Twilio Inc. (TWLO) 2026 Q3 法說會逐字稿

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

各位好，感謝您稍候。歡迎參加 Twilio 2026 年第三季財報電話會議。(接線員指示) 請注意，今天的電話會議將被錄音。

I would now like to hand the conference over to your first speaker today, Rodney Nelson. Please go ahead.

現在我想把會議交給今天的第一位講者 Rodney Nelson。請開始。

Good afternoon, everyone, and thank you for joining us for Twilio's third-quarter 2026 earnings conference call. Joining me today are Khozema Shipchandler, Chief Executive Officer; Aidan Viggiano, Chief Financial Officer; and Thomas Wyatt, Chief Operating Officer. As a reminder, we will disclose non-GAAP financial measures on this call.

各位下午好，感謝各位參加 Twilio 2026 年第三季財報電話會議。今天與我一同出席的有：執行長 Khozema Shipchandler、財務長 Aidan Viggiano，以及營運長 Thomas Wyatt。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。

Definitions and reconciliations between our GAAP and non-GAAP results can be found in our earnings presentation posted on our IR website at investors.twilio.com. We will also make forward-looking statements on this call, including statements about our future outlook and goals. Such statements are subject to known and unknown risks and uncertainties and that could cause actual results to differ materially from those described.

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作出前瞻性陳述，包括關於未來展望與目標的陳述。此類陳述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述內容出現重大差異。

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

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，包括最近一期的 Form 10-K 以及即將提交的 Form 10-Q。前瞻性陳述僅代表在作出該等陳述當日我們的信念與假設。除法律要求外，我們不承擔更新任何前瞻性陳述的義務。

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

接下來我將把時間交給 Khozema 與 Aidan，他們將討論我們第三季的業績，之後我們將開放問答。

Thanks, Rodney. Good afternoon, everyone, and thank you for joining us today. Twilio had a great third-quarter. Revenue grew 16% organically while non-GAAP gross profit grew 18% year-over-year. We generated $326 million in non-GAAP income from operations and $370 million in free cash flow, record quarters for both.

謝謝你，Rodney。各位下午好，感謝今天加入我們。Twilio 第三季表現非常出色。營收有機成長 16%，非 GAAP 毛利年增 18%。我們創造了 3.26 億美元的非 GAAP 營運利益，以及 3.70 億美元的自由現金流，兩者皆創下單季新高。

We are in the very early stages of an AI super cycle. Voice and consumer AI have gained early traction, but penetration is still extremely low. This bodes very well for Twilio. Developers and enterprises alike choose Twilio because of our fast, trusted and reliable infrastructure that works seamlessly with their existing technology stacks. Customers grow with Twilio because we provide global scale and rich context and integrate to virtually any technology as companies continue experimenting with which AI environments are optimally tuned for their purposes.

我們正處於 AI 超級循環的非常早期階段。語音與消費者 AI 已獲得初步牽引力，但滲透率仍然極低。這對 Twilio 非常有利。無論是開發者或企業，都選擇 Twilio，因為我們提供快速、可信且可靠的基礎設施，並能與其既有技術堆疊無縫運作。客戶會隨著 Twilio 一起成長，因為我們提供全球規模與豐富情境，並可幾乎整合到任何技術；在企業持續嘗試找出最適合其用途、最佳調校的 AI 環境之際，我們都能支援。

In short, we provide fast ROI, so our customers can take advantage of the incredible innovation spurred by AI today and the inevitable innovations to come tomorrow. The leading voice and consumer AI companies are using our platform to power the first wave of agentic experiences. While the growth rates of these companies are incredible, and the technology is awesome as consumers, most of us have limited interactions with both voice and consumer AI in daily life.

簡而言之，我們提供快速的投資報酬率（ROI），讓客戶能把握當前 AI 所帶動的驚人創新，以及未來必然到來的創新。領先的語音與消費者 AI 公司正使用我們的平台，為第一波具代理能力（agentic）的體驗提供動力。儘管這些公司的成長率驚人、技術也令人讚嘆，但以消費者角度而言，我們大多數人在日常生活中與語音與消費者 AI 的互動仍相當有限。

Part of this is just the natural adoption cycle which should create enormous tailwinds for the company. Part of this has to do with trust, knowing who or what an agent represents and always understanding what it's doing, why and for how long. And finally, ROI has been hard to come by. This is a good setup for Twilio. We are building a company to accelerate AI adoption.

其中一部分原因只是自然的採用循環，這應會為公司帶來巨大的順風。另一部分與信任有關：需要知道某個代理代表的是誰或什麼，並且始終理解它在做什麼、為什麼做、以及會持續多久。最後，ROI 一直不容易實現。這對 Twilio 來說是很好的局面。我們正在打造一家公司，以加速 AI 的採用。

We have long provided a context layer that allows every customer to utilize personalized data to enrich every interaction with the consumer, yielding increased revenue and lower cost, plus a better consumer outcome. We have also provided tools such as Branded Calling and verification capabilities, which lead to higher conversion rates plus reinforced trust.

長期以來，我們提供一個情境層（context layer），讓每位客戶都能運用個人化資料來豐富與消費者的每一次互動，帶來更高營收與更低成本，同時也改善消費者結果。我們也提供如 Branded Calling 與驗證能力等工具，帶來更高的轉換率並強化信任。

At our SIGNAL Conference, we included all of these capabilities in a massively simplified console that is easier than ever for developers to utilize and a purpose built for agents as tools like frontier models and vibe coding applications take off. In addition, we wrapped all of these offerings together so customers can utilize what they need, basic infrastructure, data hydrated channels or a complete solution such as Conversation Relay, which remains technology agnostic at the application layer, allowing customers to make their own technology decisions while ensuring easy integration to our technology partners.

在我們的 SIGNAL 大會上，我們把所有這些能力整合到一個大幅簡化的主控台中，讓開發者比以往更容易使用，並且是為代理（agents）量身打造，因為前沿模型與 vibe coding 應用正快速起飛。此外，我們也將這些產品打包整合，讓客戶可依需求選用：基礎基建、資料增補（data hydrated）的通道，或像 Conversation Relay 這樣的完整解決方案；其在應用層保持技術中立，使客戶能自行做出技術決策，同時確保能輕鬆整合我們的技術合作夥伴。

We launched these capabilities as part of a broader conversations layer which is gaining real momentum in the marketplace. More recently, we launched an identity offering into private beta, so businesses are able to safely validate who an agent is representing irrespective of the AI modality they utilize, application, channel or technology protocol.

我們將這些能力作為更廣泛的對話層（conversations layer）的一部分推出，而該層正在市場上獲得實質動能。最近，我們也將一項身分識別（identity）產品推出至私有 Beta，讓企業能在不論其使用的 AI 模態（modality）、應用、通道或技術協定為何的情況下，安全地驗證代理所代表的身分。

While it is extremely early, we have been encouraged by customer feedback and intend to launch an offering into general availability next year. The breadth of the AI opportunity was particularly evident at our annual Exec Connect customer event that we hosted a few weeks ago for top executives from Twilio's largest customers.

雖然仍處於非常早期階段，但客戶回饋令我們備受鼓舞，我們計畫在明年推出正式全面可用（general availability）的產品。AI 機會的廣度在我們幾週前舉辦的年度 Exec Connect 客戶活動中特別明顯，該活動邀請了 Twilio 最大客戶的高階主管參與。

The input from customers was encouraging relative to our recent releases and product road map. Businesses need trusted channels. They need global scale. They need context they need higher conversion rates. And increasingly, they need secure identity, governance and observability. They want Twilio to help them innovate at AI speed.

客戶對我們近期發布內容與產品路線圖的回饋令人鼓舞。企業需要可信的通道。他們需要全球規模。他們需要情境，也需要更高的轉換率。而且愈來愈需要安全的身分、治理與可觀測性（observability）。他們希望 Twilio 能協助他們以 AI 的速度創新。

Our results reflect this demand. In Q3, we saw continued strong growth in self-serve and ISVs as well as ongoing strength in Voice and Messaging. Our go-to-market team landed notable wins, including our first 8-figure conversations deal with a health insurance provider. This company's voice AI agent is powered by Conversation Relay and Conversation Intelligence's real-time transcription to enhance call tracking and reduce agent wrap-up time.

我們的業績反映了這股需求。在第三季，我們看到自助式（self-serve）與 ISV 持續強勁成長，同時 Voice 與 Messaging 也維持強勢。我們的市場推進（go-to-market）團隊拿下多項重要勝利，包括與一家健康保險供應商達成我們第一筆 8 位數的對話（conversations）交易。該公司的語音 AI 代理由 Conversation Relay 驅動，並結合 Conversation Intelligence 的即時轉錄，以強化通話追蹤並縮短客服人員的通話後處理時間。

We also signed deals with Chapter, Eltropy, ElevenLabs, Gong, HUGO BOSS, Meera.ai, Rivian and Ushur. Our customers continue to expand their usage of the platform across multiple products as their customer needs become more complex and revenue growth from multiproduct customers continues to outpace our corporate average.

我們也與 Chapter、Eltropy、ElevenLabs、Gong、HUGO BOSS、Meera.ai、Rivian 以及 Ushur 簽署了合約。隨著客戶需求變得更複雜，我們的客戶持續在多項產品上擴大平台使用，而多產品客戶帶來的營收成長仍持續超越公司整體平均。

For example, Meera.ai and AI reachability platform connecting humans and AI agents with hard-to-reach consumers expanded their messaging use case to include voice and our conversations layer. They're using both to coordinate multichannel outreach, preserve conversation context and support consultative sales conversations with proper lead qualification or Ushur the AI native platform for agentic customer experiences in health care, insurance and the public sector signed a seven-figure expansion with Twilio.

例如，Meera.ai 這個 AI 可觸達性平台，將人類與 AI 代理連結到難以觸及的消費者，已把其訊息（messaging）使用情境擴展到語音以及我們的對話層。他們同時使用兩者來協調多通路外聯、保留對話情境，並支援具諮詢式的銷售對話與適當的潛在客戶資格判定；另外，Ushur 這個面向醫療保健、保險與公共部門、以 AI 為原生的具代理能力客戶體驗平台，也與 Twilio 簽署了一筆 7 位數的擴張合約。

Ushur uses Twilio Voice, Messaging and WhatsApp for multichannel engagement and is expanding its voice AI capabilities with Conversation Relay. Major health plans use Ushur to engage millions of members through multilingual two-way conversations and have achieved three times higher Medicaid re-enrollment completion rates compared with human led outreach.

Ushur 使用 Twilio Voice、Messaging 與 WhatsApp 進行多通路互動，並透過 Conversation Relay 擴展其語音 AI 能力。大型健康保險計畫使用 Ushur 以多語言雙向對話與數百萬名會員互動，與人工主導的外聯相比，其 Medicaid 重新投保完成率提升至 3 倍。

Beyond Medicaid, Ushur's AI agents resolve inquiries and complete complex customer journeys end-to-end with customers automating 20% or more of inbound call volume. Another example is Gong, the leading revenue AI company which signed a 7-figure deal to continue using voice and other software add-ons for Gong Engage. It's AI-powered sales engagement solution.

除了 Medicaid 之外，Ushur 的 AI 代理也能端到端解決諮詢並完成複雜的客戶旅程，客戶可將 20% 或更多的來電量自動化。另一個例子是 Gong，領先的營收 AI 公司，簽署了一筆 7 位數合約，持續為 Gong Engage 使用語音與其他軟體附加元件。這是其 AI 驅動的銷售互動解決方案。

Or Eltropy, an agentic AI platform for credit unions and community banks, which is invested in Twilio's conversations layer and its voice agents now resolve up to 70% of routine member calls on their own. In Q3, the company signed an expansion deal to use both RCS and Branded Calling to improve its trusted customer interactions across multiple channels.

或者 Eltropy，一個為信用合作社與社區銀行提供代理式 AI 平台的公司，已投資於 Twilio 的對話層（conversations layer），其語音代理現在可自行解決多達 70% 的例行會員來電。在第三季，該公司簽署了一項擴展協議，將同時使用 RCS 與 Branded Calling，以在多個通路上提升其可信賴的客戶互動。

And finally, Chapter, a consumer services company signed a seven-figure deal to migrate its contact center onto Flex, standing up a fully live deployment in a matter of weeks as part of a broader move to make Twilio the backbone of its customer service operations. In addition, they will leverage Messaging, Voice and software add-ons like Branded Calling to power a multichannel experience for their customers.

最後，消費者服務公司 Chapter 簽署了一筆七位數美元的合約，將其聯絡中心遷移至 Flex，作為更廣泛策略的一部分，在數週內完成全面上線部署，讓 Twilio 成為其客戶服務營運的骨幹。此外，他們將運用 Messaging、Voice 以及如 Branded Calling 等軟體附加功能，為客戶打造多通路體驗。

With these customer examples, you can see the power of Twilio. Consumers dictate the terms of how they want businesses to engage with them in their preferred channels and at their preferred time, and they want the ability to seamlessly escalate in interaction to a human agent whenever they want. This richness and flexibility requires significant breadth in technology capabilities and our innovative platform continues earning validation from analysts as we were named a major player in IDC's 2026,

透過這些客戶案例，你可以看見 Twilio 的強大之處。消費者主導企業應如何在其偏好的通路、於其偏好的時間與其互動，並且希望在任何時候都能將互動無縫升級至真人客服專員。這種豐富性與彈性需要相當廣泛的技術能力，而我們創新的平台也持續獲得分析師的肯定，我們在本季被 IDC 的 2026 年

Conversational Intelligence and Analytics MarketScape during the quarter. Over the past three years, we have accelerated revenue and gross profit growth, increased operating leverage, generated substantial free cash flow and reduced dilution. We operate from a position of strength. We are committed to creating great financial outcomes for investors and also have the capacity to invest organically and move nimbly on capital allocation whether additional share repurchases or M&A.

對話式智慧與分析（Conversational Intelligence and Analytics）MarketScape 中評為主要參與者。在過去三年中，我們加速了營收與毛利成長、提升了營運槓桿、創造了可觀的自由現金流，並降低了稀釋。我們以強勢地位營運。我們致力於為投資人創造優異的財務成果，同時也具備進行有機投資的能力，並能在資本配置上靈活應對，無論是追加股票回購或進行併購（M&A）。

We will continue to innovate with focus, discipline and rigor anticipating our customers' needs so they can focus on building their companies. We have been building Twilio for this moment. Since inception, we provided essential technology infrastructure that accelerated customers through a variety of technology cycles.

我們將持續以專注、紀律與嚴謹的態度創新，預先洞察客戶需求，讓他們能專注於打造自己的公司。我們一直在為此刻打造 Twilio。自創立以來，我們提供關鍵的技術基礎設施，協助客戶在各種技術週期中加速前進。

And today, our newest generation of technology allows another wave of companies in the AI era to move faster than ever. We continue to see an incredibly meaningful set of problems to solve on behalf of our customers in a landscape that is moving fast. We have the financial strength, trusted infrastructure and innovation wherewithal to win through any cycle.

而今天，我們最新一代的技術讓 AI 時代的另一波公司能以前所未有的速度前進。在快速變動的環境中，我們仍持續看到一系列極具意義、可代表客戶解決的問題。我們具備財務實力、可信賴的基礎設施與創新能力，足以在任何景氣循環中勝出。

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 a great Q3 and delivering record revenue of $1.56 billion, up 20% year-over-year on a reported basis and 16% year-over-year on an organic basis, which excludes incremental US carrier pass-through fees. Non-GAAP gross profit grew 18% year-over-year. We also generated record non-GAAP income from operations of $326 million and record free cash flow of $370 million.

謝謝你，Khozema，各位下午好。Twilio 在第三季表現出色，創下 15.6 億美元的營收新高；按報告基礎年增 20%，按有機基礎年增 16%（不含美國電信業者轉嫁費用的增量部分）。非 GAAP 毛利年增 18%。我們也創下 3.26 億美元的非 GAAP 營業利益新高，以及 3.70 億美元的自由現金流新高。

Top line performance was driven by broad-based strength across our product portfolio and key go-to-market focus areas. Our self-serve channel delivered 30% plus revenue growth, while ISV revenue grew 20% plus. Messaging revenue growth was 24%, driven primarily by strong volumes and aided by growth in WhatsApp and RCS. Incremental carrier fees contributed roughly 7 points to messaging's growth. Voice revenue grew 20% plus, once again, driven by a balance of volume growth and software add-ons.

營收表現主要來自我們產品組合與關鍵市場推進重點領域的全面性強勁動能。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 20%。Messaging 營收成長 24%，主要由強勁的使用量帶動，並受惠於 WhatsApp 與 RCS 的成長。電信業者增量費用約為 Messaging 的成長貢獻了約 7 個百分點。Voice 營收成長超過 20%，同樣由使用量成長與軟體附加功能的均衡帶動。

We continue to see strong growth from AI native and adoption of software add-ons such as Branded Calling, Conversation Intelligence, Conversation Relay and Verify. Finally, total software add-on revenue growth was 25% plus and support and services grew 30% plus. Our Q3 dollar-based net expansion rate was 114% reflecting the improved growth trends we've seen in our business over the last several quarters. Incremental carrier fees contributed roughly 4 points to DBNE.

我們持續看到 AI 原生（AI native）以及 Branded Calling、Conversation Intelligence、Conversation Relay 與 Verify 等軟體附加功能的採用帶來強勁成長。最後，軟體附加功能總營收成長超過 25%，支援與服務成長超過 30%。我們第三季以美元計價的淨擴張率（DBNE）為 114%，反映出過去幾季我們業務成長趨勢的改善。電信業者增量費用約為 DBNE 貢獻了約 4 個百分點。

We delivered record non-GAAP gross profit of $768 million, growing 18% year-over-year, our third consecutive quarter of 15% plus non-GAAP gross profit growth. This was driven by continued momentum in our higher-margin products in addition to our proactive efforts to deliver meaningful cost efficiencies across our platform.

我們創下 7.68 億美元的非 GAAP 毛利新高，年增 18%，這是我們連續第三季達成 15% 以上的非 GAAP 毛利成長。這主要由我們高毛利產品的持續動能所帶動，並加上我們主動推動在整體平台上實現顯著成本效率的努力。

Non-GAAP gross margin was 49.2%, down 90 basis points year-over-year and up 20 basis points quarter-over-quarter. We incurred incremental US carrier pass-through fees of $53 million, which drove the year-over-year decline. Without these incremental fees, non-GAAP gross margin would have been up 80 basis points year-over-year and up 30 basis points quarter-over-quarter. Q3 non-GAAP income from operations came in ahead of expectations at $326 million, up 39% year-over-year and our fastest growth rate in over two years, driven by strong gross profit growth and continued cost leverage.

非 GAAP 毛利率為 49.2%，年減 90 個基點，季增 20 個基點。我們承擔了 5,300 萬美元的美國電信業者轉嫁費用增量，導致年對年下滑。若不含這些增量費用，非 GAAP 毛利率將年增 80 個基點，季增 30 個基點。第三季非 GAAP 營業利益為 3.26 億美元，優於預期，年增 39%，為兩年多來最快的成長率，主要由強勁的毛利成長與持續的成本槓桿所帶動。

Non-GAAP income from operations benefited from roughly $11 million in platform credits, which was higher than we anticipated. Non-GAAP operating margin was 21%, up 290 basis points year-over-year and up 190 basis points quarter-over-quarter. Our Q3 non-GAAP operating margin includes a roughly 70 basis point headwind from incremental US carrier fees.

非 GAAP 營業利益亦受惠於約 1,100 萬美元的平台點數（platform credits），高於我們原先預期。非 GAAP 營業利益率為 21%，年增 290 個基點，季增 190 個基點。我們第三季非 GAAP 營業利益率包含了美國電信業者增量費用帶來約 70 個基點的不利影響。

We generated $149 million in GAAP income from operations, up 263% year-over-year. Q3 stock-based compensation as a percentage of revenue was 9.9%, down 230 basis points year-over-year and up 40 basis points quarter-over-quarter. We generated record free cash flow of $370 million in the quarter. Additionally, we completed $127 million in share repurchases in Q3 and have roughly $700 million remaining on our current buyback authorization.

我們的 GAAP 營業利益為 1.49 億美元，年增 263%。第三季以營收百分比計的股票基礎薪酬為 9.9%，年減 230 個基點，季增 40 個基點。我們在本季創下 3.70 億美元的自由現金流新高。此外，我們在第三季完成了 1.27 億美元的股票回購，且在目前的回購授權額度下仍約有 7.00 億美元可用。

Turning to guidance. For Q4, we're initiating a revenue target of $1.595 billion to $1.605 billion, representing 17% to 17.5% reported growth and 11% to 12% organic growth. Our Q4 reported revenue guidance assumes approximately $75 million in incremental US carrier fees. As a reminder, our organic revenue excludes the contribution from incremental increases to US carrier fees and acquisition-related revenue. In addition, we expect non-GAAP gross profit growth to be similar to organic revenue growth in Q4 due to higher hosting costs for the holiday shopping season and with our e-mail cloud migration now behind us.

接著談展望。針對第四季，我們提出營收目標為 15.95 億至 16.05 億美元，代表按報告基礎成長 17% 至 17.5%，按有機基礎成長 11% 至 12%。我們第四季的報告營收指引假設約 7,500 萬美元的美國電信業者增量費用。提醒一下，我們的有機營收不包含美國電信業者費用增量上調的貢獻，以及併購相關營收。此外，由於假期購物季的較高託管成本，且我們的電子郵件雲端遷移已告一段落，我們預期第四季非 GAAP 毛利成長將與有機營收成長大致相當。

Based on our year-to-date performance and our Q4 guidance, we're raising our full year 2026 organic revenue growth outlook to 15%, up from 13% to 13.5% previously. We are raising our reported revenue growth outlook to 20%, up from 18% to 18.5% previously. In addition, we continue to expect full year non-GAAP gross profit growth to be similar to our organic revenue growth rate.

基於我們年初至今的表現以及第四季指引，我們將 2026 全年有機營收成長展望上調至 15%，高於先前的 13% 至 13.5%。我們也將報告營收成長展望上調至 20%，高於先前的 18% 至 18.5%。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。

Our full year revenue guidance assumes approximately $245 million in incremental pass-through revenue from US carrier fees. 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 200 basis points when compared with our full year 2025 non-GAAP gross margin, all else equal.

我們的全年營收指引假設約 2.45 億美元來自美國電信業者費用的增量轉嫁營收（pass-through revenue）。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金額，但會影響我們的利潤率指標。就建模而言，在其他條件不變下，我們預期這些增量費用將使 2026 全年非 GAAP 毛利率相較於 2025 全年非 GAAP 毛利率約降低 200 個基點。

Turning to our profit outlook. For Q4, we expect non-GAAP income from operations of $300 million to $310 million. We are raising our full year 2026 non-GAAP income from operations range to $1.19 billion to $1.2 billion, up from $1.135 billion to $1.155 billion previously. Similarly, we are raising our full year free cash flow guidance to $1.19 billion to $1.2 billion.

接著談我們的獲利展望。針對第四季，我們預期非 GAAP 營運收益為 3.00 億美元至 3.10 億美元。我們將 2026 全年非 GAAP 營運收益區間上調至 11.9 億美元至 12.0 億美元，高於先前的 11.35 億美元至 11.55 億美元。同樣地，我們也將 2026 全年自由現金流指引上調至 11.9 億美元至 12.0 億美元。

Before we open the call for questions, we also wanted to provide a preliminary outlook for 2027. We've delivered nine consecutive quarters of double-digit organic revenue growth alongside consistent operating leverage and are in a strong position heading into the year-end. Based on the trends we see in the business, we expect full year 2027 organic revenue growth of at least 10%, well above our 2025 Investor Day framework of 7% to 8% annual organic revenue growth.

在我們開放提問之前，我們也想提供 2027 年的初步展望。我們已連續九個季度達成兩位數的有機營收成長，同時維持一致的營運槓桿，並以強勁態勢邁向年底。根據我們在業務中觀察到的趨勢，我們預期 2027 全年有機營收成長至少 10%，明顯高於我們在 2025 年投資人日所提出的每年 7% 至 8% 有機營收成長框架。

We expect 2027 non-GAAP gross profit growth to be similar to organic revenue growth. Turning to profitability. We expect 2027 non-GAAP income from operations of at least $1.35 billion above our most recent guidance of at least $1.23 billion, which we provided on our Q4 2025 earnings call. We also expect free cash flow of at least $1.35 billion.

我們預期 2027 年非 GAAP 毛利成長將與有機營收成長相近。接著談獲利能力。我們預期 2027 年非 GAAP 營運收益至少 13.5 億美元，高於我們最近一次在 2025 年第四季財報電話會議中提供的至少 12.3 億美元指引。我們也預期自由現金流至少 13.5 億美元。

We will provide more commentary on our fiscal 2027 outlook on our Q4 '26 earnings call. Finally, Twilio will host an Investor Day in conjunction with our upcoming SIGNAL Conference taking place in San Francisco on April 13 and 14, 2027. I'm very pleased with the strong revenue and gross profit growth we delivered in the third-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 on delivering the essential infrastructure that will help our customers win in the AI era.

我們將在 2026 年第四季財報電話會議中，對 2027 會計年度展望提供更多評論。最後，Twilio 將在 2027 年 4 月 13 日與 14 日於舊金山舉行的 SIGNAL 大會期間，同步舉辦投資人日。我對我們在第三季所交出的強勁營收與毛利成長，以及我們持續的財務紀律（正推動強勁的獲利能力與自由現金流）感到非常滿意。我們仍專注於關鍵的市場推進（go-to-market）計畫，並提供關鍵基礎設施，協助客戶在 AI 時代勝出。

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

接下來，我們將開放提問。

(Operator Instructions) Elizabeth Porter, Morgan Stanley.

(接線員指示) Elizabeth Porter，摩根士丹利。

I just had a first question, just in the first half of the year, you saw organic revenue growth outperform guidance by a bit of a larger-than-normal magnitude in the first two quarters, whereas the magnitude of beat now is just a little bit more modest and more normalized in Q3. So could you help us unpack what drove the upside relative to your expectations this quarter? And were there any tailwinds that particularly benefited growth in the first half of the year that began to change in Q3 and how that trends through Q4?

我先問第一個問題：在今年上半年，你們前兩季的有機營收成長相對指引的超出幅度，比平常更大一些；但到了第三季，超出幅度就比較溫和、也更趨於常態。能否請你們協助拆解一下，本季相對你們原先預期的上行因素是什麼？另外，上半年是否有任何特別有利於成長的順風因素，在第三季開始出現變化？以及這樣的趨勢在第四季會如何發展？

Yes. Thanks, Elizabeth. So yes, I want to make a couple of points on that. So first, as we have said kind of consistently since the last earnings call, we didn't and still don't expect 5%-plus beats that we saw in both the first and second-quarter to kind of be the new normal. We beat the Q3 guidance, high end of our guidance by roughly 4 points.

好的，謝謝你，Elizabeth。我想就這點提出幾個重點。首先，正如我們自上次財報電話會議以來一直反覆提到的，我們當時不預期、現在也仍不預期第一季與第二季看到的 5% 以上超出幅度會成為新的常態。第三季我們超出指引（以指引上緣計）約 4 個百分點。

And over the last three or so years, if you look at our quarterly beat, they kind of range from 2% to 4%, so kind of just in the mix there. When you look at this quarter, I'd say the smaller revenue beat in the quarter was primarily driven by Messaging, which decelerated modestly from 18% growth in Q2 to 17% organic growth in Q3.

而在過去大約三年，如果你看我們每季超出指引的幅度，大致落在 2% 到 4% 之間，所以這次算是在那個區間內。就本季而言，我會說本季較小的營收超出幅度，主要是由 Messaging（訊息）所驅動，因為其成長率從第二季的 18% 小幅放緩至第三季的 17% 有機成長。

The rest of the business, if we look at voice, the software add-ons, the self-serve business, they kind of grew consistently quarter-to-quarter. So a modest deceleration in Messaging. And that is our biggest product at about 60% of our revenue, and that's really what the primary driver was.

至於業務的其他部分，如果看語音（voice）、軟體加值模組（software add-ons）、自助式（self-serve）業務，基本上都呈現逐季一致的成長。因此是 Messaging 的小幅放緩。而 Messaging 約占我們營收的 60%，是我們最大的產品，這確實是主要驅動因素。

Alex Zukin, Wolfe Research.

Alex Zukin，Wolfe Research。

I guess maybe on the point about Messaging decelerating slightly. I mean, we're seeing all of the personal agent kind of stuff going on between multiple vendors. Maybe when -- what is the tailwind there, if any, for Twilio? When would you start to see that show up and then maybe because what is Twilio's right to win in this kind of compliance identity space?

我想追問一下 Messaging 略為放緩這點。我們看到多家供應商之間都在推進各種「個人代理（personal agent）」相關的事情。對 Twilio 而言，這裡是否存在任何順風？你們大概何時會開始看到這些效益反映出來？另外，在這種合規與身分（compliance identity）領域，Twilio 的致勝優勢（right to win）是什麼？

And maybe any reason -- that given some of the incremental products that you're putting out there and the success of the initiatives with conversation, any reason why gross profit growth shouldn't outpace organic revenue growth next year?

另外，考量你們推出的一些增量產品，以及在對話（conversation）相關計畫上的進展，是否有任何理由使得明年毛利成長不會超過有機營收成長？

Alex, let me start a little bit on Messaging. It wasn't your direct question. But as we look at the quarter and the deceleration that we saw, the primary driver of that was the ISVs. They did moderate a bit as we started to lap tougher comparisons back in the third-quarter of '25, that's when we saw that sales segment kind of accelerate above 20%. So the Messaging deceleration was really just a tougher comparison relative to the first half of the year. All right, I'll hand it over to Khozema to talk about consumer agents.

Alex，我先從 Messaging 談起。這不是你直接的問題。但就我們看本季以及所見到的放緩而言，主要驅動因素是 ISV（獨立軟體供應商）。當我們開始面臨 2025 年第三季較嚴峻的比較基期時，他們的成長確實稍微趨緩；當時我們看到該銷售分群的成長加速到 20% 以上。因此，Messaging 的放緩主要只是相較於上半年更具挑戰的比較基期。好，我把問題交給 Khozema 來談消費者代理（consumer agents）。

Yes. I mean, Alex, I would say on the consumer agent side, I mean, we definitely have a right to win. I think -- I mean it's been a few weeks, obviously, since all of these different agent platforms have launched, we're working with all the leading companies, I'm not going to get into specific names, but you can take some signal from that.

好的。Alex，我會說在消費者代理這一端，我們確實具備致勝優勢（right to win）。我想——畢竟這些不同的代理平台才剛在幾週前陸續推出——我們正與所有領先公司合作；我不會點名具體公司，但你可以從中看出一些訊號。

From our perspective, it's very much on the come, but it's going to take some time. I mean the way that we characterize voice AI in our prepared remarks is that it's about 1% of what the voice interactions are so far. I mean, that's very, very underpenetrated, which means that there's a lot of sort of tailwind on the come. As it relates to consumer AI, it's a fraction of that.

從我們的角度來看，這個趨勢正在形成，但需要一些時間。我們在事先準備的講稿中對語音 AI 的描述是：目前它大約只占語音互動的 1%。這代表滲透率非常、非常低，也意味著未來仍有很大的順風可期。至於消費者 AI，則連那個比例的一小部分都不到。

So again, I think there's a lot of activity that's on the come, and I think we'll be a beneficiary of that. So we're very excited about what's coming and what's still developing. And I think, honestly, like fragmentation is actually relatively useful for us here as well. That kind of goes to identity. In the identity space, I mean, I think it's just like a natural add-on for many of the things that we're already doing.

所以再說一次，我認為未來會有很多活動與進展，我們也會是受益者。因此，我們對即將到來、以及仍在發展中的事物感到非常興奮。而且我坦白說，市場碎片化（fragmentation）在這裡對我們其實也相對有利。這也連結到身分（identity）。在身分領域，我認為這就像是我們已在做的許多事情之上的自然加值項（add-on）。

We're already in the transactional flow as I said a moment ago, there's a lot of fragmentation. I think the idea of having every one of these agents, if you're the consumer being validated on the way in and having a neutral party be able to adjudicate that, like that's kind of the idea behind it. And the customers that we've spoken to are very excited about the prospect of that.

正如我剛才提到的，我們已經在交易流程（transactional flow）之中，而且市場非常碎片化。我認為其概念在於：當你作為消費者進入時，讓每一個代理都能被驗證，並由一個中立方來進行裁決（adjudicate），大致就是背後的想法。而我們交流過的客戶，對此可能性都感到非常興奮。

Similarly, business adoption has been slow so far, but as it starts to pick up, they're going to require the same technology. And so that kind of works both ways, which is why we're excited about it. And then I think over time, you're right that conversations or some of the other products, like they will help with respect to gross margins and gross profits.

同樣地，企業端的採用迄今為止也一直偏慢，但隨著開始加速，他們將會需要相同的技術。因此這在某種程度上是雙向作用的，這也是我們對此感到興奮的原因。另外我認為，隨著時間推進，你說得沒錯，對話或其他一些產品，像是它們將有助於提升毛利率與毛利。

But I think as Aidan has said, like very consistently over the last many years, like Messaging is really the weight of the business. And the growth characteristics of messaging, just given that it is structurally lower, they tend to drive the overall margin rate of the business. But on balance, when you start to exclude fees and some stuff like that, like we have been doing pretty well from a margin perspective, and I would attribute it to some of our more software-like products, if you will.

但我認為，正如 Aidan 在過去多年一直非常一致地提到的，Messaging（訊息）確實是這門生意的主要負載。而訊息業務的成長特性，鑑於其結構性較低，往往會拉動公司整體的利潤率水準。不過整體而言，當你開始排除費用以及諸如此類的一些項目（我們一直在這麼做）後，從利潤率角度看我們表現得相當不錯；我會把這歸因於我們一些更偏軟體型態的產品。

Taylor McGinnis.

Taylor McGinnis。

Maybe, Aidan, one for you and then Khozema, one for you. Aidan, just on despite the decel in Messaging, if I look at the 4Q organic growth guide, it's very similar to how you guided 3Q. So could you just maybe walk through some of the drivers of that I know there's the holiday season, there tends to be a seasonal uptick in the Messaging business. So could you just walk us through like the guide there?

也許，Aidan 給你一題，然後 Khozema 給你一題。Aidan，關於 Messaging 的減速，若我看第 4 季（4Q）的有機成長指引，它和你們對第 3 季（3Q）的指引非常相近。所以你能否帶我們走一遍背後的一些驅動因素？我知道有假期季，Messaging 業務通常會有季節性上行。所以你能否說明一下該指引的考量？

And then secondly, Khozema for you, you guys mentioned a bunch of big voice wins, and it sounds like momentum of the pipeline is going really well. But you made the comments about it still being early in some of the stuff taking time. So just in comparison to the over 20% growth, like when could we reach that inflection point? And where are we with the customers in that?

第二個問題給你，Khozema，你們提到拿下了多個大型語音（Voice）案子，聽起來管線動能也非常好。但你也評論說，某些事情仍在早期、需要時間發酵。因此相較於超過 20% 的成長，我們大概何時能看到那個拐點？以及在客戶端目前進展到哪個階段？

Thanks, Taylor. I'd say on the guide, like we're really encouraged by the revenue trends, the performance that we've seen in the business, both in terms of volumes, but as well as our go-to-market execution. And importantly, it's been really broad-based. So Messaging did decel a point. But when you look at the guidance trends, we're guiding to 11% to 12%, that's consistent with Q3, but that's our strongest quarterly revenue guidance in several years.

謝謝，Taylor。我會說，就指引而言，我們對營收趨勢、以及我們在業務上看到的表現感到非常鼓舞，無論是用量（volumes），還是我們的 go-to-market（市場推進）執行。而且重要的是，這是相當廣泛的成長。所以 Messaging 的確減速了 1 個百分點。但當你看指引趨勢，我們指引 11% 到 12%，這與第 3 季一致，但這是我們數年來最強的單季營收指引。

So we feel pretty good about that. Now that said, consistent with how we've guided for the last few years, and as you know, we continue to plan prudently. We are a usage-based business. Q4 is a more volatile quarter for us just given holiday seasons and things like that. And as I said earlier, we've historically kind of delivered organic revenue base of 2% to 4%. We view that range is more than norm than kind of what we saw in the first half of the year. Beyond that, I wouldn't really call out anything unusual for Q4.

所以我們對此感覺相當不錯。不過話說回來，延續過去幾年的指引方式、也如你所知，我們仍會審慎規劃。我們是一家以用量計費（usage-based）的公司。第 4 季對我們而言是波動較大的季度，主要因為假期季等因素。而且如我先前所說，歷史上我們的有機營收基礎（organic revenue base）大概落在 2% 到 4%。我們認為這個區間更接近常態，而不是今年上半年看到的狀況。除此之外，我不會特別指出第 4 季有任何不尋常之處。

Taylor, with respect to the Voice wins and kind of the overall momentum, I mean, it's definitely progressing well from our perspective. It's definitely driven some of the elevated growth that you see on the Voice channel, like that's been very exciting, obviously, for us, and it's great to see that channel doing so well. I think in terms of like broader, more mainstream adoption I think a lot of that is still on the come.

Taylor，關於 Voice 的勝利案以及整體動能，我的意思是，從我們的角度看確實進展得很順利。它確實推動了你在 Voice 通路看到的較高成長，這對我們來說當然非常令人振奮，也很高興看到這個通路表現這麼好。我認為就更廣泛、更主流的採用而言，其中很多仍在醞釀中。

Like the customers that tend to drive the biggest volumes tend to be in regulated industries, traditionally, financial services, health care and insurance, like those three, in particular, drive a lot of volume. I think they're still experimenting a lot, I mean, heavily with AI. But I think for the -- once they adopt some of these Voice AI use cases, like then you'll start to see it really pick up.

通常帶來最大用量的客戶，往往來自受監管產業，傳統上是金融服務、醫療保健與保險，尤其這三個領域帶來大量用量。我認為他們仍在大量、也就是非常積極地試驗 AI。

For now, it's predominantly been retail, e-commerce, foodservice, stuff like that. And obviously, you've seen some pickup in customer service as well. But as I mentioned in my answer to the prior question, it's still 1% penetration in terms of the total available voice minutes out there. And so from our perspective, this is a great setup, right? I mean we have 99% of it to go in a market that's probably growing.And so there's just a lot of tailwind here and a lot of growth available for Twilio.

目前主要還是零售、電商、餐飲服務等這類領域。而且很明顯地，你也看到客服（customer service）方面有一些起色。但如我在回答上一題時提到的，就整體可用的語音分鐘數（voice minutes）而言，目前滲透率仍只有 1%。所以從我們的角度看，這是一個很好的局面，對吧？我的意思是，在一個可能仍在成長的市場裡，我們還有 99% 的空間可拓展。因此這裡有很強的順風，以及 Twilio 可取得的龐大成長機會。

Samad Samana, Jefferies.

Samad Samana，Jefferies。

I will also give one for Khozema, one for Aidan. Kho, for you, just on the identity product, can you help us think about how monetization there looks? And you said it's early in the release. But if you could just give us some examples of what the price uplift looks like when that's attached. And is that the use case there for agent to human, human to agent or agent to agent. So maybe just digging deeper into identity.

我也各給 Khozema 一題、Aidan 一題。Kho，關於身分（identity）產品，你能否協助我們理解那邊的變現方式會長什麼樣子？你提到目前仍在早期釋出階段。但如果可以的話，能否舉一些例子，說明當它被附加上去時，價格提升（price uplift）大概會是什麼樣子？以及那邊的使用情境是 agent 對 human、human 對 agent，還是 agent 對 agent？所以想再更深入挖一下 identity。

And then Aidan for you on the 2027 preliminary outlook, thanks for giving that, I think it's very helpful to look ahead. Can you just help us unpack what you're assuming around messaging and the nonmessaging products and whether we should think about messaging is stable versus accelerating what we saw this year, just dig deeper into both those?

然後 Aidan，關於你們對 2027 年的初步展望，謝謝你們提供，我覺得能往前看很有幫助。你能否協助我們拆解一下，你們對 messaging 與非 messaging 產品各自的假設是什麼？以及我們是否應該把 messaging 視為穩定，或是相較於今年看到的狀況會加速？也請更深入談談這兩塊。

Yes. Let me start, Samad. So on monetization, look, we haven't quite worked out the model yet. I mean it's -- again, it's a private beta. It's very early. I think what you can probably anticipate is it'll be usage-based kind of in conformance like with the rest of our revenue model. I think that puts us in the right set of customers. You can imagine like having identity resolution happen based on different times that an agent, human, et cetera, is interacting with a different business.

好的。Samad，我先開始。關於變現，坦白說，我們還沒有把模型完全定案。我的意思是——再說一次，這是私有測試（private beta）。目前非常早期。我想你大概可以預期，它會是以用量計費（usage-based），並且與我們其餘的營收模型保持一致。我認為這能讓我們對準正確的客群。你可以想像，身分解析（identity resolution）會依據不同時間點、當 agent、human 等與不同企業互動時來發生。

The product is meant to suit all of the use cases that you referenced. So agent to human, human to agent, agent to agent. So in that way, it will be quite versatile. Finally, I would expect that it does provide a gross margin uplift that will have more software margin like characteristics. And so that's another reason that we're pretty encouraged by it. But again, quite, quite early days. It's in private beta. We'll talk about it in a more fulsome way, including pricing, packaging and margin characteristics when we get into GA next year.

這個產品的設計是要涵蓋你提到的所有使用案例。也就是 agent 對 human、human 對 agent、以及 agent 對 agent。因此在這方面，它會相當多用途。最後，我預期它確實能帶來毛利率提升，並呈現更接近軟體毛利的特性。所以這也是我們對它相當受到鼓舞的另一個原因。但再說一次，現在真的、真的還很早。它仍在私有測試階段。等到明年進入 GA（正式可用）時，我們會更完整地談它，包括定價、方案包裝以及毛利特性。

And then on your 2027 question, we were intending to give some directional guidance here. I mean we feel really good about the trends in the business. Messaging is performing quite well. Voice, the software add-ons, some of our largest products. So all of those kind of factor into the outlook. We're not going to get much more specific than that right now. We will dive deeper into 2027 at our Q4 earnings call.

至於你問的 2027 年問題，我們原本是想在這裡提供一些方向性的指引。我的意思是，我們對業務趨勢感覺非常好。Messaging 的表現相當不錯。Voice、軟體加值項（software add-ons）、以及我們一些最大的產品。所以這些都會納入展望的考量。我們目前不會比這更具體。我們會在第 4 季財報電話會議上更深入談 2027 年。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

Maybe on the voice side, you've had this 20%-plus growth consistently in the recent past. And you highlighted that it comes both from volume and software add-ons. Is there any way you can sort of break that down a bit more granularly for us in terms of how does the balance of volume versus software add-ons sort of contribute to that 20%-plus growth right now?

也許先從語音（Voice）這一塊來看，你們在最近一段時間一直維持著20%以上的成長。而你也強調這個成長同時來自用量（volume）以及軟體加值功能（software add-ons）。你能否更細緻地拆解一下，現在這20%以上的成長中，用量與軟體加值功能各自大概貢獻多少？

And particularly, as you think about next year, I know you said that overall for voice is still early days, but how are you thinking as you sort of think about next year or maybe in the next couple of years, where does the greater sort of growth opportunity lies? Is it volumes or do you see a bigger opportunity around software add-ons?

特別是當你們思考明年時，我知道你說語音整體仍在早期階段，但當你們展望明年或未來幾年時，你們認為更大的成長機會在哪裡？是用量，還是你們看到軟體加值功能有更大的機會？

Yes, I'll start with just the split of the voice growth. It's actually pretty balanced. I mean we're seeing a lot of strength in the software add-ons. We see triple-digit growth in some of the Branded Calling, Conversation Intelligence to name a couple. And so really, we are seeing minutes grow, so volumes grow, and we're seeing the attach rate with the software add-ons grow quite quickly as well.

是的，我先從語音成長的拆分開始說。其實相當均衡。我的意思是，我們在軟體加值功能上看到很強的動能。以 Branded Calling、Conversation Intelligence 等為例，有些產品呈現三位數成長。因此我們確實看到通話分鐘數在成長、也就是用量在成長，同時軟體加值功能的附加率（attach rate）也在很快提升。

Yes. Just to add to that a little more on some of the use cases that we're seeing, particularly with voice AI. A couple of quarters ago, it was a lot of proof of concepts. Those concepts have now rolled into production. We're starting to see real realization of our customers, whether it's AI natives or some of the traditional ISVs that are embedding voice into their platforms, really start to reach some significant scale with their voice usage, and we talked about a few of those customers already in terms of the return that they're getting on it.

是的。再補充一點我們看到的一些使用情境，特別是在語音 AI 方面。幾個季度前，很多還停留在概念驗證（proof of concepts）。這些概念驗證現在已經進入正式上線（production）。我們開始看到客戶真正實現價值：不論是 AI 原生公司，或是一些把語音嵌入其平台的傳統 ISV，都開始讓其語音使用量達到相當可觀的規模；我們也已經談到其中幾位客戶，以及他們從中獲得的回報。

But we're really encouraged with the overall mix that we're seeing, Branded Calling the conversation suite in general, is really helping us accelerate the software add-on part of our business, which grew well over 25% this quarter.

但我們對目前看到的整體組合感到非常鼓舞；Branded Calling 以及整體的對話套件（conversation suite），確實在幫助我們加速軟體加值功能這一部分的業務，而這部分本季成長超過25%。

Ittai Kidron, Oppenheimer & Company.

Ittai Kidron，Oppenheimer & Company。

Maybe a couple for me. First, Khozema, as you think about the business going forward, help us think from your perspective, what is the right KPI to follow here because revenue is going to swing back and forth with Messaging. And clearly, that's a very important part of your business. But a lot of the focus and a lot of the value that investors put on your business is really tied into your nonmessaging business longer term, right?

我這邊可能有兩個問題。首先，Khozema，當你展望未來業務時，從你的角度來看，這裡應該追蹤哪個 KPI 才是正確的？因為營收會隨著 Messaging 而上下波動。而且很明顯，Messaging 是你們業務中非常重要的一部分。但投資人對你們公司的許多關注與估值，長期來看其實是與你們的非 Messaging 業務綁在一起的，對吧？

And so I guess the question is, if those businesses are small and even though they're ramping, it's going to be hard to move the dial from a revenue standpoint. Is gross profit the right way to look at it or any other KPI? And in that context -- and I understand, Aidan, this is a preliminary '27 guide, why should gross profit grow in line with revenue? Why should it not grow faster? I would appreciate that.

所以我的問題是，如果那些業務規模還小，即便在爬坡，從營收角度也很難帶來明顯變化。那麼用毛利（gross profit）來看是否是正確方式，或還有其他 KPI？在這個脈絡下——我也理解，Aidan，這只是初步的 2027 年指引——為什麼毛利應該與營收同步成長？為什麼毛利不應該成長得更快？希望你能說明一下。

Yes. I mean, I can start. Look, I think, Ittai, we're in general, trying to drive a balanced P&L. And I mean if you look at just like what we've accomplished over the last several years, I mean, we've accelerated revenue pretty substantially. I mean we're up very significantly from the preliminary guidance that we gave at our Investor Day two, three years ago.

是的。我可以先回答。Ittai，你看，我們整體上是在推動一個均衡的損益表（P&L）。如果你回顧我們過去幾年的成果，我們的營收加速相當明顯。相較於兩三年前在投資人日給出的初步指引，我們現在的表現已大幅超出。

We've driven significant operating leverage. We've driven a ton of cash. We've reduced dilution. So I think when you look at like the totality of the P&L, like that's generally been a pretty good payoff for investors. As we look forward, I mean, clearly, the goal is to be able to continue driving growth at elevated levels. I think that this quarter and certainly the last couple have provided evidence that we're able to do that both as a result of significant effort and investment on the self-serve side as well as great go-to-market execution in terms of both our enterprise as well as our ISV customers.

我們也帶來了顯著的營運槓桿。我們創造了大量現金。我們降低了稀釋。所以我認為，當你從損益表的整體來看，這通常已經為投資人帶來相當不錯的回報。展望未來，我們的目標很明確，就是持續在較高水準推動成長。我認為本季以及前幾季都提供了證據，顯示我們能做到這點，這既來自我們在自助式（self-serve）方面的大量投入與努力，也來自我們在市場推進（go-to-market）上的良好執行，涵蓋企業客戶以及 ISV 客戶。

We're just seeing really good balanced growth across the board. Now more specifically to some of the line items in the P&L. I mean, the thing that we focus on day-to-day is predominantly gross profit growth. So now we get asked this question like a lot of different ways from you all and from other investors. We don't do it necessarily like at the expense of revenue growth.

我們看到的是全方位相當均衡的成長。更具體談到損益表中的一些項目，我們日常最主要關注的是毛利成長（gross profit growth）。因此你們以及其他投資人會用很多不同方式問我們這個問題。但我們不會以犧牲營收成長為代價來追求毛利成長。

And we don't work it the other way, and it's a balance, like we're trying to drive whatever the best long-term outcomes are overall for the business. And so given the usage-based nature of it, given that the mix can tilt a little bit from quarter-to-quarter, you do have like a little bit of these up and down dynamics. Like we certainly understand that as the people that are running the business day to day.

我們也不會反過來只追求營收而忽略毛利；這是一個平衡，我們想推動的是對公司長期整體結果最有利的組合。因此，考量到這是以使用量計價（usage-based）的模式，加上產品組合可能在季度之間略有傾斜，你確實會看到一些上下波動的動態。我們作為每天經營業務的人，當然非常理解這點。

I think you guys understand it as folks that have followed the business for a long time, and we just have to kind of roll with that. But over a long period of time, we think that there's a great balanced P&L outcome for investors. In the last three years, I think it provided very, very compelling evidence that we're going to continue driving that.

我想你們這些長期追蹤我們業務的人也理解這點，我們只能順勢而為。但從長期來看，我們認為投資人會看到一個很好的、均衡的損益表結果。過去三年，我認為已提供非常、非常有說服力的證據，顯示我們會持續推動這樣的成果。

Yes. I mean, Khozema covered a lot there. Maybe just a couple of other things I'll hit on gross profit. I do want to talk about Q4 a minute because I said Q4 would be -- gross profit growth would be in line with revenue. Remember, in Q4, we have the big holiday season, we tend to provision more from a hosting perspective in that period.

是的，Khozema 已經涵蓋了很多。我再補充幾點關於毛利。我想先談一下第四季（Q4），因為我提到 Q4 的毛利成長會與營收同步。請記得，Q4 有大型假期旺季，我們通常會在那段期間從託管（hosting）的角度預先配置更多資源。

So that does come with additional costs. In addition to that, we have started to lap some of the cost tailwinds that we've seen in the business. So we moved to e-mail, for example, from on-prem to the cloud that provided a gross margin tailwind for the better part of this year. That's fully in our run rate now. So those kind of GM tailwinds go away.

因此會帶來額外成本。此外，我們也開始進入一些先前成本順風（cost tailwinds）的比較基期（lap）。例如，我們把電子郵件（e-mail）從自建機房（on-prem）遷移到雲端，這在今年大部分時間為毛利率帶來順風。現在這已完全反映在我們的常態化運行水準（run rate）中。所以這類毛利率（GM）順風就會消失。

Now that said, when you look at what really drives gross profit outpacing revenue, it is the higher-margin products growing quite well, as well as continued cost actions. We're going to continue to do both of those things. But as Khozema said Messaging has lower gross margin, carries low gross profit for every dollar of revenue, and it's 60% of our business. So that can obviously influence outcomes.

不過話說回來，當你看毛利跑贏營收的真正驅動因素，主要是高毛利產品成長得很好，以及我們持續採取成本行動。我們會持續做這兩件事。但如 Khozema 所說，Messaging 的毛利率較低，每一美元營收所帶來的毛利也較少，而它占我們業務的60%。因此這顯然會影響整體結果。

Callie Valenti, Goldman Sachs.

Callie Valenti，高盛。

I wanted to ask on the Voice part of the business, realize when we get the numbers quarterly, they're not exactly the growth numbers that you guys see in front of you. But Voice been roughly kind of 20% plus over the last couple of quarters now after accelerating more in the quarters prior to that. What are some of the pieces that could bring that up further over the next couple of quarters?

我想問一下語音（Voice）這部分的業務。我知道我們每季拿到的數字，並不完全等同於你們內部看到的成長數字。但語音在過去幾個季度大致維持在20%以上的成長，此前幾個季度曾加速得更快。未來幾個季度，有哪些因素可能讓這個成長率再往上提升？

And have you continued to see this demand step up on a quarterly basis? Or do you think we have reached a more stable environment as companies roll out AI in a more measured way?

而且你們是否持續看到這項需求在每一季都在提升？還是你認為，隨著企業以更審慎的方式推動 AI 落地，我們已經進入一個更穩定的環境？

Callie, it's Thomas here. So just to think about Voice by the particular cohorts of customers that we have, starting with self-service, growth in voice has been over 50%, and that's a good leading indicator of the adoption of the channel itself. And then, of course, adding software -- voice software add-ons on top of that continues to accelerate that. So we're seeing that as a good leading indicator for momentum.

Callie，我是 Thomas。就我們現有的客戶分群來看 Voice：先從自助式（self-service）客群開始，voice 的成長超過 50%，這是通路本身採用度的一個很好的領先指標。然後當然，在此之上再加上軟體——也就是 voice 軟體加購（add-ons）——會持續加速這個趨勢。所以我們把這視為動能的一個很好的領先指標。

The second is the AI natives, the ones that have been born with voice use cases, they're continuing to expand with us, and they were growing as they're growing. And we're also seeing them adopt second and third channel. So a number of our voice AI customers are now adding WhatsApp or Messaging or other types of Brand Calling and other services.

第二類是 AI 原生（AI natives），也就是一開始就伴隨 voice 使用情境成長起來的客戶，他們持續與我們一起擴張，而且他們本身也在成長。我們也看到他們開始採用第二、第三個通路。因此，我們不少 voice AI 客戶現在也在新增 WhatsApp 或 Messaging，或其他類型的 Brand Calling 以及其他服務。

And so we're seeing that as a nice accelerant as well. And then additionally, there's a lot of consolidation in the enterprise space where traditional contact centers, customers are looking for a more agentic way of doing voice services in enterprise motions and in that case, moving more to a headless type of voice interaction experience combined with the other messaging types that we offer along with orchestration of memory. And so that's been a nice catalyst for us as well.

所以我們也把這視為一個不錯的加速器。另外，在企業市場也出現大量整併：傳統聯絡中心的客戶正在尋找一種更具代理式（agentic）的方式，來在企業銷售/導入流程中提供語音服務；在那種情況下，會更走向一種 headless 類型的語音互動體驗，並結合我們提供的其他訊息型態，以及對記憶（memory）的編排（orchestration）。因此，這對我們而言也是一個很好的催化劑。

So as I mentioned earlier, there's been a lot of proof of concepts that have gone into production recently. We're encouraged by the momentum and the results our customers are getting. And so we think that's a pretty good indicator of future success with voice.

所以如我先前提到的，最近有很多概念驗證（POC）已經進入正式上線（production）。我們對這股動能以及客戶取得的成果感到鼓舞。因此我們認為，這是 voice 未來成功的一個相當不錯的指標。

Siti Panigrahi, Mizuho.

Siti Panigrahi，Mizuho。

Just a follow-up to the prior question, where the value accrues, if you see -- I know you call it early stages now in AI super cycle. But frontier labs, even agent builders, they're all moving into voice. Voice is exciting. But as you look forward to next maybe over five years, where do you see the value accrues like Twilio can bring? Is it on the connectivity context, identity side or any other layer that you are pretty confident that you can keep? And also like what has to change for the voice AI to move beyond like these AI native and nonregulated verticals? Like what are the leading indicators you are watching?

延續上一題，關於價值會累積在哪裡——我知道你們稱目前仍在 AI 超級循環的早期階段。但前沿實驗室（frontier labs），甚至代理（agent）建構者，都在往 voice 走。Voice 很令人興奮。但展望未來可能五年，你認為價值會累積在哪裡、Twilio 能帶來什麼價值？是在連線能力（connectivity）、情境（context）、身分（identity）端，或是其他你很有信心能守住的層？另外，voice AI 要如何才能超越這些 AI 原生與非監管（nonregulated）的垂直領域？需要改變什麼？你們在觀察哪些領先指標？

A lot there, Siti. So let me just kind of start with our value proposition and you mentioned like a number of players kind of moving into the space. I mean the one thing is that I think what really advantages us relative to other players is like we're the neutral party. And so virtually every player in the space who are predominantly participating at the application layer, they are running off of Twilio's rails.

Siti，這裡面問題很多。我先從我們的價值主張談起，你也提到有不少玩家正在進入這個領域。我認為相較其他玩家，我們真正的優勢在於：我們是中立方（neutral party）。因此，這個領域裡幾乎所有主要在應用層參與的玩家，都是跑在 Twilio 的軌道（rails）之上。

Like that is a really, really great spot to be in because ultimately, we're providing underlying infrastructure on top of which we're able to add capabilities like Intelligence, like Memory, like Orchestration, as Thomas alluded to a second ago. We can also add things like Branded Calling to be able to improve conversion rates and things of that nature.

這真的是一個非常、非常好的位置，因為最終我們提供的是底層基礎設施；在此之上，我們能加入像是 Intelligence、Memory、Orchestration 等能力，正如 Thomas 剛剛提到的。我們也能加入像 Branded Calling 這類功能，以提升轉換率等指標。

And so the ability to provide this full service offering at the infrastructure level allows us to win with every single one of the providers irrespective of what it is that they're trying to build and how they're going to market with their different customers. So I would say it's a starting point, like that's a major advantage in the broader ecosystem.

因此，在基礎設施層提供這種全方位服務的能力，讓我們能與每一個供應商都能勝出——不論他們想打造什麼、以及他們如何以不同客戶去市場（go-to-market）。所以我會說，這是一個起點：在更廣泛的生態系中，這是我們的一個重大優勢。

Customers continue to come to us for that infrastructure, for that programmability, for the different aspects of the conversation suite that I mentioned a second ago. I think it's just the technology adoption cycle. Like I mean, I don't think there's a number of like KPIs that necessarily have to be unlocked here, it's just going to happen as time goes on.

客戶持續因為這些基礎設施、可程式化能力（programmability），以及我剛剛提到的對話套件（conversation suite）的不同面向而來找我們。我認為這就是技術採用循環。我的意思是，我不覺得這裡一定要解鎖某些 KPI 才會發生；它會隨著時間推移自然發生。

I mean as consumers become more and more comfortable with the utilization of AI, it will pick up more as businesses start pushing the technology out to their consumers additionally, like we'll start to see the pick up more and more. I mean the reality is like, when we sell it, the ROI is very compelling. I mean we're able to generate more revenue, reduce costs, create a better consumer experience, but it's going to take time.

隨著消費者對 AI 的使用越來越自在，當企業也開始把這項技術推向其消費者端時，採用度就會越來越提升。現實是，當我們銷售這個方案時，ROI 非常有說服力。我們能帶來更多營收、降低成本、創造更好的消費者體驗，但這需要時間。

And I'm not surprised that the regulated industries have taken more time. That's how every technology cycle has played out. So I'm very, very optimistic about the way that it's played out so far. It certainly feels great about the way that I would expect it to play out going forward. And as Thomas alluded to a second ago, when you look at the top of the funnel, which is really like vis-a-vis self-serve, like growing at over 50% on voice there, like that's a pretty encouraging signal. So I think we just have to continue executing and there's a lot of demand on the come.

而且我不意外受監管產業（regulated industries）需要更長時間。每一個技術循環都是這樣發展的。所以我對目前為止的進展非常、非常樂觀。這也確實讓人對未來的發展方式感到很有信心，符合我對後續走勢的預期。另外，如 Thomas 剛剛提到的，當你看漏斗頂端（top of the funnel），也就是相對於自助式（self-serve）那一端，voice 成長超過 50%，這是一個相當令人鼓舞的訊號。所以我認為我們只需要持續把執行做好，後面還有很多需求正在到來。

Arjun Bhatia, William Blair.

Arjun Bhatia，William Blair。

Two, if I can. One for Aidan, maybe I want to ask the P&L question directed to a different metric for this quarter. I saw obviously, the op income growth was very strong. I think even after I back out the $11 million in credits, it was very healthy, and it seems like that's sort of being given back next quarter. I'm just curious if there's additional investments and growth investments you're planning to make or if there's something else at play there?

如果可以我有兩個問題。第一個給 Aidan：我想用本季另一個指標來問損益表（P&L）相關問題。我看到營業利益（op income）成長非常強。我想即便把 1,100 萬美元的抵減（credits）扣掉，表現也很健康，但看起來下一季好像又會把這部分讓回去。我想了解是否你們計畫做更多投資、成長型投資，或是還有其他因素在影響？

And then Khozema, one for you. I'm just curious how you view sort of these emerging agent to agent protocols? I know it's super early, but is that a tailwind for Twilio given some opportunity around orchestration and governance and identity as you talked about? Or does it potentially take some volume off of sort of traditional telephony and move it to other rails? I'm curious how you think that might evolve over time.

然後 Khozema，第二個給你。我想請教你如何看待這些新興的 agent-to-agent 協定？我知道現在還非常早期，但這是否會成為 Twilio 的順風（tailwind），因為你提到在編排（orchestration）、治理（governance）與身分（identity）方面可能有機會？或者它可能會讓部分流量從傳統電信（telephony）轉移到其他軌道（rails）上？我很好奇你認為它隨時間會如何演進。

Yes. Maybe I'll start, and then Aidan can talk about op income here in a second. I think it's all tailwind. I mean I think the reality is like it's a very fragmented landscape right now. You've got a number of these different companies. As I said earlier, all of the leading companies are already working with us. I mean it's not just like the messaging and e-mail content, like there's the service operations that go with it as well.

是的。也許我先回答，然後 Aidan 等一下可以談談營業利益。我認為這全部都是順風。現實是，現在的版圖非常碎片化（fragmented）。你會看到很多不同公司。如我先前所說，所有領先的公司都已經在與我們合作。而且不只是訊息與電子郵件內容而已，還有與之配套的服務營運（service operations）。

There'll be voice content. So we see what's been playing out so far as like a lot of tailwind going forward for the overall business. In terms of the protocols themselves, I would call them probably policies over protocols, like what they've stipulated is kind of a set of things that one should follow as these agent to agent interactions are transpiring.

也會有語音內容。所以我們認為目前的發展，對整體業務而言，未來會帶來很多順風。至於這些所謂的協定本身，我可能會把它們稱為「政策」多於「協定」；它們所規範的比較像是一套在這些 agent-to-agent 互動發生時應該遵循的事項。

We certainly conform to the different policies that are being written. They're also quite varied. And so here again, I think fragmentation kind of plays to Twilio's strengths, like our ability to work across any policy framework, any protocol framework, any technology, that's a great setup, not just for our core business in channels. It also helps to sell a lot more context and then I would say, going forward, it's a great setup for identity. So no matter how you kind of cut it, we look at the whole thing as a lot of tailwind for Twilio.

我們確實遵循正在制定的各項不同政策。這些政策也相當多樣化。因此在這裡我再次認為，碎片化某種程度上正好發揮了 Twilio 的優勢，例如我們能在任何政策框架、任何協定框架、任何技術之間運作的能力；這不僅對我們以通道為核心的業務是很好的佈局。它也有助於銷售更多情境（context），而且我會說，展望未來，這對身分識別（identity）也是很好的佈局。所以不管你怎麼切分來看，我們都把整體視為對 Twilio 的一股強勁順風。

Hey, Arjun, on your profit question, yes, we delivered very high op profit in Q3, $326 million, it was up nearly 40% year-over-year, it's up 14% quarter-over-quarter. As you called out and as I mentioned in the prepared remarks, we did benefit from roughly $11 million in platform credits, which were higher than we had anticipated. So that creates a slightly larger optical gap in our Q4 guidance.

嘿，Arjun，關於你問的獲利問題，是的，我們在第三季交出非常高的營業利益，3.26 億美元，年增將近 40%，季增 14%。如你所指出、也如我在事先準備的發言中提到的，我們確實受惠於約 1,100 萬美元的平台點數（platform credits），而這高於我們原先的預期。因此，這會在我們第四季的指引中造成稍微更大的表觀落差。

The other thing I'd say is we did make some investments in head count in the quarter, both R&D and go-to-market. Those are incorporated into our guidance as well. And then lastly, of course, as you know, we continue to just plan prudently just given the usage-based nature of the business.

另外我想說的是，我們在本季也在人力編制上做了一些投資，包含研發與市場推進（go-to-market）。這些也都已納入我們的指引之中。最後，當然如你所知，鑑於我們業務屬於用量計費（usage-based）的性質，我們仍會持續以審慎方式規劃。

Nick Altmann, US Bancorp.

Nick Altmann，美國合眾銀行（US Bancorp）。

I wanted to ask a question about how some of the AI use cases in software add-ons have this pull-through dynamic, which results in higher volumes. Because Khozema, you've talked about how voice AI agent use cases actually result in longer duration calls and then there's products like Branded Calling, which can actually drive higher answer rates and allow customers to do more outbound calling.

我想問一個問題，關於軟體加值模組中的一些 AI 使用案例如何具有「帶動效應」（pull-through dynamic），進而帶來更高的用量。因為 Khozema，你談到語音 AI 代理（voice AI agent）的使用案例其實會讓通話時長變長；另外也有像 Branded Calling 這類產品，能提高接聽率，讓客戶能做更多外撥通話。

And so my question is, how should we think about the overall uplift in terms of the volume of minutes or messages when it comes to customers that begin to embed voice AI agents or when they have products like Branded Calling or Conversation Memory or other offerings?

所以我的問題是：對於開始嵌入語音 AI 代理的客戶，或使用 Branded Calling、Conversation Memory 或其他產品的客戶，我們應該如何看待分鐘數或訊息量在整體用量上的提升幅度？

Yes. I mean, I think, broadly speaking, you should expect call duration to go up from where it is today. Like I think most calls and service environments today are measured on cycle time. I think going forward, the way that customer service operations will probably measure contact centers is based on the outcomes that are being created for the consumers on the other side.

是的。我的意思是，整體而言，你應該預期通話時長會比今天更長。我認為目前多數服務環境中的通話，都是以處理週期時間（cycle time）來衡量。我認為未來，客服營運衡量聯絡中心的方式，可能會更以為另一端消費者所創造的結果（outcomes）為基礎。

So I'm certainly not suggesting that like what used to be a 60-second call is going to go up to like 10, 20 minutes, I'd say that's not a great outcome necessarily. But I do think there will be an uplift as a means to being able to, a, solve the consumer's problem. But b, there's also like a big opportunity for real revenue uplift on the part of the business, right?

所以我當然不是在暗示，過去 60 秒的通話會變成 10、20 分鐘；我會說那未必是好的結果。但我確實認為，為了能夠（a）解決消費者的問題，通話時長會有所提升。但（b）同時，對企業端而言也存在很大的實質營收提升機會，對吧？

So they can cross-sell, upsell their customers a lot better. And especially if they're using a context layer underneath their ability to source details about the consumer that they're serving in real time and then be able to create like kind of packages and prices of additional items like that's pretty compelling. Beyond all that stuff, the Branded Calling and other intelligence capabilities as part of the conversation suite, like that's all uplift. And so those, as you know, like provide price adders.

因此他們可以更有效地對客戶進行交叉銷售（cross-sell）與向上銷售（upsell）。特別是如果他們在底層使用一個情境層（context layer），能即時取得所服務消費者的相關細節，並進而建立某種組合方案與加購項目的定價——這相當有吸引力。除此之外，Branded Calling 以及對話套件（conversation suite）中的其他智慧能力，這些都能帶來提升。而且如你所知，這些也能帶來額外的加價項（price adders）。

But ultimately, like ROI is, I think, what wins the game here. And I think Twilio has an offering when you combine our channels, combine it with context and then add in things like Branded like makes for a really, really compelling offering leads to better conversion, better revenue, lower cost and ultimately better consumer outcomes. And I think that's why you've seen the growth characteristics that you have.

但最終，我認為在這裡決勝的關鍵是投資報酬率（ROI）。我認為 Twilio 的方案——把我們的通道（channels）結合情境（context），再加入像 Branded 這類能力——會形成非常、非常有說服力的整體方案，帶來更好的轉換率、更高的營收、更低的成本，並最終帶來更好的消費者結果。我認為這也是你所看到的那些成長特性背後的原因。

Koji Ikeda, Bank of America.

Koji Ikeda，美國銀行（Bank of America）。

I wanted to follow up on an answer you gave earlier about self-service voice growing 50%. And so how predictive has self-service historically been around broader voice growth? And what sort of lag do we expect from self-service growth -- self-serve customers growing versus the revenue going up from it?

我想追問你先前提到自助式語音（self-service voice）成長 50% 的回答。那麼，歷史上自助式語音對於更廣泛的語音成長有多大的預測性？以及我們預期自助式成長——也就是自助客戶數成長——到其帶動營收上升之間，會有什麼樣的時間落後（lag）？

I mean I could talk a little bit about the use cases and then, Aidan, maybe if you want to get into more of some of the historicals on it. But when you think about the use cases we're typically seeing with voice with self-service, a lot of it is the autonomous AI-powered customer engagement use case. And it often starts with an AI native that's beginning to unlock a new vertical application or agent.

我的意思是，我可以先談談使用案例；然後 Aidan，如果你願意，也許你可以補充一些歷史數據面的觀察。但當你思考我們在自助式語音上通常看到的使用案例時，其中很大一部分是由 AI 驅動的自主式客戶互動（autonomous AI-powered customer engagement）使用案例。而它往往是從某個 AI 原生（AI native）公司開始，去解鎖一個新的垂直應用或代理（agent）。

From there, they need to complete sort of a holistic customer journey as they get some product market fit, they start to increase their volumes then we typically see that they'll add a second channel because most voice experiences are only just one channel is not enough. You need to be able to communicate to customers with -- through omnichannel experiences.

接著，當他們取得某種產品市場契合（product-market fit）後，就需要完成更完整的端到端客戶旅程；隨著用量開始增加，我們通常會看到他們會再加入第二個通道，因為多數語音體驗只靠單一通道是不夠的。你需要能透過全通路（omnichannel）的體驗與客戶溝通。

So then we tend to see the Messaging get added, the conversation suite get added and ultimately, I think, as we said in previous conference calls that 60% plus of our enterprise customers started in self-service, and we see that natural expansion of our self-service customers continue and even this quarter, if you look at our $1 million customer cohort growth, it's growing as fast as it has in a long time.

因此我們往往會看到他們加入 Messaging、加入對話套件（conversation suite）；而且最終，如同我們在先前的法說會中提到的，我們 60% 以上的企業客戶都是從自助式開始的。我們也看到自助式客戶持續自然擴張；甚至在本季，如果你看我們 100 萬美元客戶群（$1 million customer cohort）的成長，它正以很長一段時間以來最快的速度成長。

So we're really encouraged about the trends starting in self-service, how that translates into enterprise adoption over time and how these companies become $1 million-plus customers for us.

所以我們對從自助式開始的趨勢感到非常鼓舞：它如何隨時間轉化為企業採用，以及這些公司如何成為我們 100 萬美元以上的客戶。

Yes. And then from a self-serve perspective, I'm not going to give any numbers specifically, right? But this is where we do our customer acquisition, right? This is where the AI native kind of all get started on our platform. When you think about voice in context to our kind of voice self-serve, just for context, right, our total self-service is roughly like 15% of our revenue. Voice is a small -- relatively a smaller portion of that, obviously, just given the size of Messaging and some of the other businesses.

是的。然後從自助（self-serve）的角度來看，我不會提供任何具體數字，對吧？但這就是我們進行客戶獲取（customer acquisition）的地方，對吧？這也是 AI 原生公司基本上都在我們平台上起步的地方。當你把語音放在我們的語音自助（voice self-serve）脈絡下來看，作為背景補充，我們整體自助式業務大約占我們營收的 15%。而語音在其中占比相對更小，這很明顯，主要是因為 Messaging 以及其他一些業務的規模更大。

So first of all, it's a relatively small part of our revenue. It's growing very quickly. As Thomas said earlier, it's growing about 55%. And with a lot of these natives, we partnered very closely with them over the last couple of years, they typically come in, started on voice rails from a kind of programmable voice perspective. We've added software add-ons on top of that.

所以首先，它在我們營收中是相對小的一部分。但它成長非常快。如 Thomas 先前所說，它大約成長 55%。而對於許多這類原生公司，我們在過去幾年與他們非常緊密合作；他們通常會先從語音軌（voice rails）進來，從可程式化語音（programmable voice）的角度開始。我們也在其上叠加了軟體加值模組（software add-ons）。

In many of these cases, we've seen growth really accelerate and they're meaningful customers today. I mean, last quarter, we called out a horizontal conversational AI company that started building with Twilio in the Voice channel. In Q1 of '25, they were generating kind of low six figures quarterly spend on Twilio, and it was almost all voice connectivity.

在許多這些案例中，我們看到成長確實大幅加速，而他們如今已是重要客戶。我的意思是，上個季度我們提到一家橫向的對話式 AI 公司（horizontal conversational AI company），他們一開始是在 Voice 通道上用 Twilio 進行建置。在 2025 年第一季，他們在 Twilio 的季度支出大概是低六位數美元規模，而且幾乎全部都是語音連線（voice connectivity）。

Since then, their quarterly connectivity spend has tripled, their software add-ons has gone from essentially nothing to nearly $0.5 million in the most recent quarter. And so you can see they've gone from a relatively small customer, now they're leveraging our media streams, our conferencing capabilities, answering machine detection, a lot of our software add-ons, and they're over $6 million annual run rate, growing like 65% with us. So that's the kind of thing we're seeing. It's happening. It's a relatively small part of our business today, but it's growing really quickly. And it's exciting to think about what it could be.

自那之後，他們每季的連線支出已成長到原來的三倍，而他們的軟體加購項目也從幾乎為零，提升到最近一季接近 50 萬美元。因此你可以看到，他們從相對較小的客戶，現在開始運用我們的媒體串流、會議能力、答錄機偵測，以及許多軟體加購項目；他們與我們合作的年化經常性收入（annual run rate）已超過 600 萬美元，並以約 65% 的速度成長。這就是我們正在看到的情況。它正在發生。以我們目前的業務規模來看，這仍是相對較小的一部分，但成長非常快。想到它未來可能發展成什麼樣子，令人振奮。

Ryan MacWilliams, Wells Fargo.

Ryan MacWilliams，富國銀行（Wells Fargo）。

I'd love to hear about how the AI opportunity is evolving for the Messaging business. Are your customers starting to see higher ROI on AI SMS use cases? Like maybe they're trying more customer service SMS AI use cases or starting to get more interested in RCS? And then separately, how are trends for e-mail in the quarter? And did you see any positive or negative impacts from AI within e-mail?

我很想聽聽 AI 機會在訊息（Messaging）業務上的演進情況。你的客戶是否開始在 AI 簡訊（SMS）使用情境上看到更高的投資報酬率（ROI）？例如他們可能在嘗試更多客服簡訊 AI 的使用情境，或開始對 RCS 更感興趣？另外，本季電子郵件（e-mail）的趨勢如何？你是否看到 AI 對電子郵件帶來任何正面或負面的影響？

Yes. Email was pretty consistent. Business is growing pretty well. It's a little bit lower than our kind of company average, but nothing to call out from a change in trend perspective. And I'd say early days from an AI perspective on e-mail.

是的。電子郵件表現相當一致。業務成長得不錯。它略低於我們公司整體平均水準，但從趨勢變化的角度來看，沒有什麼特別需要指出的。而且我會說，就電子郵件而言，AI 方面仍處於早期階段。

In terms of the AI opportunity on Messaging, I mean, I think you're certainly seeing it start based on like just the take off with some of the consumer stuff, you're definitely seeing some activity there. I think you asked a slightly different question in terms of RCS and the ROI there. The ROI in RCS has been very, very significant. I mean it's been a very fast-growing product for us.

就訊息（Messaging）的 AI 機會而言，我的意思是，我認為你確實開始看到它的起步，像是一些消費端產品的快速起飛，你肯定會看到那裡有一些活動。我想你問的是一個稍微不同的問題，關於 RCS 以及那裡的 ROI。RCS 的 ROI 非常、非常顯著。我的意思是，這對我們來說一直是成長非常快的產品。

It's little bit more challenging adoption cycle, if you will, just based on some things that have to be done as part of the onboarding process. But the technology is fantastic. Customers who are using it are getting a ton out of it. It obviously comes with a lot of branding built into it as well. And so customers who are on it are really enjoying it and getting superior ROI relative to kind of traditional messaging, I would say.

如果你願意這麼說，它的採用週期稍微更具挑戰性，主要是因為在導入（onboarding）流程中有一些事情必須完成。但這項技術非常出色。正在使用它的客戶從中獲得了非常多的價值。它顯然也內建了大量品牌呈現（branding）。因此，使用中的客戶真的很喜歡它，而且相較於傳統訊息傳遞，我會說他們獲得了更優異的 ROI。

Derrick Wood, TD Cowen.

Derrick Wood，TD Cowen。

Khozema, when it comes to these new consumer AI agents, I know you're saying it's still early, but you did indicate you're working with leading product companies already. So can you just help us frame kind of where you see the lowest hanging fruit when looking across your various communication channels? And then when it comes to the consumer brand side, do you see them starting to feel a need to stand up more agentic support systems to handle all the inbound agent volumes? And how would you frame the opportunity for Twilio there?

Khozema，談到這些新的消費端 AI 代理（agents），我知道你說現在仍在早期，但你也提到你們已經在與領先的產品公司合作。所以你能否協助我們釐清一下，當你檢視你們各種通訊渠道時，你認為最容易先落地的機會在哪裡？另外在消費品牌端，你是否看到他們開始感受到需要建立更多具代理能力（agentic）的支援系統，以處理所有進線的代理流量？你會如何界定 Twilio 在這方面的機會？

Derrick, it's Thomas here. A couple of points. So we are working with all the major players, but this is an interesting area where the consumer agents also has a long tail of smaller, lesser-known consumer agent companies that we're also working with. And it could be everything from outbound voice, helping these companies set up the telephony infrastructure to make calls on the consumers' behalf.

Derrick，我是 Thomas。幾點說明。我們確實正在與所有主要玩家合作，但這是一個有趣的領域：除了主要的消費端代理之外，還有一條長尾（long tail）的較小、知名度較低的消費端代理公司，我們也在與他們合作。這可能涵蓋各種情境，從外撥語音開始，協助這些公司建立電話通訊（telephony）基礎設施，讓他們能代表消費者撥打電話。

There's the messaging and texting capability. There's the verification and OTP capability resulting in authenticating these agents properly. So we're participating and helping the consumer side of this with blueprints so that these companies can set up their communication infrastructure powered by Twilio to be able to have these agents transact on behalf of the consumers.

也包括訊息與簡訊能力。也包括驗證與一次性密碼（OTP）能力，以便正確驗證這些代理的身分。因此我們正在參與其中，並透過藍圖（blueprints）協助消費端，讓這些公司能建立由 Twilio 驅動的通訊基礎設施，使這些代理能代表消費者完成交易。

On the flip side, I'd say there's even more acceleration of businesses trying to get ready for these consumer agents. And that's accelerating the conversations in the demand for helping our business customers set up virtual agents to be able to field the consumer agents that are coming more inbound. And so it's really an interesting flywheel effect that's early days. So it's very early, but a lot of proof of concepts, a lot of early experimenting going on, and we're excited about the long-term potential for it.

反過來說，我會說企業為了因應這些消費端代理而做準備的加速程度更高。這也加速了相關對話與需求：協助我們的企業客戶建立虛擬代理（virtual agents），以便應對越來越多由消費端代理發起的進線互動。因此這是一個非常有趣的飛輪效應（flywheel effect），而且仍在早期階段。所以現在非常早期，但已經有很多概念驗證（proof of concepts）、很多早期實驗正在進行，我們對其長期潛力感到興奮。

Parker Lane, Stifel.

Parker Lane，Stifel。

Aidan, earlier, you talked about the impact of Messaging you saw from ISVs moderating off the tough compares. Is that a comment or something that you saw across all the ISV relationships broadly or were some of the long-tenured ISVs versus the AI natives more impacting that figure?

Aidan，你先前談到訊息（Messaging）受到 ISV 在艱難比較基期下影響趨緩的效果。這是你在所有 ISV 合作關係中普遍看到的現象，還是說某些合作時間較長的 ISV 相較於 AI 原生（AI natives）的 ISV，對那個數字的影響更大？

Yes, I'd say it was not every ISV we sell in the quarter, obviously. So overall, they did tended to be focused on a few of them. But nothing specifically to call out there or give more on.

是的，我會說當然不是我們本季銷售的每一家 ISV 都是如此。所以整體而言，影響確實比較集中在其中幾家。但沒有什麼特別需要點名或能再補充更多的。

Thank you. At this time, this concludes our question-and-answer session. Thank you for your participation in today's conference. This now concludes our program, and you may now disconnect.

謝謝。此時，我們的問答環節到此結束。感謝各位參與今天的電話會議。本次會議至此結束，您現在可以掛線。