Twilio Inc. (TWLO) 2026 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to Twilio, Inc.'s second-quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您耐心等候。歡迎參加 Twilio, Inc. 2026 會計年度第二季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand the conference over to your speaker today, Rodney Nelson, Vice President of Investor Relations. Please go ahead.

現在我想把會議交給今天的發言人——投資人關係副總裁 Rodney Nelson。請開始。

Good afternoon, everyone, and thank you for joining us for Twilio's second-quarter 2026 earnings conference call. Joining me today are Khozema Shipchandler, Chief Executive Officer; Aidan Viggiano, Chief Financial Officer; and Thomas Wyatt, Chief Revenue Officer.

各位下午好，感謝各位參加 Twilio 2026 會計年度第二季財報電話會議。今天與我一同出席的有：執行長 Khozema Shipchandler；財務長 Aidan Viggiano；以及營收長 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.

提醒各位，我們將在本次電話會議中揭露非 GAAP 財務衡量指標。我們 GAAP 與非 GAAP 結果之間的定義與調節表，可在投資人關係網站 investors.twilio.com 上發布的財報簡報中查閱。我們也將在本次電話會議中發表前瞻性聲明，包括關於我們未來展望與目標的陳述。

Such statements are subject to known and unknown risks and uncertainties and 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. 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.

此類聲明受已知與未知風險及不確定性影響，可能導致實際結果與所描述內容存在重大差異。其中許多風險與不確定性已在我們向 SEC 提交的文件中說明，包括最新的 Form 10-K 以及即將提交的 Form 10-Q。前瞻性聲明僅代表我們在該等聲明作出當日的信念與假設。除法律要求外，我們不承擔更新任何前瞻性聲明之義務。

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

接下來我把時間交給 Khozema 與 Aidan，他們將討論我們第二季的業績，之後我們會開放問答。

Thank you, Rodney. Good afternoon, everyone, and thank you for joining us today. Twilio had an exceptional second quarter. We delivered $1.5 billion in revenue, accelerating organic growth to 17% year-over-year while non-GAAP gross profit growth also accelerated to 18% year over year. We generated $285 million in non-GAAP income from operations and $353 million in free cash flow. Twilio's momentum is strong. We're executing with precision and innovating across the board to power customer conversations in the age of AI.

謝謝你，Rodney。各位下午好，感謝各位今天加入我們。Twilio 第二季表現非常出色。我們實現 15 億美元營收，有機成長加速至年增 17%，同時非 GAAP 毛利成長也加速至年增 18%。我們產生 2.85 億美元的非 GAAP 營業利益，以及 3.53 億美元的自由現金流。Twilio 的動能強勁。我們以精準執行並全面創新，在 AI 時代為客戶對話提供動力。

During the quarter, we hosted our annual user conference, SIGNAL, which is always the highlight of my year. I love connecting with customers one-on-one and hearing firsthand why these brands choose Twilio as their foundational infrastructure. We are proud to have had brands like AWS, Centerfield, Coval, Deepgram, IBM, Nestlé, PGA of America, Rivian, Sierra, and Stripe take the stage to share how Twilio is driving ROI for their businesses as they build for the next era of customer engagement.

本季我們舉辦了年度用戶大會 SIGNAL，這一直是我一年中最期待的亮點。我喜歡與客戶一對一交流，親耳聽到這些品牌為何選擇 Twilio 作為其基礎架構。我們很榮幸邀請到 AWS、Centerfield、Coval、Deepgram、IBM、Nestlé、PGA of America、Rivian、Sierra 與 Stripe 等品牌上台分享，說明他們在打造下一個客戶互動時代的同時，Twilio 如何為其業務帶來投資報酬率（ROI）。

This year's signal was especially memorable because we announced the general availability of Twilio's next-generation platform. Our conversations layer, which includes conversation memory, conversation orchestrator, conversation intelligence, conversation relay, and Agent Connect, provide the building blocks customers need to deliver context-rich conversations over a consumer's lifetime.

今年的 SIGNAL 尤其令人難忘，因為我們宣布 Twilio 下一代平台正式全面可用（GA）。我們的對話層（conversations layer）包含對話記憶（conversation memory）、對話編排器（conversation orchestrator）、對話智慧（conversation intelligence）、對話中繼（conversation relay）以及 Agent Connect，為客戶提供所需的基礎元件，以在消費者的整個生命週期中交付具備豐富情境的對話。

As an example, to drive conversion and scale revenue leading automotive fintech company, CarFinance247, joined our private beta program, a move that quickly evolved into a seven-figure deal to implement the new Twilio conversations layer. Their AI assistant, Carla, has already handled nearly 300,000 customer conversations. Customers who engage with Carla convert to approved leads 1.6 times faster, delivering a multimillion dollar annual revenue uplift across their core commission and ancillary offerings.

例如，為了提升轉換並擴大營收規模，汽車金融科技領導公司 CarFinance247 加入了我們的私人 Beta 計畫，並迅速演進為一筆七位數交易，用以導入新的 Twilio 對話層。他們的 AI 助理 Carla 已經處理了將近 30 萬次客戶對話。與 Carla 互動的客戶轉換為核准名單（approved leads）的速度快了 1.6 倍，為其核心佣金與附加產品帶來每年數百萬美元的營收提升。

While our new products have only been in the hands of customers since May, these early stories validate that businesses need Twilio's conversational infrastructure that both serves humans and agents as they navigate a hybrid agentic era. The newly redesigned Twilio console also launched in May, giving customers a single command center to manage all of their Twilio workloads. It has an intuitive UX frictionless trials to encourage experimentation, AI-guided onboarding and on central billing experience. This is all in service of making it easier to build with Twilio, and the refreshed console bolsters our acceleration in self-serve and will make multiproduct adoption more seamless.

雖然我們的新產品自 5 月才開始交付客戶使用，但這些早期案例已驗證：企業需要 Twilio 的對話式基礎架構，以同時服務人類與代理（agents），在混合代理（hybrid agentic）時代中前行。全新改版的 Twilio Console 也於 5 月上線，讓客戶能以單一指揮中心管理所有 Twilio 工作負載。它具備直覺式使用者體驗（UX）、無摩擦試用以鼓勵實驗、AI 引導式上線流程，以及統一的帳務體驗。這一切都是為了讓使用 Twilio 進行建置更容易；更新後的 Console 也強化了我們在自助式（self-serve）上的加速，並將使多產品採用更為順暢。

Since the launch, a majority of existing customers have migrated to the new console and we're seeing a 90% plus uplift to conversions when compared to the old console. We continue to see strength across the business, highlighted by robust messaging growth even as carriers have raised their fees on our customers.

自上線以來，多數既有客戶已遷移至新 Console；與舊版 Console 相比，我們看到轉換率提升超過 90%。我們持續看到整體業務的強勁表現，其中以訊息業務的穩健成長最為突出，即使電信業者已提高向我們客戶收取的費用。

While these pass-through costs carry no direct impact on Twilio's profitability, we do recognize the pressure it creates for our customers, specifically small businesses. Our Twilio platform strategy equips our customers with complete access to a variety of channels, empowering our customers to diversify their engagement strategies, maintain cost efficiency, and reliably read their own customers.

雖然這些代收代付成本（pass-through costs）不會直接影響 Twilio 的獲利能力，但我們也理解這會對客戶造成壓力，尤其是小型企業。我們的 Twilio 平台策略讓客戶能完整存取多種通路，協助客戶分散其互動策略、維持成本效率，並可靠地觸達其自身客戶。

Our go-to-market focus on multiproduct adoption is working well. And we saw continued strength across our platform, including messaging, voice and software add-ons during the quarter. The team signed an eight-figure deal with a leading AI company and other key wins with All Nippon Airways, Atlassian, Eltropy, Kixie, Lirio, Medibank, Olo, OpenEvidence, Orion AI solutions, Buzzy, and Explorer Technologies. Revenue growth from multiproduct customers is accelerating illustrating that our customers are continuing to use multiple products within the Twilio platform to power personal multichannel communications.

我們在推動多產品採用上的市場進入（go-to-market）聚焦成效良好。本季我們在整個平台上持續展現強勁動能，包括訊息、語音以及軟體加值模組。團隊與一家領先 AI 公司簽下八位數交易，並在 All Nippon Airways、Atlassian、Eltropy、Kixie、Lirio、Medibank、Olo、OpenEvidence、Orion AI solutions、Buzzy 與 Explorer Technologies 等客戶上取得其他關鍵勝利。多產品客戶的營收成長正在加速，顯示客戶持續在 Twilio 平台內使用多項產品，以驅動個人化的多通路溝通。

Let me walk you through a few examples. Olo, a digital commerce platform for restaurants signed a cross-sell deal to expand their utilization of messaging and voice. Olo is leveraging Twilio's communications infrastructure to power real-time order notifications and seamless delivery updates across its restaurant network.

我舉幾個例子說明。餐飲業數位商務平台 Olo 簽署了一筆交叉銷售（cross-sell）交易，以擴大其對訊息與語音的使用。Olo 正運用 Twilio 的通訊基礎架構，在其餐廳網路中提供即時訂單通知與順暢的外送更新。

We also landed a seven-figure deal with Eltropy, an agentic AI platform for credit unions and community banks to leverage messaging, RCS, voice, and branded calling across its platform. Eltropy also built its AI voice agent using conversation relay to help financial institutions deliver better consumer experiences, accelerate resolutions, reduce operating costs, and create a scalable AI-powered contact center from day one.

我們也與 Eltropy 達成一筆七位數交易。Eltropy 是面向信用合作社與社區銀行的代理式 AI 平台，將在其平台上採用訊息、RCS、語音與品牌來電（branded calling）。Eltropy 也使用對話中繼（conversation relay）打造其 AI 語音代理，協助金融機構提供更佳的消費者體驗、加速問題解決、降低營運成本，並從第一天起打造可擴展的 AI 驅動聯絡中心。

KORE another win was with a leading home improvement retailer who signed a seven-figure deal to utilize messaging voice and branded calling by consolidating its legacy communication traffic onto Twilio, the company is now able to streamline North American delivery logistics, leveraging trusted voice capabilities and rich RCS two-way interactions to optimize transactional order notifications and appointment scheduling.

KORE 另一項勝利來自一家領先的居家修繕零售商；該客戶簽下七位數交易，透過將其既有通訊流量整合至 Twilio，來使用訊息、語音與品牌來電。該公司如今能精簡北美的配送物流，運用可信任的語音能力與豐富的 RCS 雙向互動，最佳化交易型訂單通知與預約排程。

Another great win in the quarter was with a leading HR and payroll technology platform which signed a seven-figure deal to leverage Twilio messaging and Verify to scale their unified employee engagement infrastructure. They're embedding messaging directly into their mobile application to power secure two-way employee communications and batch workforce text alerts, while using Verify to deliver seamless two-factor authentication for payroll access.

本季另一項重大勝利來自一家領先的人資與薪資技術平台；該客戶簽下七位數交易，採用 Twilio 訊息與 Verify，以擴展其統一的員工互動基礎架構。他們將訊息直接嵌入其行動應用程式，以支援安全的雙向員工溝通與批次人力簡訊警示，同時使用 Verify 提供順暢的雙因素驗證，以供薪資存取。

And Atlassian, a leading provider of AI-powered collaboration and team productivity software, utilizes Twilio's communications infrastructure to deliver contextual AI-powered omnichannel support within its new customer service management app. This partnership helps Atlassian reimagine customer experiences with complete context, while scaling global channel coverage via Twilio's Flex SDK and Super Network.

而 Atlassian 作為 AI 驅動的協作與團隊生產力軟體領導供應商，正運用 Twilio 的通訊基礎設施，在其全新的客戶服務管理應用程式中提供具情境脈絡的 AI 驅動全通路支援。此合作夥伴關係協助 Atlassian 以完整脈絡重新想像客戶體驗，同時透過 Twilio 的 Flex SDK 與 Super Network 擴大全球通路覆蓋。

So that's the power of Twilio. Just as we've abstracted the complexities of global telecom for 18 years, we're now helping our customers abstract the complexities that come with creating omnichannel agenetic conversations. And these innovations continue to earn praise from leading industry analysts.

這就是 Twilio 的力量。正如我們在過去 18 年將全球電信的複雜性抽象化一樣，我們現在也在協助客戶抽象化建立全通路代理式（agentic）對話所伴隨的複雜性。而這些創新持續獲得領先產業分析師的高度肯定。

During the quarter, Twilio was named a leader by Gartner in the 2026 and Magic Quadrant CPaaS report, scoring the highest in ability to execute. Additionally, Twilio was also named a leader in the 2026 IDC MarketScape for AI-enabled CDP.

在本季度，Twilio 在 Gartner 2026 年 Magic Quadrant CPaaS 報告中被評為領導者，並在「執行能力」方面獲得最高評分。此外，Twilio 也在 2026 年 IDC MarketScape 的 AI 賦能 CDP 評比中被評為領導者。

In summary, there is tremendous momentum building across our business from landmark enterprise wins to an eight-figure deal with an AI company. Twilio is empowering the next generation of companies with our world-class infrastructure that's delivering measurable ROI in the AI era. Our next-generation conversational platform is live. Our refreshed console is accelerating adoption and our customer momentum has never been stronger. We remain focused on strong execution while building the future of customer engagement.

總結來說，從具里程碑意義的企業級勝利到與一家 AI 公司達成的八位數交易，我們的業務正累積強勁動能。Twilio 以世界級基礎設施賦能新一代企業，在 AI 時代帶來可衡量的投資報酬率（ROI）。我們的下一代對話平台已正式上線。我們更新後的主控台正加速採用，而客戶動能前所未有地強勁。我們將持續專注於強勁執行力，同時打造客戶互動的未來。

And with that, I'll turn it over to Aidan.

接下來，我把時間交給 Aidan。

Thank you, Khozema, and good afternoon, everyone. Twilio had an exceptional Q2, delivering record revenue of $1.5 billion, up 22% year over year on a reported basis and 17% year over year on an organic basis, which excludes incremental US carrier pass-through fees.

謝謝你，Khozema，各位下午好。Twilio 在第二季表現出色，創下 15 億美元的營收新高；以報表口徑年增 22%，以有機口徑年增 17%（有機口徑不包含新增的美國電信業者轉嫁費用）。

Non-GAAP gross profit growth accelerated to 18% year over year. We also generated record non-GAAP income from operations of $285 million and record free cash flow of $353 million. Top line performance was driven by strong volumes and solid go-to-market execution, resulting in another quarter of organic revenue growth acceleration. We saw strong customer additions in the quarter aided by the release of our new conversation layer and Twilio console.

非 GAAP 毛利成長加速至年增 18%。我們也創下 2.85 億美元的非 GAAP 營業利益新高，以及 3.53 億美元的自由現金流新高。營收表現主要由強勁的使用量與穩健的市場推進（go-to-market）執行所帶動，使有機營收成長加速再創一季。本季在推出全新的對話層與 Twilio 主控台的助力下，我們新增客戶表現強勁。

Our self-serve channel delivered revenue growth of 30% plus, while ISV revenue grew 25% plus. We are also seeing continued strength across the product portfolio. Messaging revenue growth was 28%, driven primarily by strong volumes and aided by growth in WhatsApp and RCS. Incremental carrier fees contributed roughly 10 points of messaging growth. Voice growth accelerated above 20% year over year, driven by a balance of volume growth and software add-ons, including triple-digit growth in branded calling and conversational intelligence.

我們的自助式（self-serve）通路營收成長超過 30%，而 ISV 營收成長超過 25%。我們也持續看到產品組合全面走強。訊息（Messaging）營收成長 28%，主要由強勁的使用量帶動，並受惠於 WhatsApp 與 RCS 的成長。新增的電信業者費用約貢獻了訊息成長的 10 個百分點。語音（Voice）成長加速至年增 20% 以上，來自使用量成長與軟體加購項目的均衡帶動，其中包含品牌來電（branded calling）與對話智慧（conversational intelligence）的三位數成長。

Finally, Total software add-on revenue grew 25% plus, led by Verify, which accelerated to 30% plus growth. Our Q2 dollar-based net expansion rate was 116%, reflecting the improving growth trends we've seen in our business over the last several quarters. Incremental carrier fees contributed roughly 5 points to DBNE.

最後，軟體加購（software add-on）總營收成長超過 25%，由 Verify 領軍，其成長加速至 30% 以上。我們第二季以美元計的淨擴張率（DBNE）為 116%，反映過去數季我們業務成長趨勢的改善。新增的電信業者費用約對 DBNE 貢獻了 5 個百分點。

We delivered record non-GAAP gross profit of $736 million with growth accelerating to 18% year over-year, our fifth consecutive quarter of accelerating non-GAAP gross profit growth.

我們創下 7.36 億美元的非 GAAP 毛利新高，年增率加速至 18%，這是我們連續第五季非 GAAP 毛利成長加速。

This was driven by continued momentum in our higher-margin products in addition to our proactive efforts to deliver meaningful cost efficiencies. Non-GAAP gross margin was 49.1%, down 160 basis points year over year and 50 basis points quarter over quarter. We incurred incremental US carrier pass-through is of $71 million which drove the year-over-year and quarter-over-quarter declines. Without these incremental fees, non-GAAP gross margins would have been up 60 basis points year over year and up 30 basis points quarter-over-quarter.

這主要來自高毛利產品的持續動能，以及我們主動推動的顯著成本效率提升。非 GAAP 毛利率為 49.1%，年減 160 個基點，季減 50 個基點。我們承擔了 7,100 萬美元的新增美國電信業者轉嫁費用，導致年比與季比的下滑。若不含這些新增費用，非 GAAP 毛利率將年增 60 個基點，且季增 30 個基點。

Q2 non-GAAP income from operations came in ahead of expectations at $285 million, up 29% year over year, driven by strong gross profit dollar growth and continued cost leverage. Non-GAAP operating margins 19%, up 100 basis points year-over-year and down 80 basis points quarter over quarter. Our Q2 non-GAAP operating margin includes a roughly 90 basis point headwind from incremental US care fees.

第二季非 GAAP 營業利益為 2.85 億美元，高於預期，年增 29%，主要由強勁的毛利金額成長與持續的成本槓桿所帶動。非 GAAP 營業利益率為 19%，年增 100 個基點，季減 80 個基點。我們第二季非 GAAP 營業利益率約受到新增美國電信業者費用 90 個基點的不利影響。

We generated $85 million in GAAP income from operations. This was impacted by a prepaid asset impairment of $33 million. This write-down did not impact our Q2 non-GAAP results or free cash flow and will not impact future results.

我們的 GAAP 營業利益為 8,500 萬美元。其中受到 3,300 萬美元預付資產減損的影響。此項減記不影響我們第二季的非 GAAP 結果或自由現金流，且不會影響未來結果。

Additionally, GAAP net income was positively impacted by a onetime noncash benefit of $944 million due to a valuation allowance release against certain US federal and US state deferred tax assets. The release did not have an impact on our non-GAAP results. Q2 stock-based compensation as a percentage of revenue was 9.5%, down 270 basis points year over year and 20 basis points quarter over quarter.

此外，GAAP 淨利也因一次性、非現金的 9.44 億美元利益而受到正面影響，該利益來自針對部分美國聯邦與州遞延所得稅資產之估值備抵（valuation allowance）回轉。此回轉不影響我們的非 GAAP 結果。第二季以股票為基礎的薪酬占營收比重為 9.5%，年減 270 個基點，季減 20 個基點。

We generated record free cash flow of $353 million in the quarter. Additionally, we completed $66 million in share repurchases in Q2 and have roughly $800 million remaining on our current authorization.

我們本季創下 3.53 億美元的自由現金流新高。此外，我們在第二季完成 6,600 萬美元的庫藏股回購，且在目前授權額度下仍約有 8 億美元可用。

Turning to guidance. For Q3, we're initiating a revenue target of $1.505 billion to $1.515 billion, representing 16% to 16.5% reported growth an 11% to 12% organic growth. Our Q3 reported revenue guidance assumes $56 million in incremental US carrier fees. As a reminder, our organic revenue excludes the contribution from incremental increases to US carrier fees.

接著談展望。針對第三季，我們提出營收目標為 15.05 億至 15.15 億美元，代表報表口徑成長 16% 至 16.5%，以及有機成長 11% 至 12%。我們第三季的報表口徑營收指引假設包含 5,600 萬美元的新增美國電信業者費用。提醒一下，我們的有機營收不包含新增美國電信業者費用增加所帶來的貢獻。

Moving to the full year. We're encouraged by the broad-based trends we saw in the first half. For the full year, we're raising our organic revenue growth range to 13% to 13.5%, up from 9.5% to 10.5% previously. We are raising our reported revenue growth range to 18% to 18.5%, up from 14% to 15% previously. In addition, we continue to expect full year non-GAAP gross profit growth to be similar to our organic revenue growth rate. Our full year revenue guidance assumes approximately $250 million in incremental pass-through revenue from US carrier fees.

再看全年。我們對上半年所見的廣泛性趨勢感到鼓舞。針對全年，我們將有機營收成長區間上調至 13% 至 13.5%，高於先前的 9.5% 至 10.5%。我們也將報表口徑營收成長區間上調至 18% 至 18.5%，高於先前的 14% 至 15%。此外，我們仍預期全年非 GAAP 毛利成長將與有機營收成長率大致相當。我們的全年營收指引假設約有 2.5 億美元來自美國電信業者費用的新增轉嫁營收（pass-through revenue）。

As a reminder, while the pass-through fees have no impact on our gross profit, income from operations or free cash flow dollars, they do impact our margin rates. For modeling purposes, we would expect the incremental fees to reduce our full year 2026 non-GAAP gross margin by roughly 210 basis points when compared with our full year 2025 non-GAAP gross margin all else equal.

提醒一下，雖然這些轉嫁費用不影響我們的毛利、營業利益或自由現金流的金額，但會影響我們的利潤率。就建模而言，在其他條件不變下，我們預期新增費用將使 2026 全年非 GAAP 毛利率相較於 2025 全年非 GAAP 毛利率約降低 210 個基點。

Turning to our profit outlook. For Q3, we expect non-GAAP income from operations of $285 million to $295 million. We are raising our full year 2026 non-GAAP income from operations range to $1.135 billion to $1.155 billion up from $1.08 billion to $1.1 billion previously. Similarly, we are raising our full year free cash flow guidance to $1.135 billion to $1.155 billion.

接著談我們的獲利展望。針對第三季，我們預期非 GAAP 營業利益為 2.85 億至 2.95 億美元。我們將 2026 全年非 GAAP 營業利益區間上調至 11.35 億至 11.55 億美元，高於先前的 10.8 億至 11.0 億美元。同樣地，我們也將全年自由現金流指引上調至 11.35 億至 11.55 億美元。

I'm very pleased with the accelerated revenue and gross profit growth we delivered in the second quarter as well as our ongoing financial discipline that is driving strong profitability and free cash flow. We remain focused on our key go-to-market initiatives and delivering the essential infrastructure that will help our customers win in the AI era.

我對我們在第二季交出的加速營收與毛利成長，以及我們持續的財務紀律感到非常滿意；這些正推動強勁的獲利能力與自由現金流。我們仍專注於關鍵的市場推進（go-to-market）計畫，並提供必要的基礎設施，協助客戶在 AI 時代勝出。

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

接下來我們開放提問。

(Operator Instructions) Alex Zukin, Wolfe Research.

(接線員指示) Wolfe Research 的 Alex Zukin。

Hey, guys. Truly, congrats on the quarter. I guess if last quarter, there was a lot of questions of whether or not AI is creating durable tailwinds for your business. It doesn't feel like that's a question anymore.

嗨，各位。真心恭喜這一季的表現。我想如果上季大家還有很多問題在於 AI 是否正在為你們的業務帶來可持續的順風。現在感覺這已經不是問題了。

But I guess, if I think about where you're seeing it most pronounced, whether in the messaging and the voice really across the business, what is happening in the messaging business? Because it seems like it's coming in ahead of expectations now kind of a second straight quarter, so like what's driving that? And longer term, what did you see differently this quarter from voice, the voice AI cohort specifically versus your expectations?

但我想，如果我思考你們在哪些地方感受最明顯，不論是在訊息（messaging）或語音（voice），其實是橫跨整個業務，那麼訊息業務這邊到底發生了什麼？因為看起來它已經連續第二季超出預期，所以是什麼在驅動？以及更長期來看，這一季你們從語音、特別是語音 AI 客群（cohort）看到的情況，與你們原先的預期相比有何不同？

Hey, Alex, this is Khozema. Thanks for the question, a lot there. So I would kind of in general, maybe let's just start there. Like obviously, we saw very good strength in messaging, very good strength in voice.

嗨，Alex，我是 Khozema。謝謝你的問題，內容很多。我先從整體面來談。很明顯地，我們在訊息上看到非常強勁的表現，在語音上也同樣非常強勁。

And I would say messaging, it's still pretty early days in terms of like AI tailwinds starting to show up. They are happening. But I think most of the activity continues to be in voice. Obviously, you're familiar with a lot of the trends that are happening in voice right now with various kinds of both scaled companies as well as a lot of the voice AI start-ups just a lot of traction. We're obviously fortunate that most of these companies are choosing Twilio as their voice infrastructure.

我會說，就訊息而言，AI 順風開始顯現仍算是相當早期。它確實正在發生。但我認為多數活動仍集中在語音。你也很熟悉目前語音領域正在發生的許多趨勢：不論是各類大型公司，或是許多語音 AI 新創，都有很大的動能。我們很幸運，這些公司大多選擇 Twilio 作為他們的語音基礎設施。

I would say more broadly, if you kind of go back to Signal even. So the channel story has definitely been good for us. I would say in addition to that, the conversations that we launched at that time, that obviously incorporates AI in the different categories there. We're definitely seeing some traction with it. I would specifically point to conversation memory and conversation intelligence, which definitely got a lot of attention from customers and correlate different AI attributes.

更廣泛來看，如果你回到 Signal 甚至更早。所以通道（channel）的故事對我們確實一直很不錯。此外，我們當時推出的 Conversations，也在不同類別中納入了 AI。我們確實看到一些進展。我會特別指出對話記憶（conversation memory）與對話智慧（conversation intelligence），它們確實獲得客戶高度關注，並能關聯不同的 AI 屬性。

And then several of our software add-ons that also incorporate AI, that did pretty well as well. So I guess maybe to sum it up, and I'll turn it over to Thomas, if he wants to provide more detail. generally speaking, I guess, I would call it broad-based strength across both channels and some newer products.

另外，我們有幾個也納入 AI 的軟體加購（software add-ons）表現也相當不錯。所以總結來說，然後我再交給 Thomas 看他是否要補充更多細節：整體而言，我會稱之為在兩大通道以及一些較新的產品上，都呈現廣泛性的強勁表現。

Hey, Alex. It's Thomas here. I just wanted to touch a little bit on the cohort part of your question. And so I'll give you two examples. The first one is horizontal conversational AI company that started with Twilio in Q1 of 2025.

嗨，Alex。我是 Thomas。我想稍微回應你問題中關於客群（cohort）的部分。我給你兩個例子。第一個是橫向（horizontal）的對話式 AI 公司，於 2025 年第一季開始使用 Twilio。

Think of this as a low six-figure quarterly spend with Twilio that largely started with voice. From there, the spend on connectivity since then has more than tripled, and the spend on software add-ons has gone from effectively nothing at the start to over $0.5 million a quarter run rate. And so this is now a $6 million annual run rate customer growing 65% a year. That's one example of an AI native.

你可以把它想成每季在 Twilio 的支出是低六位數美元，且主要從語音開始。自那之後，他們在連線（connectivity）上的支出已經超過三倍，而在軟體加購上的支出則從一開始幾乎為零，提升到每季超過 50 萬美元的年化執行率（run rate）。因此，這現在是一個年化執行率 600 萬美元的客戶，年增 65%。這是一個 AI 原生（AI native）的例子。

Another is a verticalized conversational AI company. 2024 Q1 started with us with $200,000 same thing, voice messaging expansion, and now they're $9 million customer with software add-ons growing 100% a year. So you can kind of get a sense for the production scale that these things are starting to happen at.

另一個是垂直化（verticalized）的對話式 AI 公司。他們在 2024 年第一季以 20 萬美元從我們這裡起步，同樣是語音與訊息的擴張，現在已成為 900 萬美元的客戶，並搭配軟體加購，年增 100%。所以你大概可以感受到，這些事情開始發生時的量產規模（production scale）到什麼程度。

That's excellent. And maybe Aidan just a quick ojne for you. Obviously, dollar-based net expansion, the biggest runout we've seen. Maybe just touch on that and gross profit dollar growth and gross margins continue to accelerate kind of what's the -- was there any onetime there? Or should we expect that to continue through the back half of this year?

很棒。另外 Aidan，我再快速問你一題。很明顯地，以美元計的淨擴張率（dollar-based net expansion）是我們看到最大的提升幅度。能否談一下這點，以及毛利美元額成長與毛利率持續加速，背後的原因是什麼——是否有任何一次性因素？或者我們應該預期這種趨勢會延續到今年下半年？

Yes, on dollar-based net expansion. So fees did help that number in full transparency, they contributed about 5 points that number. But we did see DBNE accelerate even adjusting for the fees. It was about 1 point better quarter over quarter.

是的，關於以美元計的淨擴張率。完全透明地說，費用（fees）確實對該數字有幫助，約貢獻了 5 個百分點。但即使扣除費用影響，我們也看到 DBNE 加速。與上一季相比，大約改善了 1 個百分點。

And really, in terms of what's driving it, just healthy growth with our existing customers. In particular, I would say, ISVs had a very strong quarter, where we're seeing meaningful expansion rates. And in addition to that, revenue growth for multiproduct customers is accelerating, which is helping expansion within our installed base.

至於驅動因素，主要就是既有客戶的健康成長。我會特別說，ISV（獨立軟體供應商）這季表現非常強勁，我們看到顯著的擴張率。此外，多產品客戶的營收成長正在加速，這也有助於我們既有客戶基礎內的擴張。

As it relates to gross profit, I would say it's a couple of things in terms of what's driving the acceleration. First, strength in our higher-margin products, right, voice, software add-ons like Verify, some of our voice software products, strengthen our services organization, all those pieces of the business are very high margin. So that helps on the gross profit growth side.

就毛利而言，我會說推動加速的因素有幾個。第一，是我們高毛利產品的強勁表現，例如語音、像 Verify 這類軟體加購、部分語音軟體產品、我們服務組織的強化；這些業務板塊的毛利都非常高。因此有助於毛利成長。

But in addition to that, we continue to focus on optimizing costs. So e-mail margins continue to improve as we lap the cloud migration project that we undertook really to optimize our hosting environment. And we also continue to pursue things like direct connections with different carriers around the world.

但除此之外，我們也持續專注於成本最佳化。因此，隨著我們完成並逐步消化（lap）先前為了最佳化託管環境而進行的雲端遷移專案，電子郵件（e-mail）毛利率持續改善。我們也持續推動例如與全球不同電信業者建立直連（direct connections）等措施。

We announced in late March that we became the first cloud communications provider to secure direct connections for 10 DLC and toll-free messaging with all major US carriers. Things like that, help us drive efficiency in our messaging business. So I'd say, it's a combination of mix as well as cost efficiencies, in terms of how to think about going forward, no change to kind of what we've said. We expect gross profit to grow at a similar rate to organic revenue.

我們在 3 月下旬宣布，我們成為第一家雲端通訊供應商，與所有主要美國電信業者取得 10DLC 與免付費（toll-free）訊息的直連。像這樣的事情，有助於我們提升訊息業務的效率。所以我會說，這是產品組合（mix）與成本效率的綜合效果；至於未來如何看待，與我們先前所說的沒有改變。我們預期毛利將以與有機營收相近的速度成長。

Thanks. Congrats, guys.

謝謝。恭喜各位。

Taylor McGinnis, UBS.

Taylor McGinnis，瑞銀（UBS）。

Yeah, hi. Thanks. Congrats on the quarter. Thanks for taking my question. Just as we look at the 3Q guide, it implies that the strength that you saw in the first half of the year is going to continue into the second, despite some of the tougher compares.

是的，嗨。謝謝。恭喜本季表現。謝謝讓我提問。就我們看第三季（3Q）的指引而言，它意味著你們在上半年看到的強勁動能將延續到下半年，儘管比較基期更具挑戰。

So could you touch on the drivers underpinning that guide? It seems like it assumes that messaging growth can maintain the levels that we've seen, excluding ADP fees. But you also mentioned things like 30%-plus Verify growth and an acceleration in self-service. So maybe you can just unpack how you're thinking about growth across the different segments because it seems like you're seeing strength in a bunch of different areas.

所以你們能談談支撐該指引的驅動因素嗎？看起來它假設訊息業務的成長（不含 ADP 費用）可以維持我們所看到的水準。但你們也提到像是 Verify 成長超過 30%，以及自助服務加速。所以也許你們可以拆解一下，如何看待不同區隔的成長，因為看起來你們在多個不同領域都看到強勁表現。

Yeah, sure. I'll start. So I'm not going to get into each of those pieces for Q3, but what I'll talk about is how they performed in Q2. So 17% growth overall, incredibly strong, perhaps more importantly, gross profit growth accelerated to 18%. And when we look at the drivers of that, on a sales channel basis, ISVs and self-serve continue to perform very well.

好的，當然。我先開始。我不會逐一談第三季的每個細項，但我會說明它們在第二季的表現。整體成長 17%，非常強勁；更重要的是，毛利成長加速至 18%。而當我們看其驅動因素，以銷售通路來看，ISV 與自助服務持續表現非常好。

ISVs are 25% plus, self-serve, 30%-plus products were very strong begin, 28%. And I'd say that's volume in the messaging business as well as some of our other newer channels like WhatsApp and RCS contributing well, albeit off of a smaller basis.

ISV 成長超過 25%，自助服務方面，成長超過 30% 的產品表現非常強勁，起步為 28%。我會說這來自訊息業務的量，以及我們其他較新的通路（如 WhatsApp 與 RCS）也有不錯貢獻，儘管基期較小。

Voice was above 20% in the quarter. That's both the channel as well as some of the software add-ons that Thomas was talking about a minute ago. And then software add-ons overall were very strong. So it's pretty broad based.

語音在本季成長超過 20%。這包含通路本身，以及 Thomas 剛才提到的一些軟體加值功能。此外，整體軟體加值功能也非常強勁。所以成長相當廣泛。

And when we look at it by industry, same thing, right, tech, financial services, health care, all very strong. So we feel good about the setup for Q3. We are flowing some of that business through to our guidance. We're guiding 11% to 12%, which is the highest guidance that we've offered in three years.

而當我們按產業來看，也是同樣情況，對吧，科技、金融服務、醫療保健都非常強勁。所以我們對第三季的布局感到樂觀。我們也把其中一部分業務動能反映到指引中。我們給出的指引為 11% 到 12%，這是我們三年來提供過的最高指引。

Now that said, I recognize we beat by 5% plus in Q1 and Q2. We don't expect that to be the new norm for the business. We do face some more challenging comparisons in Q3 and Q4 in voice and software add-ons. They started to accelerate in the back half of last year. So we are facing into that a little bit as well.

不過話說回來，我也理解我們在第一季與第二季都超預期 5% 以上。我們不預期這會成為公司業務的新常態。在第三季與第四季，語音與軟體加值功能將面臨較具挑戰的比較基期。它們在去年下半年開始加速。因此我們也會在一定程度上面臨這個因素。

Samad Samana, Jefferies.

Samad Samana，Jefferies。

Hi, good evening, thanks for taking my question. I'll echo the congrats on the strong quarter. great results. Maybe just on the voice AI strength, how much of that is new customer acquisition and onboarding with them lighting it up versus existing customers expanding into voice products. And then to the extent that you can break it out, I mean, how concentrated is that voice AI strength? Or is it relatively broad-based? And then I have one follow-up.

嗨，晚安，謝謝讓我提問。我也要附和一下，恭喜本季表現強勁，成果很棒。想請教語音 AI 的強勁表現，其中有多少來自新客戶取得與導入、他們上線後快速放量；相較之下，有多少來自既有客戶擴展到語音產品。另外，如果你們能拆分的話，我的意思是，語音 AI 的強勁表現集中度有多高？還是相對分散、廣泛？我還有一個追問。

Samad, it's Thomas. The strength in voice AI is broad-based across all of our channels. I do want to highlight, though, self-service voice, in particular, was very strong growth with over 50% year over year. So a lot of these customers are originating as voice customers in the self-service channel. And as I mentioned in a couple of examples earlier, we're just seeing them start with voice and then expand to other channels well. Messaging is a natural follow-up, RCS, et cetera.

Samad，我是 Thomas。語音 AI 的強勁表現是跨我們所有通路的廣泛現象。不過我想特別強調，自助服務語音尤其成長非常強勁，年增超過 50%。所以其中很多客戶是在自助服務通路以語音客戶的身分開始。如我先前舉的幾個例子，我們看到他們先從語音開始，接著很順利地擴展到其他通路。訊息是很自然的下一步，RCS 等等。

So if you look at it from the purely AI natives, we're seeing that as well as the larger, more established ISVs, where they're adding voice into more of their agentic autonomous customer engagement-type workflows. Great example of that was the Atlassian work that we're doing with the partnership there about embedding a lot of our voice AI capabilities directly in their customer service management platform that they just launched. So it is pretty broad-based across enterprise, ISV large as well as the AI natives.

所以如果從純 AI 原生（AI natives）的角度來看，我們看到這類客戶；同時也看到更大型、更成熟的 ISV，他們把語音加入更多具代理式（agentic）、自主化的客戶互動工作流程中。一個很好的例子是我們與 Atlassian 的合作夥伴關係：把我們許多語音 AI 能力直接嵌入他們剛推出的客戶服務管理平台。因此，無論是企業端、大型 ISV，或 AI 原生客戶，整體來看都相當廣泛。

Elizabeth Porter, Morgan Stanley.

Elizabeth Porter，摩根士丹利。

Great. Thanks so much for taking my question. I wanted to follow up on the new console where you noted that the majority of existing customers have migrated and the conversion is more than 90% higher. Just what precisely is the conversion metric measuring? And since it is still pretty new, should we be thinking about kind of the second product attach starting to be an uplift to revenue with a 2027 contributor? Or how do you think about the timing of the future changes and when they can start to benefit?

很好。非常感謝讓我提問。我想追問你們提到的新主控台（console）：你們指出多數既有客戶已完成遷移，且轉換率提高超過 90%。請問這個轉換指標具體衡量的是什麼？另外，既然它仍相當新，我們是否應該把第二個產品附加（attach）視為開始帶動營收的提升，並在 2027 年成為貢獻者？或者你們如何看待未來變化的時程，以及何時開始帶來效益？

Yes, Elizabeth. As Khozema mentioned earlier, the conversion rate that we're seeing in the one console is largely because we've reduced a lot of the friction in the process of signing up with Twilio, getting started setting up their first campaigns, their messages, et cetera. What we're seeing is in the top of the funnel, really strong conversion rates from the launch in May all the way through Q2.

是的，Elizabeth。如 Khozema 先前提到，我們在 One Console 看到的轉換率提升，主要是因為我們降低了許多摩擦：包含註冊使用 Twilio、開始設定他們的第一個活動、訊息等等的流程。我們看到在漏斗頂端，自 5 月上線以來一路到第二季，都有非常強勁的轉換率。

A lot of that's experimentation that starts to result in production workloads getting online. I know those are all good leading indicators for us. in future revenue realization as those customers go more into volume, but just reducing the friction upfront and having that conversion rate all the way through the funnel is what we're looking for, and the leading indicators are quite positive.

其中很多是從試驗開始，接著逐步讓正式（production）工作負載上線。我知道這些都是很好的領先指標，代表未來當這些客戶進一步放量時，我們的營收可望實現；但我們關注的是降低前端摩擦，並讓轉換率能一路貫穿整個漏斗，而目前的領先指標相當正面。

Carolyn Valenti, Goldman Sachs.

Carolyn Valenti，高盛。

Hey, thanks for taking the question and congrats on the quarter. When you look at your pipeline today versus a year ago, what inning do you think we're currently in? And kind of this uplift to the voice ecosystem as a result of AI, both with AI native and maybe as other businesses adopt AI as well. And what factors do you kind of consider when measuring the durability of this tailwind and ability for Twilio to benefit kind of regardless of where the value accrues in the rest of the stack.

嗨，謝謝讓我提問，也恭喜本季表現。當你們看今天的銷售管線（pipeline）相較一年前，你們覺得我們目前處於第幾局（inning）？以及 AI 帶動語音生態系的提升，不論是 AI 原生公司，或其他企業也開始採用 AI。你們在衡量這股順風的持久性，以及 Twilio 不論價值在整個技術堆疊（stack）其他層如何分配、仍能受益的能力時，會考量哪些因素？

Yeah. Good question, Kelly, this is Khozema. I would say it's pretty early innings, very early innings as a matter of fact. I mean, like one way to kind of conceptualize it is, is that if you just think about like the number of voice AI interactions that you yourself have had, my guess is it's like probably less than 5% or 6% over the last year or so. That's certainly the case for me. And so I think the reality is that while we're seeing pretty good growth right now, like a lot of this volume is still very much on the come.

是的。好問題，Kelly，我是 Khozema。我會說現在還在很早期，事實上是非常早期。一種理解方式是：如果你只想想你自己在過去一年左右，實際發生過的語音 AI 互動次數，我猜可能不到 5% 或 6%。對我來說確實如此。所以我認為現實是，雖然我們現在看到不錯的成長，但其中很多量其實仍在醞釀、尚未完全到來。

Now the reason that you do get customers to end up choosing this stuff, especially like in our suite, with conversational intelligence and memory, it has the benefit of doing two things. One is, is that it's driving high ROI, otherwise, they wouldn't buy it in the first place, obviously. But the second thing is that, it actually also allows them to reduce their token spend because there's this notion of contact that's being used to drive the memory, to drive the intelligence and by using contacts, you don't have to kind of scour the history of the Internet. You're just using what's relevant for that particular consumer interaction.

現在，你之所以能讓客戶最後選擇這些東西，特別是在我們的套件中，包含對話式智慧與記憶功能，是因為它有兩個好處。第一，它能帶來很高的投資報酬率（ROI），不然他們一開始顯然也不會買。但第二，它其實也能讓他們降低 token 的支出，因為有一個「聯絡人（contact）」的概念被用來驅動記憶、驅動智慧；透過使用聯絡人，你就不必去翻找整個網際網路的歷史。你只是使用對那一次特定消費者互動相關的內容。

And so as we think about like durability going forward, I mean I would imagine like there's probably going to be some ups and downs as the AI story unfolds. But the secular tailwind, I think, is very clear, the ROI that we're seeing with customers is also very clear. And so I would imagine that given that it's early innings, given that we're seeing very high ROI, both in terms of revenue uplift and cost reduction with our customers, there's significant durability, not just into like one or two years, but for many, many years going forward.

所以當我們思考未來的持續性（durability）時，我的意思是，我想隨著 AI 故事的發展，可能會有一些起起落落。但我認為長期的結構性順風非常明確，我們在客戶身上看到的 ROI 也非常清楚。因此我會想像，鑑於現在還在早期階段，且我們看到非常高的 ROI——不論是營收提升或成本降低——我們的成長具有相當的持續性，不只是未來一、兩年，而是未來很多很多年。

Jackson Ader, KeyBanc Capital Markets.

Jackson Ader，KeyBanc Capital Markets。

Great. Thanks for taking my question, guys. I was just curious about the split between net new revenue and the existing retention rate. If I just do a quick glance on the last few quarters, it's been you grow at 15%, 16% organically and then net retention rate is about 5% or 6% below that, but 110, 111. And I'm curious as you add on these like new channels and new customer acquisition channels are improving, should we expect that (inaudible) growth over and above the net retention rate could start to widen relative to history.

很好。謝謝你們回答我的問題，各位。我只是好奇淨新增營收（net new revenue）與既有留存率之間的拆分。如果我快速看一下過去幾季，你們有機成長 15%、16%，而淨留存率大概比那低 5% 或 6%，也就是 110、111 左右。我想問的是，當你們加入這些新的通路、而新的客戶獲取通路也在改善時，我們是否應該預期（聽不清）淨留存率之上的成長，可能會相對於歷史開始擴大。

Yeah. Jackson, you're very, very hard to hear. So we think we got the question. Basically, I'm going to summarize it as follows: that you're asking about what's the difference between DBNE and the overall growth rate, especially when you adjust for fees, I think that's the gist of it.

是的。Jackson，你的聲音真的非常、非常不清楚。所以我們覺得我們大概抓到問題了。基本上，我把它總結如下：你在問 DBNE 與整體成長率之間的差異，特別是當你把費用（fees）調整進去時；我想大意是這樣。

And I think that there are two things going on. So 1 is that as Aidan said in her answer to a prior DBNE question, like we're definitely seeing strength in same-store sales. So we did see an improvement in that quarter-on-quarter. And a number of these customers that have been with us for a very long time, like they continue growing and obviously contributing to the overall organic growth rate.

我認為有兩件事同時在發生。第一，正如 Aidan 在先前一個關於 DBNE 的問題回答中提到的，我們確實看到同店銷售（same-store sales）的強勁表現。所以我們確實看到它在季對季有所改善。而且有不少與我們合作很久的客戶仍在持續成長，並且顯然也在貢獻整體的有機成長率。

In addition to that, like we're also seeing like a lot of new customers, right? So Thomas gave you a number of examples. We gave you a number of examples in our prepared remarks, like those guys are obviously starting to contribute to the delta, if you will, between DBNE and our overall organic growth rate. And that's a great setup for us, obviously, right?

除此之外，我們也看到很多新客戶，對吧？所以 Thomas 給了你一些例子。我們在事先準備的講稿中也給了你一些例子；這些客戶顯然開始貢獻 DBNE 與我們整體有機成長率之間的差額（delta），如果你要這麼說的話。而這對我們來說顯然是很好的局面，對吧？

Because -- if you kind of follow that story that Thomas gave you a second ago about the customer that started with us one to two years ago, they were like close to kind of zero in spend, started with one product, started adding multiple products over time, like that's another factor that I think plays into the durability that we see over time. And so these MPCs -- new kind of paying customers, as we call them, internally, they'll turn into expansion customers over time.

因為——如果你沿著 Thomas 剛才講的那個故事：那位一到兩年前開始使用我們的客戶，當時支出幾乎接近零，先從一個產品開始，之後隨時間加入多個產品——我認為這也是我們看到長期持續性的一個因素。因此，這些 MPC——我們內部稱之為新的付費客戶——會隨時間轉變為擴張型客戶。

I'd just add one more quick data point on that. We are seeing, like, for example, our largest customer cohort, the $1 million-plus customers, that's growing over 20% as well. So another example of the expansion that we're seeing.

我再補充一個很快的數據點。例如，我們最大的客戶群——年支出 100 萬美元以上的客戶——也成長超過 20%。這也是我們看到擴張的一個例子。

Nick Altmann, US Bancorp.

Nick Altmann，US Bancorp。

Hey. Awesome. I wanted to follow up on Elizabeth's question on the new console. And the first part is just how much of the acceleration in multiproduct revenue in the quarter would you attribute to the new Twilio console? And the second part is, I understand it's early, but how meaningful do you believe the new console can be to driving multiproduct revenue mix higher in the near term, especially as it relates to some of the higher-margin offerings such as the software add-ons, voice, et cetera.

嗨。太棒了。我想跟進 Elizabeth 關於新主控台（console）那個問題。第一部分是，本季多產品營收加速成長，有多少可以歸因於新的 Twilio 主控台？第二部分是，我知道現在還早，但你們認為新的主控台在短期內能在多大程度上推動多產品營收占比提高，特別是與一些較高毛利的產品（例如軟體加購、語音等）相關時？

Yeah. In terms of your first question, Nick, very little. It didn't contribute much at all in terms of multiproduct revenue in the quarter.

是的。就你的第一個問題，Nick，幾乎沒有。它在本季對多產品營收的貢獻幾乎可以說沒有什麼影響。

I will say, Nick, we are very optimistic about what it will do as customers are signing up in the new console, as I mentioned, going through the conversions, the upgrades to a place where they're activating their first product.

不過我想說，Nick，我們對它將帶來的效果非常樂觀；隨著客戶在新主控台上註冊，如我提到的，經歷轉換、升級到他們啟用第一個產品的階段。

One of the benefits of the new console is that we have credits available for customers to try multiple products as part of that 1 console experience. And as they're activating the first channel, they can start the second channel, the third channel, et cetera, with some of those credits. So we're going to begin to see that play out. It's hard to predict exactly when and what the implications will be from a revenue realization perspective, but the feedback we're getting from users have been really positive.

新主控台的一個好處是，我們提供點數（credits）讓客戶在同一個主控台體驗中試用多個產品。當他們啟用第一個通道時，就可以用其中一些點數開始第二個通道、第三個通道，等等。所以我們將開始看到這個效應逐步展現。從營收實現（revenue realization）的角度來看，很難精準預測會在何時發生以及影響為何，但我們從使用者那裡得到的回饋非常正面。

Derrick Wood, TD Cowen.

Derrick Wood，TD Cowen。

Great. Congrats from me. Khozema, OpenAI recently announced a new product called Presence. And they mentioned an early focus was using their speech models for voice and text, conversational interactions, I think inside customer support and customer experience settings. I mean with this backdrop, how do you see OpenAI as a customer or a partner or a competitor, and what are some of the new opportunities that you could target with them given the innovation with their models and now at the application layer.

很好。我也向你們致賀。Khozema，OpenAI 最近宣布了一個名為 Presence 的新產品。他們提到早期的重點之一，是在語音與文字上使用他們的語音模型，進行對話式互動，我想是在客服支援與客戶體驗的情境中。在這樣的背景下，你如何看待 OpenAI 作為客戶、合作夥伴或競爭對手？以及考量他們模型的創新、以及現在延伸到應用層，你們可以與他們鎖定哪些新的機會？

Yeah. I would say it's -- this is not unique necessarily to OpenAI, but a number of folks that we work with in the ecosystem, they probably fit all of those descriptions based on different characteristics at different times. I think, by and large, partner in this case, I mean I think for the most part, like what we see and hear expressed from customers is that they prefer working with a neutral party.

是的。我會說——這不一定是 OpenAI 獨有的；我們在生態系中合作的許多夥伴，可能會在不同時間、基於不同特徵，同時符合上述所有描述。但整體而言，在這個案例中更偏向合作夥伴；我認為大多數情況下，我們從客戶那裡看到與聽到的表達是，他們更偏好與一個中立的角色合作。

And so being able to integrate from whatever LLM or data model, they're choosing, being able to integrate off of whatever data warehouse, being able to integrate off of whatever context layer, being able to integrate off of whatever cloud. And so I think we're going to stick to our positioning as being kind of the Switzerland of it all. And customers are going to make decisions, and they're going to change those decisions pretty rapidly, right?

因此，能夠整合他們所選擇的任何 LLM 或資料模型、能夠整合他們所使用的任何資料倉儲、能夠整合任何情境層（context layer）、能夠整合任何雲端。所以我想我們會持續維持我們的定位，作為整體中的「瑞士」。而客戶會做出決策，並且他們也會相當快速地改變那些決策，對吧？

And you already see this a lot with companies. And I would certainly put Twilio in the mix, too, like we're constantly experimenting with different models and as different ones improve or the cost characteristics change or whatever, I think having neutrality be the calling card of the company, I think that best situates us going forward. And then if a customer wants to avail themselves of a particular tool, perfect. They can integrate to us either way, and they can get up and running with Twilio.

而你已經在很多公司身上看到這種情況。我也一定會把 Twilio 算進去：我們一直在不斷嘗試不同的模型；隨著不同模型的表現提升、或成本特性改變等等，我認為把「中立性」作為公司的招牌，最能讓我們在未來處於有利位置。接著，如果客戶想採用某個特定工具，那很好。他們不管用哪種方式都能與我們整合，並且可以用 Twilio 很快上線運作。

Yeah, just to add to that, at SIGNAL, we did announce a number of integrations with AI model providers Kodak being one of those as well as Quadcode and (inaudible) Figma, all those different cursor. So we are, as Khozema said, focusing on bringing Twilio into the agent builder tool set so that it's easier for people to be able to build and integrate their AI agents directly with Twilio communications and infrastructure.

對，再補充一下，在 SIGNAL 大會上，我們確實宣布了多項與 AI 模型供應商的整合，Kodak 是其中之一，另外還有 Quadcode 以及（聽不清）Figma，還有各種不同的 cursor。所以正如 Khozema 所說，我們正專注把 Twilio 帶進 agent builder 的工具組，讓大家更容易直接把他們的 AI 代理與 Twilio 的通訊與基礎設施整合起來。

And we're doing the same thing with the Microsoft, AWS, et cetera, as well. So back to the point of you got to reach the end user at some point on their device and Twilio Super Network connects very nicely into those AI frontier model infrastructure.

我們也同樣在做 Microsoft、AWS 等等的整合。所以回到重點：你終究得在使用者的裝置上觸達終端使用者，而 Twilio Super Network 能非常順暢地連接到那些 AI 前沿模型的基礎設施。

Siti Panigrahi, Mizuho.

Siti Panigrahi，瑞穗（Mizuho）。

Great. You guys position Twilio as more like a neutral infrastructure provider of agentic era integrating with LLM and other data houses . How do you see as some of the like system of records company like (inaudible) ServiceNow and other front office company, they try to get into the space. Do you see more them at more of a competitive trade? Or do you see more of a complementary solution to that?

很好。你們把 Twilio 定位成更像是代理時代（agentic era）的中立型基礎設施供應商，並與 LLM 以及其他資料平台整合。你們怎麼看一些「系統紀錄」（system of records）公司，例如（聽不清）ServiceNow，以及其他前台（front office）公司試圖切入這個領域？你們覺得他們更像是競爭性的威脅？還是更像互補性的解決方案？

I mean, again, Siti, I would say being neutral has its advantages here. I would say in a different day, they could be a complementor. They could be coopetition, by and large, we see these guys as complementary to answer your question. I mean, in the case of both of the companies that you mentioned, we do have integrations to both.

我的意思是，再次強調，Siti，我會說在這裡保持中立是有優勢的。我會說在不同情境下，他們可能是互補者。也可能是競合（coopetition）；但整體而言，為了回答你的問題，我們把這些公司視為互補。而且就你提到的那兩家公司而言，我們都已經有整合。

And so to the extent that a customer of ours wants to be able to integrate to one of those different systems of record and then be able to use the rest of somebody else's AI tool set, like Twilio is perfectly situated for that. Like, we can sit in the middle -- the good news for us is, is that to be able to drive any intelligence, you got to have context and you got to have a channel. And so no matter what Twilio wins. And in those two cases, as I said, we integrate to both.

因此，只要我們的客戶想要整合到那些不同的系統紀錄，然後再使用其他人的 AI 工具組，Twilio 都非常適合扮演這個角色。我們可以坐在中間——對我們來說的好消息是：要驅動任何智慧化能力，你需要情境（context），也需要通道（channel）。所以不管怎麼樣，Twilio 都會受益。而在那兩個案例中，如我所說，我們都與兩者整合。

William Power, Baird.

William Power，Baird。

Okay. Great Yes. Congratulations on the results. And really nice to see that sustained gross profit growth, too. I just want to come back to the Q2 upside, matching the upside you had in Q1. I mean, it sounds like it's pretty broad-based. But I guess, anything in particular you'd call out that might have been an upside surprise.

好的。很好，是的。恭喜你們的業績表現。而且很高興看到毛利持續成長。我想回到第二季的上修（upside），它與第一季的上修幅度相當。聽起來這是相當廣泛的成長。但我想問，有沒有什麼特別的因素是你們會點名、且屬於超出預期的正向驚喜？

And I guess part two, it'd be great to get any color you can share just on the sources of messaging strength and kind of where RCS is playing out within that.

另外第二個問題，也希望你們能分享一些訊息業務強勁的來源，以及 RCS 在其中扮演的角色、目前進展到哪裡。

Yeah, I don't know that I would say there was much in terms of a surprise, Will. I think we've performed pretty well across broad number of industries, broad number of products, broad number of sales channels. And so we feel pretty good about that, and we feel pretty good about the setup for the back half of the year. As it relates to messaging, maybe I'll start, but then Thomas can certainly jump in.

是的，Will，我不確定我會說有什麼特別算是驚喜。我認為我們在相當廣泛的產業、相當廣泛的產品、以及相當廣泛的銷售通路上都表現得不錯。所以我們對此感覺很好，也對下半年（back half of the year）的布局感覺不錯。至於訊息業務，也許我先開始回答，但 Thomas 也可以補充。

Again, broad-based, I'd say, ex the fees, it grew about 18%. So the fees are contributing around 10 points to the growth of the messaging business. But we saw healthy contribution from some of the smaller components of the business. What happen RCS are growing very quickly. that was good to see.

同樣地，整體來看相當廣泛；若排除費用（fees），成長大約是 18%。因此，這些費用大約為訊息業務的成長貢獻了 10 個百分點。但我們也看到業務中一些較小組成部分有健康的貢獻。RCS 的成長非常快，這點很高興看到。

When we look at it by industry within messaging, I'd say tech, financial services, professional services, healthcare, retail, e-commerce, they all generated meaningful double-digit growth. So pretty broad in terms of the industry look there.

如果按訊息業務的產業別來看，我會說科技、金融服務、專業服務、醫療保健、零售、電商都帶來了顯著的雙位數成長。所以從產業面來看也相當廣泛。

And then from a sales channel perspective, ISVs were very strong as well as self-serve. So maybe the other angle I'd look at is use cases. Again, ISV speaks to one use case. Our Verify product growing 30% plus speaks to another in terms of authentication. So it was pretty broad-based on the messaging side as well.

再從銷售通路角度來看，ISV 表現非常強勁，自助式（self-serve）也很強。所以我可能會看的另一個面向是使用情境（use cases）。同樣地，ISV 代表一種使用情境。我們的 Verify 產品成長超過 30%，則代表另一種使用情境，也就是身分驗證（authentication）。因此在訊息端同樣是相當廣泛的成長。

We do see some growth with the AI natives on that channel as well. Though, I would say that the volume that we see from AI companies on messaging is much more a traditional use case that they're using the messaging channels for.

我們也看到在該通道上，AI 原生（AI natives）帶來一些成長。不過我會說，我們從 AI 公司在訊息業務上看到的量，更多仍是他們用訊息通道來做較傳統的使用情境。

The only thing I'd add to that is just the fact that we are seeing because of the new platform, the conversations capabilities that we just launched there is a trend toward consolidating spend with Twilio. A lot of our enterprise and ISV customers who may have been multisourced are beginning to converge more on our platform to take advantage of some of the software add-ons that we've recently introduced.

我唯一想補充的是：因為我們的新平台、以及我們剛推出的 Conversations 能力，我們看到一個趨勢是客戶把支出更集中在 Twilio。許多企業與 ISV 客戶過去可能是多家供應（multisourced），現在開始更趨向匯聚到我們的平台，以便利用我們最近推出的一些軟體加值功能（software add-ons）。

A good example of that is the work that we're doing in OpenEvidence, which is an AI decision platform for physicians and they chose Twilio largely because of the reliability, performance and global reach that we have that's just unmatched when you combine that with the software orchestration layer that sits on top.

一個很好的例子是我們在 OpenEvidence 的合作；它是一個給醫師使用的 AI 決策平台，他們選擇 Twilio 很大程度是因為我們的可靠性、效能與全球覆蓋，當你再把上層的軟體編排層（software orchestration layer）結合起來，這些優勢幾乎無可匹敵。

Joshua Reilly, Needham.

Joshua Reilly，Needham。

Great. Just one for me. In terms of the voice AI start-up customers, do you have a feel for how much of their traffic is on your platform versus their appetite to send traffic via any of your competitors? And how would you expect these start-up mature to continue having such a large share of volume on your platform versus what do you think they would try to diversify their traffic a bit.

很好。我只有一題。就語音 AI 新創客戶而言，你們是否掌握他們有多少流量是在你們的平台上、以及他們把流量送往你們競爭對手的意願有多大？另外，你們預期這些新創成熟之後，仍會在你們平台上維持這麼高的流量占比嗎？還是你們認為他們會嘗試把流量做一些分散（diversify）？

Well, I think the answer to that is like partly embedded in what Thomas said a second ago. I mean the trend we're seeing is like sort of the opposite of what a second ago, which kind of implies diversification. Instead, we're seeing consolidation because to be able to take full advantage of our conversation suite. And in particular, like if you think about like an AI native, they want to be able to use contacts. They want to be able to use the infrastructure to be able to create like that AI experience on the other side without which they can't really do it.

嗯，我認為這個答案某種程度上已經包含在 Thomas 剛剛說的內容裡。我的意思是，我們看到的趨勢其實有點相反；你剛剛提到的情境比較像是分散化。相反地，我們看到的是集中化，因為要能充分利用我們的 Conversations 套件。特別是如果你想想 AI 原生公司，他們希望能使用聯絡人（contacts）。他們希望能使用基礎設施，去打造另一端的 AI 體驗；沒有這些，他們其實很難做到。

And so I think we don't have a measure per se of where there are different pockets of spend are. But to maximize their ROI, I'd say consolidation is probably where it's headed, not the other way around.

因此我認為，我們本身並沒有一個衡量指標能指出支出分布在不同區塊的情況。但若要最大化他們的投資報酬率（ROI），我會說整合大概才是趨勢所在，而不是反其道而行。

Arjun Bhatia, William Blair.

Arjun Bhatia，William Blair。

Perfect. And I'll add my congrats here. I'm curious just where we are kind of in the (inaudible) motion. I know it's been a pretty big initiative. It seems like a lot of the growth in individual channels is certainly coming through volume expansion and consolidation. But is that -- from a go-to-market perspective, are we starting to see cross-channel, cross sell? Or is that a benefit that's maybe still ahead of us?

很好。我也在這裡表示恭喜。我想了解一下我們目前在（聽不清）這個推進動作上大概處於什麼階段。我知道這一直是個相當大的倡議。看起來各個單一通路的成長，確實很大一部分來自量的擴張與整合。但從 go-to-market 的角度來看，我們是否開始看到跨通路的交叉銷售？還是說那可能是仍在前方、尚未完全顯現的效益？

Yeah. Arjun, we're absolutely seeing the cross-sell momentum and the upsell momentum in the business. And some of the examples that we shared so far are examples where customers have started with either messaging or voice. And then separately add the second or third channel, because they want to be able to communicate with memory and orchestration capabilities and the observability layer of insights that understand sentiment across those channels that can then be integrated between the brand and the consumer on personalizing those engagements.

是的。Arjun，我們確實在業務中看到交叉銷售動能與加購（upsell）動能。而我們目前分享的一些例子，是客戶一開始先採用訊息或語音其中之一。接著再另外加入第二或第三個通路，因為他們希望能透過記憶與編排（orchestration）能力，以及可觀測性（observability）的洞察層，去理解跨通路的情緒（sentiment），並進一步在品牌與消費者之間整合，以個人化這些互動。

And so we are seeing it, whether it's the AI natives who started with voice, as I mentioned that have added more WhatsApp or other types of chat-based services. through messaging. And we've also seen it with the largest ISVs who are rolling out branded calling when they started with messaging or they're adding Flex embedded into their core platform when they might have been a messaging-only customer. So the channels are happening and the software upsell as you've seen. And we're 25%-plus growth this quarter. So we're seeing great momentum on upsells.

因此我們確實看到了這點，不論是我提到的那些從語音起步的 AI 原生客戶，後來透過訊息加入更多 WhatsApp 或其他聊天式服務。我們也在最大的 ISV 身上看到：他們一開始用訊息，之後推出品牌來電（branded calling）；或是當他們原本可能只是訊息客戶時，開始把 Flex 內嵌到其核心平台中。所以通路擴展正在發生，軟體加購也如你所見。而我們本季成長超過 25%。因此我們在加購方面看到很好的動能。

James Fish, Piper Sandler.

James Fish，Piper Sandler。

Hey, guys. Nice quarter. Just maybe circling back on Will's prior question. Look, small part of the business, but how should we be thinking about RCS at this point, in terms of what you're seeing on volumes and what we could see in terms of a margin profile within the messaging business as a result? And within ISVs, is there a way to think about what you're seeing in terms of the underlying mix of your products at this point? Thanks, guys.

嗨，各位。本季表現不錯。我想回到 Will 先前的問題。雖然這是業務中較小的一部分，但就目前而言，我們應該如何看待 RCS——就你們看到的量（volumes），以及它可能對訊息業務的毛利結構（margin profile）帶來的影響？另外在 ISV 方面，有沒有一種方式可以理解你們目前看到的產品底層組合（mix）？謝謝各位。

I didn't understand the second question. But on the first question with respect to RCS, the way I would characterize it is growing very fast off of a pretty small base. So we kind of remain optimistic about what RCS can do. Obviously, it's got like some awesome characteristics. The product itself like is very attractive, but it's still relatively small in the scheme of things, but again, growing very, very fast.

我沒有聽懂第二個問題。但就第一個關於 RCS 的問題，我會這樣形容：它是在相當小的基礎上快速成長。所以我們對 RCS 能帶來的效益仍然保持樂觀。顯然它有一些非常棒的特性。產品本身很有吸引力，但在整體規模中仍相對小，不過同樣地，它成長非常、非常快。

And from a margin perspective, just assume it's roughly in line with the risk of messaging. I think our product mix and ISVs, I'm not sure if we caught the question. But yes, I'd say it continues to be a broad mix of messaging voice, e-mail use cases across plethora of ISVs from the long tail up to bigger enterprises. In addition, I'd say we're seeing a more and more regularly adopt some of our software add-ons.

從毛利角度來看，就先假設它大致與訊息業務的其他部分一致。至於我們的產品組合與 ISV，我不確定我們是否聽清楚問題。但我會說，仍然是相當廣泛的組合：涵蓋訊息、語音、電子郵件等使用情境，遍及大量 ISV，從長尾到較大型企業都有。此外，我會說我們也看到越來越多客戶更常態性地採用我們的一些軟體附加功能（add-ons）。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，JPMorgan。

This is Brian on for Samik. Thank you for taking my question. For orchestrator, memory and intelligence, is early adoption coming mainly from existing customers replacing orchestration and contact layers they build in-house? Or is it coming from customers standing up entirely new AI workflows? And which motion is reaching production faster? Thank you.

我是代 Samik 提問的 Brian。謝謝讓我提問。針對 orchestrator、memory 和 intelligence，早期採用主要是來自既有客戶，用來取代他們內部自建的編排與聯絡層（contact layers）嗎？還是來自客戶建立全新的 AI 工作流程？哪一種推進動作更快進入正式上線（production）？謝謝。

Yeah, it's a good question. I would say it's a bit of a mix. What we've seen is the initial conversation rollout of customers, the ones that participated in our private beta program now gone into production, and we're starting to see at scale volumes. We talked about car finance as an example of that, a seven-figure deal is resulting to it.

是的，這是個好問題。我會說兩者都有一些。我們看到的是，最初的對話式上線（conversation rollout）客戶——也就是參與我們私有 beta 計畫的那些客戶——現在已經進入 production，我們也開始看到規模化的量（volumes）。我們以汽車金融作為例子提過，一筆七位數的交易就是由此帶來的。

So that's an example of existing process that can be dramatically improved with Twilio's core capabilities that are now being offered. At the same time, there are some smaller AI native type companies that are building on top of this as a new offer as well. And that could be for both customer support use cases, but also for AI sales, outbound use cases as well.

因此那是一個既有流程的例子，透過 Twilio 現在提供的核心能力，可以大幅改善。同時，也有一些較小的 AI 原生公司，正在以此作為新的產品/服務來建構。這可能同時適用於客服支援情境，也適用於 AI 銷售、對外外呼（outbound）等情境。

And it's just -- it's improving the customer experience and reducing the cost to serve to offer these virtual agents, whether they're voice-centric or messaging centric. So it is a pretty good balance. It is early days, but we're seeing the consolidation of the traffic and volumes of spend getting on to the Twilio channels, and we're starting to see software being rolled out into production use cases.

而這就是——透過這些虛擬代理（virtual agents）來改善客戶體驗並降低服務成本，不論它們是以語音為主或以訊息為主。所以整體來說相當平衡。目前仍是早期階段，但我們看到流量與支出量（volumes of spend）正在整合到 Twilio 的通路上，同時也開始看到軟體在 production 使用情境中推出。

Koji Ikeda, Bank of America.

Koji Ikeda，Bank of America。

Yeah, thanks so much. Just one question for me. And so, one of the message, it sounds like I'm hearing from you is that, the future is really about humans and agents operating together. And so when we do our checks and frankly, even when we listen to other management teams from other tech companies, they're calling out that agents are spooling up their own actions and whatever workflow that they're addressing.

是的，非常感謝。我這邊只有一個問題。所以，我聽到你們傳達的一個訊息似乎是：未來真正的重點在於人類與代理（agents）一起運作。因此當我們做調查，坦白說，即便我們聽其他科技公司管理團隊的說法，他們也提到代理正在自行啟動自己的行動，以及它們所處理的各種工作流程。

And so when I think about Twilio, does the long-term opportunity for you scale more with AI agent-driven actions? Was it more with traditional human-driven actions, but at a much higher monetization level? Thank you.

因此當我想到 Twilio，對你們而言，長期機會的規模會更多來自 AI 代理驅動的行動嗎？還是更多來自傳統由人類驅動的行動，但在變現（monetization）水準上更高？謝謝。

Yeah, I think it's going to be both. I mean, again, the reality of like where we are today, and I'm going to say probably in the next couple of years, it's going to be mostly human-oriented. I mean, the vast majority of interactions either of us have in our daily lives, probably every person on this call is still mostly human, human-to-human.

是的，我認為兩者都會有。我的意思是，再次強調我們今天所處的現實狀況——我想在接下來幾年也大概如此——仍會以人為主。我的意思是，我們任何一個人在日常生活中的絕大多數互動，可能包括這通電話上的每個人，仍然主要是人與人之間的互動。

That said, you're seeing a tremendous amount of that get augmented with AI. And the future that we're certainly building towards anticipates that a huge portion of that volume ends up flipping to human agent and agent to human. I still think it's going to be a while before it's like fully genic agent to agent kind of stuff.

話雖如此，你也看到其中有大量互動正在被 AI 強化。而我們正在打造的未來，預期其中很大一部分的量最終會轉向「人類對代理」以及「代理對人類」。我仍然認為，要到完全是「代理對代理」那種情況，還需要一段時間。

But for a lot of these transactions that we're talking about that are very high value, high stakes, especially in financial services and healthcare, they do require a lot of these different capabilities where you've got to be able to validate what's going on. And given the fact that it is high stakes, you want a human in the loop.

但就我們正在談論的許多交易而言，這些交易金額非常高、風險也很高，特別是在金融服務與醫療保健領域，確實需要具備許多不同的能力，因為你必須能夠驗證正在發生的事情。而且鑑於這是高風險情境，你會希望有人類參與其中（human in the loop）。

And so that's kind of what we're building towards. Again, we're starting to see a lot of that stuff take off, but it's early days. And I think that's what gives us confidence that there's real durability here over the next several years.

所以這大致就是我們正在努力的方向。同樣地，我們開始看到很多這類事情起飛，但仍處於早期階段。我認為這也是讓我們有信心相信，未來幾年這裡會有真正的持久性。

Patrick Walravens, Citizens.

Patrick Walravens，Citizens。

This is [Pete] on for Pat. Just one question. Is there any commentary you can provide on how we should think about the timing I contributing more meaningfully to revenue or current scale?

我是代替 Pat 的 [Pete]。只有一個問題。你們能否就我們應該如何看待 I 在時間點上何時會對營收或目前規模做出更有意義的貢獻，提供一些評論？

Well, I mean, as I said a second ago, like I think that it's pretty early days in terms of the AI story more broadly. I mean, I think that we're starting to see indication that AI can be a meaningful contributor. It's certainly starting to animate a lot of the voice AI commentary that we've given previously. But it's early innings, and we think there's a very durable tailwind here.

嗯，我的意思是，就像我剛才說的，我認為就更廣泛的 AI 故事而言，仍然是非常早期的階段。我的意思是，我們開始看到一些跡象顯示，AI 可以成為有意義的貢獻者。它當然也開始為我們先前給出的許多語音 AI 評論注入動能。但這仍是早期局數（early innings），而我們認為這裡有非常持久的順風。

And our expectation is that as interactions move from human to human, human to agent, agent human, that provides a lot of durability for the business on the one hand. And then also most of the interactions that we're seeing today are on the voice channel, we would expect that a lot of those move over to other channels over time too, which also generates pretty good durability for the business.

我們的預期是，隨著互動從人對人，轉向人對代理（agent）、代理對人，這一方面為業務帶來很強的持久性。此外，我們今天看到的大多數互動都在語音通路上，我們預期其中很多也會隨時間轉移到其他通路，這同樣會為業務帶來相當不錯的持久性。

Parker Lane, Stifel.

Parker Lane，Stifel。

Hi, good afternoon. Thanks for the quetion here. One for you. I understand that the AI is sort of smaller and newer cohort for you all, but I was wondering if you could comment on the DBNE characteristics you're seeing of those of those companies that fall into that category and how that's rolling forward into your outlook for the year.

嗨，下午好。謝謝這個問題。我有一個問題想請教。我理解 AI 對你們來說算是較小、也較新的客群，但我想請你們評論一下，你們在那些屬於該類別的公司身上看到的 DBNE 特性，以及這如何延伸到你們對今年的展望。

Yes. DBNE characteristics are very strong. And as Thomas talked about, he gave examples of some AI companies and their expansion path on Twilio. So once they come in, they typically come in on a channel -- and then they'll grow on that channel. They'll expand into software products. They may adopt a second channel.

是的。DBNE 特性非常強。正如 Thomas 談到的，他舉了一些 AI 公司以及它們在 Twilio 上的擴張路徑的例子。所以一旦它們進來，通常會先從一個通路切入——然後在該通路上成長。它們會擴展到軟體產品。它們也可能採用第二個通路。

So DBNE is way higher than the average for the company for that cohort. And that's factored into the guidance that we're providing for the back half of the year.

因此，對於那個客群而言，DBNE 遠高於公司平均水準。而這也已納入我們對下半年所提供的指引之中。

Andrew King, Rosenblatt.

Andrew King，Rosenblatt。

Hey, guys. Thanks for taking the question. I will echo the congratulations on the strong quarter. Just wanted to dive in a little bit more on Nick's question. Can you give us a little bit more idea or any more color on how the free token usage has progressed versus how you've seen it internally? And any particular products that are driving a significant amount of engagement from customers with those free tokens?

嘿，各位。謝謝讓我提問。我也要呼應一下，恭喜你們本季表現強勁。我想再更深入一點延伸 Nick 的問題。你們能否讓我們更了解一些，或提供更多細節，關於免費 token 使用量的進展，相較於你們內部觀察到的情況如何？以及是否有任何特定產品，正在驅動客戶使用這些免費 token 產生大量互動？

Are you talking about in terms of the usage by customers?

你是指客戶的使用情況嗎？

Yes.

是的。

The free credits or the free -- like if you platform or a credit.

免費額度或免費——像是如果你是平台或是一個額度。

(multiple speakers) -- okay, okay. Thanks for clarifying.

（多位講者）——好的，好的。謝謝你澄清。

Yeah. I mean, I would say I would say, in general, the experience that we're seeing on the console has like certainly been above our expectations. We just launched it during SIGNAL. We've already talked about like some of the conversion rates.

是的。我的意思是，我會說整體而言，我們在主控台（console）上看到的體驗確實超出我們的預期。我們是在 SIGNAL 期間才剛推出它。我們也已經談過一些轉換率。

We've already talked about most customers kind of moving over to that console. And the console itself has a lot of attractive characteristics of which the free trials is one, as Thomas said a second ago, like it definitely allows customers to experiment with a bunch of different things. We guide them through those experiences based on what their stated use cases is -- use cases are, excuse me.

我們也已經談到，大多數客戶正在轉移到那個主控台。而主控台本身有很多吸引人的特性，其中之一就是免費試用；正如 Thomas 剛才說的，它確實讓客戶可以嘗試一堆不同的東西。我們會根據他們所陳述的使用案例——使用案例們，抱歉——引導他們完成這些體驗。

And then I think what we're more encouraged about over time is that based on the way that the console is architected and based on the way that we guide the experience, it's our expectation that, that would certainly allow for better cross-sell and upsell adoption over time. And that's kind of what we're expecting will happen over time.

然後我認為，隨著時間推進，讓我們更受鼓舞的是，基於主控台的架構方式，以及我們引導體驗的方式，我們預期這將確實能在未來帶來更好的交叉銷售與向上銷售（cross-sell 與 upsell）採用率。而這大致就是我們預期會隨時間發生的事情。

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

我目前顯示沒有其他問題。感謝各位參與今天的電話會議。本次議程到此結束。您現在可以斷線。