行股票回購。當我們認為某檔股票很有價值時，我們會稍微增加買入力度，而我們也有一套機制來引導這個過程。

So you put all that together, we feel pretty good about where we've been certainly. But as we look forward, we're pretty optimistic about the trajectory of the company.

綜上所述，我們對目前所取得的成績感到非常滿意。但展望未來，我們對公司的發展軌跡相當樂觀。

Got it. Thanks, Khozema. That's super helpful. And then maybe, as you think about, some of the AI adoption that you're starting to see, obviously very impressive, how are we thinking about the opportunity now internationally?

知道了。謝謝，霍澤瑪。這太有幫助了。然後，當你思考時，你會發現人工智慧的應用正在發生一些變化，這顯然非常令人印象深刻。那麼，我們現在該如何看待國際上的這一機遇呢？

I think, it's been clear from prior technological ways. A lot of the adoption maybe outside of the US takes a little bit longer or happens in a little bit of a lag. Maybe how do you think about investing for that opportunity? What are you seeing? And maybe where there are opportunities for you to take advantage and out innovate maybe some of your competitors outside the US? Thanks.

我認為，從以往的技術手段來看，這一點已經很明顯了。在美國以外，許多技術的普及可能需要更長的時間，或者會有一些延遲。您覺得如何才能抓住這個投資機會呢？你看到了什麼？也許在某些領域，你可以把握機會，在創新方面超越美國以外的一些競爭對手？謝謝。

Yeah, it's a good question, Rishi. I guess what I would say is, you heard Thomas talk a moment ago about the strength in self-service, and so I think honestly like we're doing a lot of what we're already kind of investing in our OpEx window is how do we make that self-serve experience like easier and easier and easier with every turn of the crank.

是的，里希，你問得好。我想說的是，你們剛才也聽到了 Thomas 談到自助服務的優勢，所以我覺得，老實說，我們現在在營運支出方面投入的很多精力，就是如何讓自助服務體驗越來越簡單，每一次操作都越來越便捷。

And I think what you're going to see from us going forward is that that experience is made even simpler. The compliance hurdles are even easier to kind of get over. The AI capabilities that are embedded so that when a customer attaches themselves to our console, it's just like a much simpler, more fluid experience.

我認為，未來你們將會看到，我們將讓這種體驗變得更加簡單。合規方面的障礙反而更容易克服。我們內建的人工智慧功能，讓客戶連接到我們的控制台時，獲得更簡單、更流暢的體驗。

And I think that will benefit all customers obviously, but I think with respect to international customers who want to get up and running, I think that will make us even more sort of the vendor of choice. And so I wouldn't say there's something like idiosyncratic that's international versus domestic that we're investing in there.

我認為這顯然會惠及所有客戶，但對於想要快速啟動並運行的國際客戶而言，我認為這將使我們成為他們更青睞的供應商。因此，我不會說我們投資的領域存在某種國際化與國內化的特殊性。

And then as it relates to kind of the go to market engine, we pretty selectively invest in Australia, in Japan, and Singapore in terms of like having boots on the ground. But obviously you do have a number of countries in that part of the world that are participating in this. We just held our Signal event in Australia just a few weeks ago. And I would say just based on the conversations that we had there, the excitement that customers have around. AI with and without Twilio, frankly, we're pretty encouraged about the trends that we're seeing there and I think it's going to take off fast.

至於市場拓展策略，我們會選擇性地在澳洲、日本和新加坡進行投資，以便在當地設立分公司。但很顯然，該地區有許多國家參與其中。就在幾週前，我們剛在澳洲舉辦了Signal活動。而且，僅根據我們在那裡進行的對話，我就能感受到顧客們的興奮之情。坦白說，無論有沒有 Twilio，人工智慧的發展趨勢都讓我們感到非常鼓舞，我認為它會迅速發展壯大。

All right, really helpful. Thank you so much.

好的，真的很有幫助。太感謝了。

Thanks.

謝謝。

(Operator Instructions)

（操作說明）

Andrew King, Rosenblatt Securities.

Andrew King，Rosenblatt Securities。

Hey guys, thanks for taking my question. Really good detail on the cross-sell motion. If you could just give us a little color into the initiatives that you've put in to really help fuel that growth.

各位好，感謝你們回答我的問題。對交叉銷售策略的描述非常詳細。如果您能詳細介紹一下您為真正推動這一成長而採取的舉措，那就太好了。

And then just off of that, if you could give us a little bit of an update to your current penetration to your customer base, as I know the majority still hold just one product.

接著剛才的話題，能否請您簡單介紹一下您目前在客戶群中的滲透率？因為我知道大多數客戶仍然只擁有一種產品。

All right, great. I'll start with just the sales motion that we're driving and it's largely powered by the innovation that we're building in the products and the products are working better together in terms of the various primitives and channels that we have and the ability for our go-to market team to put together a compelling set of solutions and business outcomes that our enterprise customers and our ISVs can take advantage of.

好的，太好了。我先從我們正在推動的銷售模式說起，這主要得益於我們在產品中構建的創新，以及我們擁有的各種基礎組件和渠道之間的更好協同工作，還有我們市場推廣團隊的能力，他們能夠整合一套引人注目的解決方案和業務成果，供我們的企業客戶和獨立軟體開發商 (ISV) 使用。

And it's about driving the enablement. Our marketing programs are tied to it; our compensation plans have been tied to it. So there's a variety of go-to market initiatives that we've been doing to drive this type of performance, and I think it's still early days.

關鍵在於推動賦能。我們的行銷計劃與它息息相關；我們的薪酬方案也與它緊密相連。因此，我們一直在採取各種市場推廣措施來推動這種業績，但我認為這還處於早期階段。

We have a lot more upside when it comes to getting a broader set of customers to consume more and more Twilio services. But we're pretty encouraged with the start that we've had since the beginning of the year.

在吸引更多客戶使用越來越多的 Twilio 服務方面，我們還有更大的發展空間。但我們對年初至今的開局相當感到鼓舞。

Great. And if I can just sneak one more in there, it's obviously seemingly you've been landing more products with new customers at a more rapid pace. Can you give us any colors to those trends that you're seeing amongst initial purchases?

偉大的。如果我還能再補充一點，很明顯，你們似乎已經以更快的速度向新客戶推出了更多產品。您能否分享一下您在初期購買中觀察到的色彩趨勢？

I think a lot of it comes to the self-service business. It's really been a great accelerant for new customer additions and part of that is just we're getting more efficient in managing our funnel, leveraging AI to help us onboard customers faster and upgrade customers faster.

我認為這很大程度上與自助服務業務有關。它確實極大地促進了新客戶的增加，部分原因是我們在管理銷售漏斗方面變得更加高效，利用人工智慧幫助我們更快地吸引新客戶並更快地升級客戶。

And when we do that, the value in the ROI becomes quicker. In fact, customers realize it and then eventually they expand faster. So it's just been this flywheel of little tighter marketing, leveraging AI a bit better, better integrations across the products to make it simple, and reduce friction. And all of that's helping the flywheel of customer additions that ultimately helps us scale into the enterprise as these customers get larger and larger our strategic relationships with them grow. And it gives us a lot more white space opportunity within those accounts over time.

這樣做的話，投資報酬率就能更快體現出來。事實上，客戶意識到這一點後，最終會加快擴張速度。所以，這就形成了一個良性循環：更精準的行銷、更好地利用人工智慧、更好地整合產品來簡化營運、減少摩擦。所有這些都有助於推動客戶數量的成長，最終幫助我們擴展到企業級市場，隨著這些客戶規模越來越大，我們與他們的策略關係也越來越密切。隨著時間的推移，這將為我們在這些帳戶中創造更多空白空間的機會。

Great. Appreciate the call and congrats on the great quarter.

偉大的。感謝來電，恭喜你們本季業績優異。

Thank you.

謝謝。

Thank you. I'm showing no further questions at this time. Thank you for your participation in today's conference. This just conclude the program. You may now disconnect.

謝謝。我目前不再提出其他問題。感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。