Twilio Inc (TWLO) 2021 Q4 法說會逐字稿

Good evening. My name is Chantel, and I will be your conference operator today. At this time, I would like to welcome everyone to the Twilio Fourth Quarter and Full Year 2021 Earnings Conference Call. (Operator Instructions)

晚安.我叫 Chantel，今天我將擔任你們的會議操作員。此時，我謹歡迎大家參加 Twilio 第四季和 2021 年全年財報電話會議。 （操作員說明）

Andrew Zilli, Vice President of Investor Relations, you may begin your conference.

Andrew Zilli，投資者關係副總裁，您可以開始會議了。

Thank you, Chantel. Good afternoon, everyone, and thank you for joining us for Twilio's Fourth Quarter and Full Year 2021 Earnings Conference Call. Our prepared remarks, earnings press release, investor presentation, SEC filings and a replay of today's call can be found on our IR website at investors.twilio.com. Joining me today for Q&A are Jeff Lawson, Co-Founder and CEO; Marc Boroditsky, CRO; and Khozema Shipchandler, COO.

謝謝你，尚特爾。大家下午好，感謝您參加 Twilio 2021 年第四季和全年財報電話會議。我們準備好的評論、收益新聞稿、投資者介紹、SEC 文件以及今天電話會議的重播可以在我們的投資者關係網站 Investors.twilio.com 上找到。今天與我一起參加問答的有聯合創始人兼首席執行官傑夫·勞森 (Jeff Lawson)；馬克‧博羅迪茨基 (Marc Boroditsky)，首席風險長；和首席營運官 Khozema Shipchandler。

As a reminder, some of our commentary today may be in non-GAAP terms. Reconciliations between our GAAP and non-GAAP results and further information related to guidance can be found in our earnings press release.

提醒一下，我們今天的一些評論可能採用非公認會計原則術語。我們的 GAAP 和非 GAAP 結果之間的調整以及與指導相關的更多資訊可以在我們的收益新聞稿中找到。

Additionally, some of our discussion and responses may contain forward-looking statements, which are subject to risks, uncertainties and assumptions. In particular, statements about Twilio's outlook for the quarter ending March 31, 2022; Twilio's goals regarding delivering non-GAAP operating profitability beginning in 2023 and meeting annual growth rates and long-term non-GAAP gross margin targets; Twilio's expectations regarding our products and solutions; Twilio's expectations regarding business benefits and financial impacts from our acquisitions and our partnerships and investments, including the associated transactions; our expectations regarding the impact of recent and future privacy changes on certain third-party platforms on Twilio and our customers; and Twilio's ability to manage changes in network service provider fees that we pay in connection with the delivery and communications on our platform and the impact of those fees on our gross margins, are subject to change. Should any of these risks materialize or should our assumptions prove to be incorrect, actual financial results could differ materially from our projections or those implied by these forward-looking statements.

此外，我們的一些討論和回應可能包含前瞻性陳述，這些陳述受到風險、不確定性和假設的影響。特別是有關 Twilio 對截至 2022 年 3 月 31 日的季度前景的聲明； Twilio 的目標是從 2023 年開始實現非 GAAP 營運獲利並實現年度成長率和長期非 GAAP 毛利率目標； Twilio 對我們的產品和解決方案的期望； Twilio 對我們的收購、合作夥伴關係和投資（包括關聯交易）所帶來的商業利益和財務影響的期望；我們對近期和未來隱私變化對 Twilio 和我們的客戶的某些第三方平台的影響的期望； Twilio 管理我們因平台上的交付和通訊而支付的網路服務供應商費用變化的能力以及這些費用對我們毛利率的影響可能會發生變化。如果這些風險中的任何一個成為現實，或者我們的假設被證明是不正確的，實際財務結果可能與我們的預測或這些前瞻性陳述所暗示的結果有重大差異。

A description of these risks, uncertainties and assumptions and other factors that could affect our financial results are included in our SEC filings, including our most recent report on Form 10-K and subsequent reports on Form 10-Q. And our remarks today should be considered to incorporate this information by reference.

這些風險、不確定性和假設以及可能影響我們財務表現的其他因素的描述均包含在我們向 SEC 提交的文件中，包括我們最新的 10-K 表報告和後續的 10-Q 表報告。我們今天的言論應該被視為透過引用納入這些資訊。

Forward-looking statements represent our beliefs and assumptions only as of the date such statements are made. We undertake no obligation to update any forward-looking statements made during this call to reflect the management circumstances after today or to reflect new information or the occurrence of unanticipated events, except as required by law.

前瞻性陳述僅代表我們截至做出此類陳述之日的信念和假設。我們沒有義務更新本次電話會議期間所做的任何前瞻性陳述，以反映今天之後的管理情況或反映新資訊或意外事件的發生，除非法律要求。

With all that out of the way, I'll hand it over to Jeff for some opening remarks, and we'll open the call for Q&A.

完成所有這些後，我將把它交給傑夫做一些開場白，然後我們將開始問答環節。

Thank you, Zilli. I am very happy with our 2021 results built on some great outcomes for customers that continue to generate the best-in-class growth for investors that you see today. I've never been more excited about the future of the company that I am sitting here right now.

謝謝你，齊利。我對我們 2021 年的業績感到非常滿意，這些業績建立在為客戶提供一些出色成果的基礎上，這些成果繼續為您今天看到的投資者帶來一流的成長。我對我現在坐在這裡的公司的未來感到前所未有的興奮。

We have an awesome leadership team. The combination of our leading cloud communications platform with Twilio Segment's #1 customer data platform gives Twilio an unparalleled view into the customer journey, setting us up as the company that can truly deliver on the customer engagement platform vision. We intend to become the software player that digitally connects every business to their customers to introduce true personalized engagement and relationships in the next chapter of the fab. We're builders. So our work is never done, and I'm incredibly eager to continue building the company in 2022 and beyond.

我們擁有一支出色的領導團隊。我們領先的雲端通訊平台與 Twilio Segment 排名第一的客戶數據平台相結合，為 Twilio 提供了無與倫比的客戶旅程視角，使我們成為能夠真正實現客戶參與平台願景的公司。我們打算成為以數位方式將每個企業與其客戶連接起來的軟體參與者，以在晶圓廠的下一章中引入真正的個人化參與和關係。我們是建設者。因此，我們的工作永無止境，我非常渴望在 2022 年及以後繼續建立公司。

With that, let's open the call for your questions.

接下來，讓我們開始詢問您的問題。

(Operator Instructions) Our first question comes from Samad Samana with Jefferies.

（操作員說明）我們的第一個問題來自 Jefferies 的 Samad Samana。

Congrats on the strong finish to the year. It's great to see the organic growth. Maybe, Jeff, first for you. And just in reading over the prepared remarks, I think the company really did a good job of expressing, moving from just the infrastructure side to more of the solution layer. I'm curious if you could maybe help us understand how the adoption is going for the more solution-based products that the company is rolling out, and how we should think about maybe the traction changing. I know you guys call that IDFA, in particular, as a driver. Like are we at an inflection where that's accelerating? Or how should we think about the shape of that adoption?

祝賀今年圓滿成功。很高興看到有機增長。也許，傑夫，首先是為了你。在閱讀準備好的發言時，我認為該公司確實在表達方面做得很好，從基礎設施轉向了更多的解決方案層。我很好奇您是否可以幫助我們了解該公司正在推出的更多基於解決方案的產品的採用情況如何，以及我們應該如何考慮牽引力的變化。我知道你們稱之為 IDFA，特別是作為驅動程式。就像我們正處於一個加速的轉折點嗎？或者我們應該如何思考這種採用的形式？

Yes. Thank you, Samad. So I think there's 2 parts to that question, which is essentially, first of all, really pleased with how the introduction of our software layer is going. If you think about -- look at some of the customers that we're talking about in our earnings calls, not just this time, but really every quarter, right? We've got great companies who are adopting Flex and Segment. Like I love the Vertu Motors example that we talked about today of them bringing Flex and Segment together to make a contact center better. You look at Stripe adopting Flex for their contact center needs and Flex expanding in Global 2000 financial services company and Global 2000 automaker and Nubank, many others; Invisalign putting Flex for their process.

是的。謝謝你，薩馬德。所以我認為這個問題有兩個部分，首先，我們對軟體層的引入進展非常滿意。如果你想一想，看看我們在財報電話會議中討論的一些客戶，不僅僅是這一次，而是每個季度，對嗎？我們有一些很棒的公司正在採用 Flex 和 Segment。就像我喜歡我們今天討論的 Vertu Motors 的例子一樣，他們將 Flex 和 Segment 結合在一起，使聯絡中心變得更好。您可以看到 Stripe 採用 Flex 來滿足其聯絡中心需求，以及 Flex 在全球 2000 強金融服務公司、全球 2000 強汽車製造商和 Nubank 等許多公司中的擴張； Invisalign 隱適美將 Flex 用於他們的流程。

I mean we could come up with so many of these customer stories. But really, the answer is that our approach of in and up strategy is a great one because Twilio is used by so many companies around the world. Every industry, every shape and size, every continent, I mean, this really is -- the need for things like email and messaging is so ubiquitous. And developers (inaudible) with so little friction. We're able to use those initial wins and that initial traction that we get to move up the value chain, move up work chart and move up the software staff to then go address the things that our customers are trying to solve, whether it's in their contact center, whether it's in their sales process, their marketing, inside their products.

我的意思是我們可以想出很多這樣的客戶故事。但實際上，答案是我們的內向和向上策略方法是一種很好的方法，因為 Twilio 被世界各地的許多公司使用。每個行業、每種形狀和規模、每個大陸，我的意思是，這確實是——對電子郵件和訊息傳遞之類的東西的需求是如此普遍。開發人員（聽不清楚）的摩擦很少。我們能夠利用這些最初的勝利和最初的吸引力來提升價值鏈、提升工作表和提升軟體人員，然後去解決我們的客戶試圖解決的問題，無論是在他們的聯絡中心，無論是在銷售流程、行銷還是產品內部。

And that is really what the in and up strategy that we're talking about is all about: leveraging the ubiquity of Twilio across all these different kinds of companies into building this customer engagement platform that, from our conversations with customers, they all need because they all have to go build great relationships with better customers. The way to do that is by understanding the customer and then engaging with them. And that's why Twilio having the leading CDP to understand customers. They're in the leading communications platform. They go engage with them. And this is definitely such a powerful combination.

這就是我們正在討論的 in and up 策略的全部內容：利用 Twilio 在所有這些不同類型的公司中的普遍性來建立這個客戶參與平台，從我們與客戶的對話來看，他們都需要這個平台，因為他們都必須去與更好的客戶建立良好的關係。做到這一點的方法是了解客戶，然後與他們互動。這就是 Twilio 擁有領先的 CDP 來了解客戶的原因。他們處於領先的通訊平台。他們去與他們接觸。這絕對是一個如此強大的組合。

The second part of your question about IDFA provided by privacy. Look, I think the society is on the right track, right, investing in privacy, testing regulation and laws and things like deprecating tracking tokens that, if most consumers knew what had happened on the Internet, they'd be pretty horrified, actually. So we are on the right track. And what this is doing is forcing customers, our customers, businesses to focus on the fundamental business.

您關於 IDFA 的問題的第二部分由隱私提供。聽著，我認為社會正走在正確的軌道上，對的，投資隱私，測試監管和法律，以及諸如棄用跟踪令牌之類的事情，如果大多數消費者知道互聯網上發生了什麼，他們實際上會感到非常震驚。所以我們走在正確的軌道上。這正在迫使客戶、我們的客戶、企業專注於基本業務。

I think about my grandfather. We sold paint to hardware stores in Detroit. And what you have to do is to know your customer and then talk (inaudible) about their business and how you're going to help them. But that's the fundamental of the business, understand the customer and talk to them.

我想我的祖父。我們向底特律的五金行出售油漆。您要做的就是了解您的客戶，然後談論（聽不清楚）他們的業務以及您將如何幫助他們。但這是業務的基礎，了解客戶並與他們交談。

And so by investing in privacy, the companies have to actually use the first-party data there to help people use their product, help people use their website, their mobile app, what they buy, what they return, et cetera, and use all that as signal for how they can digitally engage with their customers and make that experience more personalized and compelling.

因此，透過投資隱私，公司必須實際使用那裡的第一方資料來幫助人們使用他們的產品，幫助人們使用他們的網站、他們的行動應用程式、他們購買的東西、他們退貨的東西等等，並使用所有這是他們如何以數位方式與客戶互動並使這種體驗更加個性化和引人注目的信號。

And so I believe that is a trend. That is a big trend. (inaudible) is a whole direct-to-consumer market [at this point], which again it's like 2 sides of the same coin, if you will. That means the companies have to build their customer base and then engage them and turn them into repeat, happy, loyal buyers, instead of just turning to customers and then acquiring more by buying more ads. And I think this is a big change [that's going on] on ecosystem that we and Segment and the CDP and then with the rest of our products helping them follow us.

所以我相信這是一種趨勢。這是一個大趨勢。 （聽不清楚）是一個完整的直接面向消費者的市場（此時），如果你願意的話，它就像同一枚硬幣的兩面。這意味著公司必須建立自己的客戶群，然後吸引他們，將他們變成回頭客、快樂、忠誠的買家，而不是只轉向客戶，然後透過購買更多廣告來獲得更多客戶。我認為這是我們、Segment 和 CDP 的生態系統正在發生的巨大變化，然後我們的其他產品幫助他們跟隨我們。

Great. That's very helpful. And maybe just a quick follow-up for Khozema. First, appreciate the additional disclosures and the numbers around organic growth. That was very helpful by you and the IR team. Maybe if I just -- the outlook for getting to profitability in 2023, I know we're still a ways out from that. But can you maybe help us understand what the assumptions are around -- is that going to come on the gross margin line? Or is that mainly because of OpEx leverage or revenue mix? How should we think about what allows the company to get to that profitability and what you're assuming in that?

偉大的。這非常有幫助。也許只是科澤馬的快速跟進。首先，了解有關有機成長的額外揭露和數字。您和 IR 團隊非常有幫助。也許如果我只是展望 2023 年獲利的前景，我知道我們距離這個目標還有很長的路要走。但你能否幫助我們理解周遭的假設——這會出現在毛利率線上嗎？或者這主要是因為營運支出槓桿或收入組合？我們應該如何思考是什麼讓公司能夠獲得這種獲利能力以及您對此有何假設？

Yes. Samad, thanks for the question. Appreciate you asking. So I think it's actually a combination of things, some that will play out in the short term and then others that will kind of play out in the medium to long term. So the way to think about it, I think, at least for the short term is that the improvements largely are going to come from operating expenses.

是的。薩馬德，謝謝你的提問。感謝您的提問。所以我認為這實際上是多種因素的結合，有些會在短期內發揮作用，而有些則會在中長期內發揮作用。因此，我認為，至少在短期內，改進很大程度上將來自營運費用。

And one of the things that I mentioned in my prepared remarks and as we talked about in the past is that we haven't been investing in a number of areas over the last several years. In particular, what we've been calling out historically has been Flex, enterprise go-to-market, international go-to-market and the core infrastructure. And we expect that rate of cost growth in those areas just starts to moderate basically in the second half of the year. And I think a good example of that is our ERP project, which goes live in the middle of the year.

我在準備好的演講中提到的以及我們過去談到的一件事是，過去幾年我們沒有在許多領域進行投資。特別是，我們歷來一直強調的是 Flex、企業上市、國際上市和核心基礎設施。我們預計這些領域的成本成長率在下半年才開始基本放緩。我認為我們的 ERP 專案就是一個很好的例子，該專案於年中投入使用。

And it's not to say that we're not going to invest in the other areas. We will. But I think the lower -- the rate of growth in those investments will be a little bit lower than what we've seen historically.

這並不是說我們不會投資其他領域。我們將。但我認為，這些投資的成長率將略低於我們歷史上看到的水平。

And I would add that up to this point, we really prioritize growth in scaling the company. And I think growth certainly remains the priority for the company, and we actively make that trade-off historically. But I think we're at the point now where we've got enough scale that we can actually start reaping the benefits of that scale and just become more efficient in our core operations. And so we see a real efficiency opportunity as we move out, and we're really confident in our ability for non-GAAP profitability in 2023.

我想補充一點，到目前為止，我們確實優先考慮擴大公司規模的成長。我認為成長無疑仍然是公司的首要任務，而且我們歷來都在積極進行這種權衡。但我認為我們現在已經擁有足夠的規模，我們實際上可以開始獲得這種規模的好處，並且我們的核心營運變得更有效率。因此，當我們搬遷時，我們看到了真正的效率機會，並且我們對 2023 年非 GAAP 盈利能力充滿信心。

I think over the time, in medium to long term, we do expect improvements in our gross margin line as well. Obviously, that number has bounced around from period to period in the short term, not the trade-off, but would be also actively make because we like the fact that we're onboarding customers and have an opportunity to grow with them.

我認為，從中長期來看，我們確實預期毛利率也會有所改善。顯然，這個數字在短期內會隨著時間的推移而反彈，這不是權衡，但也會積極進行，因為我們喜歡這樣的事實：我們正在吸引客戶，並有機會與他們一起成長。

But very consistent with what Jeff said a moment ago, as we onboard those customers and really leverage the in and up strategy and bring them into higher levels of the software stack, I think we have a real opportunity to provide value to customers, and I think that will bring margin improvement for us as a company. And that's why we stand by our 60% loss over time in the gross margin line.

但與傑夫剛才所說的非常一致，當我們吸引這些客戶並真正利用內向和向上策略並將他們帶入軟體堆疊的更高層級時，我認為我們有一個真正的機會為客戶提供價值，而且我認為這將為我們公司帶來利潤率的提高。這就是為什麼我們堅持長期毛利率下降 60% 的原因。

Your next question comes from Derrick Wood with Cowen.

您的下一個問題來自 Derrick Wood 和 Cowen。

Nice to see a strong quarter. Congrats. Jeff or Marc, I mean, you guys have been on this journey to build out this kind of CRM suite of applications. You referenced this in and up motion, and the product portfolio has certainly matured quite a bit. So from a go-to-market perspective, looking in 2022, how are you planning to be more aggressive in this up-stack, the up part of the motion? And what would you like to see kick into a new gear in 2022?

很高興看到一個強勁的季度。恭喜。 Jeff 或 Marc，我的意思是，你們一直在建立這類 CRM 應用程式套件。您在動態中提到了這一點，產品組合肯定已經成熟了很多。因此，從進入市場的角度來看，展望 2022 年，您計劃如何在這一向上堆疊（該動議的向上部分）中更加積極主動？您希望在 2022 年看到哪些新變化？

Derrick, thanks. Great questions. This is Marc Boroditsky (inaudible). It is front and center in the way that we are going to market in 2022. As a matter of fact, we're in the final days of our sales kickoff this week, and the primary objective that we're enabling the team on are the in and up strategy. So leveraging our installed base and access to customers efficiently through email and messaging, to sell them more broadly on the vision of the customer engagement platform.

德里克，謝謝。很好的問題。我是馬克·博羅迪茨基（Marc Boroditsky）（聽不清楚）。這是我們 2022 年行銷方式的首要和中心。因此，利用我們的客戶群並透過電子郵件和訊息有效地接觸客戶，根據客戶參與平台的願景更廣泛地向他們推銷。

You may remember, we announced the customer engagement platform with SIGNAL this past quarter. It's resonating with customers of all sizes, driven by their desire to take more control over their digital engagement customers. And we're hearing interest across the entire arc of their end consumer engagement from top of funnel all the way through the long-term loyalty. So the training we're doing now as we're looking out to 2022 is supporting our sales team to ensure that they're ready and able to approach the opportunity that we see as significant in the market today.

您可能還記得，我們​​在上個季度宣布了 SIGNAL 的客戶互動平台。它引起了各種規模的客戶的共鳴，因為他們希望對數位參與客戶有更多的控制權。我們聽到了他們對最終消費者參與的整個弧線的興趣，從通路頂部一直到長期忠誠度。因此，展望 2022 年，我們現在正在進行的培訓是為我們的銷售團隊提供支持，以確保他們做好準備並能夠抓住我們認為當今市場上重要的機會。

Great. Great to hear. One for Khozema. Could you double-click on the change in your guidance philosophy? How has your approach changed versus what it was before? And I guess, what kinds of new insights have you gained or more comfortable with in order to better predict consumption behavior?

偉大的。很高興聽到。一張是給科澤馬的。能否雙擊指導理念的改變？與以前相比，您的方法有何變化？我想，為了更好地預測消費行為，您獲得了哪些新見解或更願意接受哪些新見解？

Yes. Great question, Derrick. So as you know, I mean, if we run a usage bases business model, for the most part, we have a little bit of stack in there as well. And I'd say with each passing year, we just had a lot more insight as to the way that customers end up using our platform. And we're just able to better predict usage patterns over time. And so what we end up doing with our FP&A team is basically fine-tuning that forecasting model every year. And as we could collect additional information, we're able to be more granular about the ways in which we can do that.

是的。好問題，德瑞克。如您所知，我的意思是，如果我們運行基於使用的業務模型，那麼在大多數情況下，我們也會有一些堆疊。我想說，隨著時間的推移，我們對客戶最終使用我們平台的方式有了更多的了解。我們能夠更好地預測一段時間內的使用模式。因此，我們最終與 FP&A 團隊所做的基本上是每年微調該預測模型。由於我們可以收集更多信息，因此我們能夠更詳細地了解我們可以採取的方式。

So for Q1, we are refining our guidance philosophy basically to provide guidance that is ultimately more consistent not just with actuals but also to give investors a better approximation of our expected performance. And as you saw in our Q1 guide, we're showing continued growth of 45% to 47% on a reported and then also 32% to 34% organically. I think it was important for us to call that out. That obviously does include Segment now. And we have a lot of confidence that we'll be able to deliver on our 30%-plus growth target over the next several years.

因此，對於第一季度，我們正在完善我們的指導理念，基本上是為了提供最終不僅與實際情況更加一致的指導，而且還可以讓投資者更好地接近我們的預期業績。正如您在我們的第一季指南中看到的那樣，我們的報告顯示持續成長 45% 至 47%，有機成長也達到 32% 至 34%。我認為對我們來說，指出這一點很重要。顯然，現在確實包括 Segment。我們非常有信心在未來幾年能實現 30% 以上的成長目標。

And just lastly, I would say, Derrick, that we obviously do get a lot of good feedback from our investors and from of our analysts, and we take that into account, too. And I think this just provides for a more consistent setup over time.

最後，德瑞克，我想說，我們顯然確實從投資人和分析師那裡得到了很多很好的回饋，我們也考慮到了這一點。我認為隨著時間的推移，這只會提供更一致的設定。

Great. Well done, and great job on the disclosures.

偉大的。幹得好，在資訊披露方面做得很好。

Thanks, Derrick.

謝謝，德里克。

Our next question comes from Michael Turrin with Wells Fargo Securities.

我們的下一個問題來自富國銀行證券公司的麥可‧特林。

Maybe my least here question to ask on the call but feels worth asking is on gross margin. Clearly, the growth is outstanding. The gross margins are stepping back here. It's clear, international messaging strength is carrying forward. But how should we think about the trade-offs and when app services can help flatten that trajectory? And maybe, secondarily, we saw this Syniverse transaction ended this morning. Is there still a chance you can partner there or comment to improve the core gross margins? Or is that no longer the right way to think about that relationship?

也許我在電話會議上最不該問但我覺得值得問的問題是毛利率。顯然，成長非常出色。毛利率正在回落。很明顯，國際訊息傳遞的力量正在發揚光大。但我們應該如何考慮權衡以及應用程式服務何時可以幫助平坦化這一軌跡？其次，也許我們今天早上看到了 Syniverse 交易結束了。你們還有機會在那裡合作或發表評論以提高核心毛利率嗎？或者這不再是思考這段關係的正確方式？

Yes. This is a great question, Michael. Let me take the second one first, and then I'll answer the gross margin question more fully in a moment. So first of all, with respect to Syniverse, I know there is some press that they're suggesting that we might buy Syniverse. We are definitively not doing that. What you probably did see in some of the press announcement this morning is that the merger agreement between M3 and Syniverse now come to a termination as a result of the mutual agreement between those parties, and that largely reflects market conditions as they stand today.

是的。這是一個很好的問題，邁克爾。讓我先討論第二個問題，然後我將更全面地回答毛利率問題。首先，關於Syniverse，我知道有一些媒體建議我們可能會收購Syniverse。我們絕對不會這樣做。您可能在今天早上的一些新聞公告中看到的是，由於雙方達成協議，M3 和 Syniverse 之間的合併協議現已終止，這在很大程度上反映了當今的市場狀況。

The way that, that agreement worked was it did also provide for an alternative path, which is a minority investment in Syniverse. And so that's now the path that we're going to be assuming.

該協議的運作方式是，它確實還提供了一條替代途徑，即對 Syniverse 進行少數股權投資。這就是我們現在要假設的路徑。

The commercial wholesale agreement that we also referenced historically, that's very much in place. We have a great relationship with Syniverse. It's been very long-standing, and we intend to continue that. And frankly, that partnership gives us a great product for us to be able to leverage in the United States. So I don't really see a significant impact in the near or medium term as a result of any of that, and I just want to provide you a little bit more clarity on some of what have been reported and speculated and clean that up.

我們也參考過歷史上的商業批發協議，這非常到位。我們與 Syniverse 有著良好的關係。這種做法由來已久，我們打算繼續這樣做。坦白說，這種夥伴關係為我們提供了一個很好的產品，讓我們能夠在美國利用。因此，我確實認為這不會在短期或中期產生重大影響，我只是想讓您更清楚地了解一些已報導和推測的內容，並進行清理。

With respect to gross margins more broadly, for us, and we've had conversations with you and a number of others in the past, obviously, we have this really, really high-growth messaging business. And we feel great about the way in which that business has been performing. And the way that it played out in Q4 was that our international volumes really took off.

就更廣泛的毛利率而言，對於我們來說，我們過去曾與您和其他許多人進行過對話，顯然，我們擁有真正非常高成長的消息業務。我們對該業務的表現感到非常滿意。第四季度的表現是我們的國際銷量真正起飛。

And I mean, you're right, like that part of the business carries a sort of lower gross margin structurally, certainly relative to some of the other products that Marc and Jeff have alluded to, but the messaging business also cranks out really significant gross profits that we like and that we want to reinvest. And I think most importantly, as Marc alluded to, it brings us an installed base, which sort of (inaudible) the door for us to execute our in and up strategy.

我的意思是，你是對的，就像這部分業務在結構上具有較低的毛利率一樣，當然相對於馬克和傑夫提到的其他一些產品，但消息傳遞業務也產生了非常可觀的毛利率我們喜歡並想要再投資的利潤。我認為最重要的是，正如馬克所提到的，它為我們帶來了一個安裝基礎，這為我們執行進階策略提供了（聽不清楚）大門。

As you saw on the last page of the presentation disclosures, while all of that is going on, our application services are actually growing at a faster rate. kind of the good problem that we have is that our messaging business organically also grew 52% last year. And so that's just kind of trade-off that we want to make. As long as we continue to generate high gross profit, as long as we can generate great growth off of application services in Segment, we feel confident that, over time, we will be able to grow into that 60%-plus range that I talked about earlier, and we have a lot of confidence in that.

正如您在簡報披露的最後一頁所看到的那樣，儘管所有這些都在發生，但我們的應用程式服務實際上正在以更快的速度成長。我們面臨的一個好問題是，我們的消息業務去年也有機成長了 52%。所以這只是我們想要做出的權衡。只要我們繼續產生高毛利潤，只要我們能夠透過細分市場的應用服務實現巨大增長，我們就有信心，隨著時間的推移，我們將能夠增長到我所說的60%以上的範圍大約早些時候，我們對此充滿信心。

But in the short term, you will see a bounce around a whole bit up and down. And again, in our disclosures, we probably -- we tried to give you some sense of how the A2P fees and stuff like that impact as well.

但短期內，你會看到小幅上下的反彈。再說一次，在我們的披露中，我們可能 - 我們試圖讓您了解 A2P 費用以及類似的影響如何。

Our next question comes from Mark Murphy with JPMorgan.

我們的下一個問題來自摩根大通的馬克墨菲。

I'll add my congratulations. Khozema, I'm wondering if you can shed any light on any specific products that are growing materially above or materially below this organic growth level of about 39%. I would imagine Flex video segment are outpacing. I'm less certain about voice, email, Authy, some of these products. Just curious if you're able to comment on any of the major outliers there.

我會補充我的祝賀。 Khozema，我想知道您是否可以透露任何特定產品的成長情況，這些產品的成長速度大幅高於或大幅低於約 39% 的有機成長水準。我認為 Flex 視訊領域正在超越。我對語音、電子郵件、Authy 以及其中一些產品不太確定。只是好奇您是否能夠對其中的任何主要異常值發表評論。

Yes, Mark, appreciate you asking the question. I mean I'm not going to go through every single product and give the breakdown here, but here's what I will say and answer your question. Again, just referencing the last page of our disclosures. If you look at our growth rate over the course of the prior year, we grew our messaging business at incredibly high rates, 52% organically, which, on any basis, it's really super performance.

是的，馬克，感謝你提出這個問題。我的意思是，我不會詳細介紹每種產品並在此處進行詳細說明，但我將在此回答您的問題。再次強調，僅引用我們揭露的最後一頁。如果你看看我們去年的成長率，你會發現我們的消息業務以令人難以置信的高速度成長，有機成長了 52%，無論從任何角度來看，這都是非常出色的表現。

And in spite of the fact that, that part of the business is growing really fast, our application services category, which includes a number of those products that you just referenced a moment ago, basically pre-Segment, pre-SendGrid, non-telephony-based cost products, that's growing at a faster rate. The good problem that we have is that, that messaging business, as you again can see on that page in terms of its revenue contribution, it's just really big. And so it's going to take some time for this in and up to play out in our financial statements, even though this is playing out very much in real life of our customer base.

儘管事實上，這部分業務成長得非常快，但我們的應用程式服務類別，其中包括您剛才提到的許多產品，基本上是前 Segment、前 SendGrid、非電話基於成本的產品，其成長速度更快。我們面臨的一個好問題是，正如您在該頁面上再次看到的，就其收入貢獻而言，訊息傳遞業務非常大。因此，儘管這在我們客戶群的現實生活中發揮了很大作用，但在我們的財務報表中，這需要一些時間才能體現出來。

Beyond that, you also saw in the prior quarter, Segment has a really fantastic quarter, really significant growth sequentially year-over-year. Obviously, we don't break that out because of this is inorganic in the prior period, but you can see the sequential wins was really, really strong. And now that it's in our numbers, we still have a tremendous amount of confidence in that 30%-plus over the next 3 years, which, quite frankly, is off a much higher base [and we have been consistently] beating that since the time that we announced that we can do that.

除此之外，您還在上一季看到，該部門的季度表現非常出色，比去年同期成長非常顯著。顯然，我們不會打破這一點，因為這在前期是無機的，但你可以看到連續的勝利非常非常強大。現在，我們的數據顯示了這一點，我們仍然對未來 3 年超過 30% 的成長充滿信心，坦白說，這個基礎要高得多（而且我們一直在）超越這一水平。到這一點的時候了。

That's very helpful. And as a quick follow-up for Jeff. You had mentioned the in and up strategy. I'm just wondering how rapidly perhaps your R&D investment is shifting toward products that might be sold more to a marketer rather than a developer. For instance, the customer journey insights, the Engage product and kind of the orchestration of messages rather than the delivery of messages.

這非常有幫助。作為傑夫的快速跟進。您提到了 in and up 策略。我只是想知道您的研發投資可能以多快的速度轉向可能更多地銷售給行銷人員而不是開發商的產品。例如，客戶旅程洞察、參與產品以及訊息編排而不是訊息傳遞的類型。

Yes. Thanks, Mark. I mean you can see we've got investments in, obviously, our Conversations products, in Segment, the core customer data platform as well as new products are building above those 2 layers. And the way I think it which is developers are assisting the sale and for the communication APIs products, like developers can take us a long way, maybe all the way there. But for a product into a marketer or in a contact center buyer, you're going to have a line of business that was going to make the final decision.

是的。謝謝，馬克。我的意思是，您可以看到我們顯然對對話產品、細分市場、核心客戶資料平台以及在這兩層之上構建的新產品進行了投資。我認為開發人員協助銷售和通訊 API 產品的方式，就像開發人員可以帶我們走很長的路，也許一直到那裡。但對於行銷人員或聯絡中心買家的產品，您將擁有一個將做出最終決定的業務線。

But with Twilio, they get the support of their internal technical teams on the purchase. Meaning the developers, the technical people, they're at the table, telling that this is decision maker like, yes, that thing that we want to do, we believe we can do it with Twilio. In fact, we've already built the prototype. And that's important with sale (inaudible) with sale.

但透過 Twilio，他們在購買時得到了內部技術團隊的支持。意思是開發人員、技術人員，他們坐在桌子旁，告訴決策者，是的，我們想做的事情，我們相信我們可以透過 Twilio 做到這一點。事實上，我們已經建構了原型。這對於銷售（聽不清楚）來說很重要。

As opposed to a world where like -- I talked to a lot of our sales leaders and like the yesteryear careers like power companies, they would be selling their line business owner and the line business owner would say, oh, this is great. Can we do this? They turn to their IT team. And the IT team with arms folded was like, no, no. Another work. Can't do it. And so you've got detractors on the technical team.

與這樣的世界相反——我與我們的許多銷售領導者交談過，就像電力公司等過去的職業一樣，他們會出售他們的直線業務所有者，而直線業務所有者會說，哦，這太棒了。我們可以這樣做嗎？他們求助於 IT 團隊。 IT 團隊雙手抱胸表示，不，不。另一件作品。做不到。因此，技術團隊中就有批評者。

And I think the magical thing about Twilio is that we can have proponents of Twilio both on the technical side and now with more investment in the sort of application area also in the line of business owners. I think it's a colorful combination, and that's why we focus so much on winning the hearts and minds of developers, are going to bring into the company, and then making them some of our biggest champions as we make our way through the org chart and filling up the value stack of software.

我認為 Twilio 的神奇之處在於，我們不僅可以在技術方面擁有 Twilio 的支持者，現在還可以在企業主方面對應用程式領域進行更多投資。我認為這是一個豐富多彩的組合，這就是為什麼我們如此專注於贏得開發人員的心和思想，將他們帶入公司，然後在我們通過組織結構圖和方式時使他們成為我們最大的冠軍。軟體的價值堆疊。

And so we are announcing obviously in both and help us think of the application products that we're building are also very developer-centric in terms of customizability, flexibility, using codes to really build what companies need is for to those products. We're not trying to provide just a turnkey and like you can't customize that type of solution. We are trying to build products that while they do the things you want them to do out of the box, give you ample footprint to go in and turn them into the solution that the company needs for a long period of time. You don't get [post-dated], you're not stuck with something that's not serving your needs as markets evolve, as customers demand new things, et cetera.

因此，我們在兩者中都明確宣布，並幫助我們思考我們正在建立的應用程式產品在可自訂性、靈活性方面也非常以開發人員為中心，使用程式碼來真正建立公司所需的這些產品。我們並不是想提供一個交鑰匙解決方案，就像您無法自訂該類型的解決方案一樣。我們正在努力打造這樣的產品：它們既能開箱即用地完成您希望它們做的事情，又能為您提供足夠的空間，讓您可以將它們轉變為公司長期需要的解決方案。隨著市場的發展、顧客對新事物的需求等等，你不會[過時]，也不會被那些無法滿足你需求的東西所困擾。

And I think our approach is as proven by the adoption, by a wide variety of customers, whether they're the young digital disruptors or whether they're the Global 2000, Fortune 500 companies, I think we see across the spectrum, this approach is working.

我認為我們的方法已被廣泛的客戶採用所證明，無論他們是年輕的數位顛覆者，還是全球 2000 強、財富 500 強公司，我認為我們在各個領域都看到了這種方法正在工作。

Our next question comes from Meta Marshall with Morgan Stanley.

我們的下一個問題來自摩根士丹利的梅塔·馬歇爾。

Congrats. A couple of questions. One, you noted disclosure of having about 36% of the Global 2000. And just wanted to get a sense of, is some of your confidence about the 30% growth rate for the next couple of years driven by room that there is within kind of this core customer set? Or is it by the opportunity to win some of the more of Global 2000? I guess I'm just trying to get a sense of how much of it you feel like you've already landed that gives you confidence of that 30% growth rate.

恭喜。有幾個問題。一，您注意到披露了全球 2000 強企業中約 36% 的份額。 ？或者是有機會贏得全球 2000 強中的一些獎項？我想我只是想了解您感覺自己已經實現了多少，這讓您對 30% 的成長率充滿信心。

Second question, maybe building on what you just said, Jeff. You've made a compelling argument at SIGNAL about why Twilio is best enabled to help customers on their customer journey versus kind of some of the competitors out there. I guess are you finding with customers that you're even having to do some of this evangelism about why you versus others? Or it's still kind of in its infancy where they're just happy to have a solution that you can provide and give them?

第二個問題，也許是基於你剛才所說的，傑夫。您在 SIGNAL 上提出了令人信服的論點，說明為什麼 Twi​​lio 與其他一些競爭對手相比能夠最好地幫助客戶完成客戶旅程。我想你是否發現你甚至必須向客戶進行一些宣傳，解釋為什麼你與其他人相比？或者它仍處於起步階段，他們只是很高興擁有您可以提供並給予他們的解決方案？

Yes. So Meta, thanks for the question. Let me take the first part of the 30%-plus dynamic, and then I'll have Marc add to that, and then I'll turn it over to Jeff. So in terms of 30%-plus, I mean, the reason we have such confidence in our ability to do that over multiple years, it's not just because we have relatively low concentration in G2K. But at the same time, we were able to do a ton of business that's really creative and innovative with digital disruptors as well.

是的。所以元，謝謝你的提問。讓我來談談 30% 以上動態的第一部分，然後我會讓 Marc 補充，然後我會把它交給 Jeff。因此，就 30% 以上而言，我的意思是，我們之所以對自己多年來做到這一點的能力充滿信心，不僅僅是因為我們對 G2K 的關注度相對較低。但同時，我們也能夠利用數位顛覆者開展大量真正具有創意和創新的業務。

And if you look at the way that the company has evolved over basically since the IPO, like a couple of dynamics have played out, which I think are really interesting and give us the level of confidence that we have in that number. The first is that if you look at the distribution and concentration of our customers, it used to be relatively high. And since then, we've taken on more business in our top 10, while that overall number has consistently shrunk over a number of different years.

如果你看看公司自首次公開募股以來基本上發展的方式，就像發生了一些動態一樣，我認為這非常有趣，並讓我們對這個數字充滿信心。第一個是你看我們客戶的分佈和集中度，以前是比較高的。從那時起，我們在前十名中承擔了更多的業務，而總數量在不同的年份裡一直在萎縮。

And so certainly, you have some large companies in that bucket. You also have some digital disruptors in that bucket who were really taking off. But the real point is that, that rest of customer that we serve is massively wide, which means that we're not overly concentrated in any one customer. We're not overly concentrated in any one industry. And that allows us to grow at scale now.

當然，其中也有一些大公司。其中也有一些真正起飛的數位顛覆者。但真正的問題是，我們服務的其他客戶非常廣泛，這意味著我們不會過度集中於任何一個客戶。我們並沒有過度集中於任何一個行業。這使我們現在能夠大規模成長。

I'd say the second thing is that we've talked a lot about in the call already like our messaging business. But in addition to our messaging business, like we sell a lot more other products that we're able to sell into these customers. And so our ability to now kind of go up back with our application services, with Segment, with email, I think, allows for another interesting kind of upsell/cross-sell opportunity that we're able to do as well.

我想說的第二件事是，我們在電話中已經討論了很多，例如我們的訊息業務。但除了我們的訊息業務之外，我們還銷售更多其他產品，我們可以向這些客戶銷售這些產品。因此，我認為，我們現在透過應用程式服務、細分市場和電子郵件恢復的能力，允許我們也能夠做到另一種有趣的追加銷售/交叉銷售機會。

And then I would say the third thing, and we've called this out in the past, is that we obviously have been making an investment in our international go-to-market efforts. We're starting to see that really pay off. You obviously saw a lot of takeoff velocity in the most recent quarter with respect to that investment. And so I would expect to see that continue over time. And obviously, there are a lot of customers out there in the world that we are really eager to serve.

然後我要說的第三件事，我們過去已經指出過，我們顯然一直在對國際市場進入努力進行投資。我們開始看到這確實得到了回報。顯然，您在最近一個季度看到了該投資的快速成長。因此，我希望看到這種情況隨著時間的推移而持續下去。顯然，世界上有很多我們非常渴望服務的客戶。

Marc, do you want to add anything to that?

馬克，你想補充什麼嗎？

Yes. Absolutely. Great question, Meta. Picking up where Khozema left off, the opportunity for us is still very massive beyond our existing footprint. So primarily landing new logos remains an important part of our in and up execution. So landing with SMS or email and then being able to build a trustworthy relationship with the customer, as we've referenced a couple of times. That's a true situation across all of the market segments. And as you pointed out, we still have a majority of the G2K out there where we have opportunity to build that initial relationship.

是的。絕對地。好問題，梅塔。繼續科澤馬留下的地方，我們的機會仍然非常巨大，超越了我們現有的足跡。因此，主要登陸新徽標仍然是我們執行和升級執行的重要組成部分。因此，透過簡訊或電子郵件登陸，然後能夠與客戶建立值得信賴的關係，正如我們多次提到的那樣。這是所有細分市場的真實情況。正如您所指出的，我們仍然擁有大多數 G2K，我們有機會建立最初的關係。

The second dimension is expanding our footprint for reaching after the full white space of the account. And across our entire base, we have that opportunity to go back to those customers and continue to build our relationship and expand the commercial results that we're generating.

第二個維度是擴大我們的足跡，以達到帳戶的完整空白區域。在我們的整個基地，我們有機會回到這些客戶那裡，繼續建立我們的關係並擴大我們正在產生的商業成果。

And then lastly, we're recognizing that there are many enablers that are making a difference for us in the market. Like as an example, we power by 2 ISVs. They're selling packaged solutions, again, it's product requirement. As partners, we're helping them to get into more of the base like we are also pursuing with SIs and resellers that are projecting this into other kinds of opportunities. Like what we shared in our disclosures, in our pre-written statements, we are seeing traction with organizations like BPOs.

最後，我們認識到有許多推動因素正在為我們在市場上帶來改變。舉個例子，我們由 2 個 ISV 提供支援。他們銷售的是打包解決方案，這也是產品需求。作為合作夥伴，我們正在幫助他們進入更多的基礎，就像我們也在與 SI 和經銷商一起追求的那樣，他們將這一點投射到其他類型的機會中。正如我們在披露中所分享的那樣，在我們預先寫好的聲明中，我們看到了 BPO 等組織的吸引力。

We shared with you on the last earnings announcement this relationship with HGS. We recently announced a relationship with Teleperformance. And HGS has had significant progress with over 20 of their customers moving over to Flex. Now these are accounts that are relying on a channel strategy, if you will, for us to become adopters of our platform. So we're going to be pursuing growth in all those dimensions. And I think, largely, the opportunity is still in front of us.

我們在上一份財報中與您分享了與 HGS 的關係。我們最近宣布與 Teleperformance 建立合作關係。 HGS 已取得重大進展，已有 20 多家客戶轉向 Flex。現在，如果您願意的話，這些帳戶依賴通路策略，讓我們成為我們平台的採用者。因此，我們將在所有這些方面追求成長。我認為，很大程度上，機會仍然擺在我們面前。

And Meta, this is Jeff. I'll answer the last part of your question about to what extent are we evangelizing to our customers. I mean, the way I look at it is customers have what they need to accomplish, right? Like they've got their challenges. They've got their market dynamics, their competitive pressures. And what that is leading most companies do is realizing that they need to have these direct relationships with their customers.

梅塔，這是傑夫。我將回答您問題的最後一部分，即我們在多大程度上向客戶傳福音。我的意思是，我的看法是客戶擁有他們需要完成的任務，對嗎？就像他們面臨挑戰一樣。他們有自己的市場動態和競爭壓力。大多數公司所做的就是意識到他們需要與客戶建立直接的關係。

When I talk to executives of every kind of company you can imagine, understanding a customer, building that complete picture of their customer and then acting on it to improve the outcome of their business, to spend less on marketing, to spend less on advertising, in particular, to increase their retention rates, to increase their -- or decrease their customer acquisition costs and increase the lifetime value, I mean, these are the metrics that drive executives at pretty much every kind of company.

當我與你能想像到的各種公司的高管交談時，了解客戶，建立客戶的完整形象，然後據此採取行動以改善他們的業務成果，減少營銷費用，減少廣告費用，特別是，為了提高他們的保留率，增加或降低他們的客戶獲取成本並增加生命週期價值，我的意思是，這些是驅動幾乎所有類型公司的高階主管的指標。

And I think oftentimes, what happens is the people -- the more bottom-up motion that Twilio has are the people on the front lines who are tasked to solve these big problems, and everyone recognizes that Twilio can solve these problems. They bring Twilio in. And then we follow up with some more top-down education around the market, a new approach. And I think that's working very well. We have both a bottom-up and a top-down approach to our customers.

我認為，很多時候，發生的事情是人——Twilio 採取的更自下而上的行動是那些在第一線負責解決這些大問題的人，每個人都認識到 Twilio 可以解決這些問題。他們引入了 Twilio。我認為這非常有效。我們對客戶採取自下而上和自上而下的方法。

I'll share a quick story with you, which is -- which I felt was sort of illustrative of this, which is interesting. I was talking to the CEO of one of our customers, a pretty large company in the education space, and they've been using our products. And I was telling them about our engagement platform, and I was talking about Flex and Frontline and Engage and all these new products we've been bringing to market over the last several years. And the CEO stopped me in my tracks, "Wait, wait, hold on and share the screen, share the screen. I'm doing -- saying, I just got the report here that says the old way of doing it with monolithic apps and the new way of composable APIs. Jeff, you're not getting rid of APIs, are you?" Of course, I was like, "No, no, no, of course not. We're building all this with our own APIs. We're making it so that you can actually build on top of these platforms and unlock the things that you're trying to unlock by integrating these experiences together and hiring developers, building for your customers." And he was like, "Okay. Okay. Whew, I'm glad to hear that."

我將與您分享一個簡短的故事，我覺得這可以說明這一點，這很有趣。我正在與我們的一位客戶的執行長交談，這是一家教育領域的大型公司，他們一直在使用我們的產品。我向他們介紹了我們的參與平台，我談到了 Flex、Frontline 和 Engage 以及過去幾年我們推向市場的所有這些新產品。首席執行官阻止了我，“等等，等等，按住並共享屏幕，共享屏幕。我正在做 - 說，我剛剛收到這裡的報告，其中說明了使用單一應用程序的舊方法以及可組合API 的新方式，Jeff，您並沒有放棄API，是嗎？當然，我當時想，「不，不，不，當然不是。我們正在用我們自己的 API 構建這一切。我們這樣做是為了讓你可以真正在這些平台上構建並解鎖那些東西。你試圖通過將這些體驗整合在一起並僱用開發人員來解鎖，為你的客戶建立。他說：“好吧。好吧。哇，我很高興聽到這個消息。”

And it was so interesting to me to hear the CEO of like an education company evangelizing to me the value of APIs, the value of composability that it was mobilized there. A lot of these ideas are now widespread, right? Think about the fastest-growing companies in the software and technology space, companies like AWS, like Twilio, like Stripe, I mean, these are APIs. These are the building blocks that allow companies to go build their future and innovate with their customers, increase the agility of their company. That is what customers want, and we are able to provide it to them.

聽到教育公司的執行長向我宣傳 API 的價值以及在那裡調動的可組合性的價值，這對我來說非常有趣。很多這樣的想法現在已經很普遍了，對嗎？想想軟體和科技領域成長最快的公司，像 AWS、Twilio、Stripe 這樣的公司，我的意思是，這些都是 API。這些是公司建構未來、與客戶一起創新、提升公司敏捷性的基石。這就是客戶想要的，我們能夠提供給他們。

And there's always some degree of evangelizing when you are kind of moving the technology all forward. It's not like we're just selling guacamole, and everyone knows what that is. It's just a question of whether you want cilantro or not. Really, this is technology and how technology is enabling them to build their business, which does take more time in education than just selling guacamole. But I like the business that we're in.

當你推動科技向前發展時，總會有一定程度的傳播。我們不只是賣酪梨醬，每個人都知道那是什麼。這只是一個你要不要香菜的問題。確實，這就是技術，以及技術如何幫助他們建立自己的業務，這確實比僅僅銷售酪梨醬需要更多的時間在教育上。但我喜歡我們從事的行業。

Our next question comes from Alex Zukin with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Alex Zukin。

I want to ask you maybe 2 questions. First one on -- and I don't know if maybe somebody has already asked this, but I'll try it a different way. When you think about the major differences in the demand drivers between Q3 and Q4, obviously, it was just 2 very different quarters. And Khozema, you mentioned it's a consumption-based business, and inherent in that is some volatility. But just help us understand, if you can or if you would, what were kind of the biggest differences? Like what made Q4 just such a great quarter relative to Q3?

我想問你兩個問題。第一個 - 我不知道是否有人已經問過這個問題，但我會嘗試不同的方式。當您考慮第三季和第四季需求驅動因素的主要差異時，顯然，這只是兩個截然不同的季度。科澤馬，您提到這是一個基於消費的業務，其固有的波動性。但如果可以的話，請幫助我們理解最大的差異是什麼？是什麼讓第四季相對於第三季來說如此出色？

And then the follow-up is just how to think about now particularly with Segment going into the organic bucket, what's the right way for us to think about a model dollar-based net expansion going forward? I know you're not -- that's not a metric you guide to, but any help there would, I think, at least help set the right model framework going forward to better understand the various components.

然後接下來的就是如何思考現在，特別是隨著細分市場進入有機桶，我們思考未來基於美元的淨擴張模型的正確方法是什麼？我知道你不是——這不是你指導的指標，但我認為，任何幫助至少有助於設定正確的模型框架，以便更好地理解各種組件。

Yes. Alex, those are good questions. Appreciate you asking. I would say in the demand driver space, I mean, there's nothing materially that really changed from one period to the next. I mean, we talked a lot about the fact that this is a usage-based business. And in being that kind of a business, you're always going to see like a little bit of an up and down period to period. You're going to see certain customers take off. In certain periods, you're going to see a little bit of domestic versus international mix.

是的。亞歷克斯，這些都是好問題。感謝您的提問。我想說的是，在需求驅動領域，從一個時期到下一個時期，沒有什麼實質的改變。我的意思是，我們討論了很多這樣的事實：這是一個基於使用的業務。作為一家這樣的企業，你總是會經歷一段時期的起起落落。你會看到某些客戶起飛。在某些時期，你會看到一些國內與國際的混合。

I'd say in the most recent period, international like really took off. And so that was something that we feel really good about obviously because that's an investment that we've made over a number of different years. But it's not like we're trying to necessarily like tune the business so that international kicks off one period and domestic goes a different way or that one product set goes one way or the other. I would just really kind of point to broad-based strength across the totality of the business, and we feel like the business was really good in Q3. We felt it was really good in Q4, and we really like the setup coming into 2022 and multiple years beyond.

我想說，最近一段時間，國際化確實起飛了。因此，這顯然是我們感覺非常好的事情，因為這是我們多年來所進行的投資。但這並不是說我們一定要嘗試調整業務，以便國際市場開始一個時期，國內市場走不同的道路，或一套產品以一種或另一種方式發展。我只想指出整個業務的廣泛實力，我們覺得第三季的業務非常好。我們覺得第四季的表現非常好，我們真的很喜歡 2022 年及以後幾年的設定。

So it's hard for me to really point to like that one thing, which I think is really the base of your question. There really isn't one other than we have broad-based strength across the business and feel good about the performance.

所以我很難真正指出喜歡這一件事，我認為這確實是你問題的基礎。確實沒有什麼比我們在整個業務領域擁有廣泛的實力並且對業績感到滿意的了。

I think with respect to the way that you should think about Segment getting layered in, I mean, we obviously have provided separate disclosures on Segment on a year-over-year basis. We haven't kind of broken out. That's TBD. There will be -- I don't think I'm going to guide to that here today. What I will tell you is, is that we feel really good about the growth prospects of that business. You could probably intuit from the fact that it was up 10% sequentially that we really like the growth trajectory of where it's headed. And I think you can probably indicate from Marc's and Jeff's comments that we're seeing tremendous traction with customers there, not just in terms of what we can do in combining it with messaging but also with respect to combining it with Flex, which is really, really exciting. And we think that business has really, really strong growth prospects going forward.

我認為，關於您應該如何考慮細分市場的分層方式，我的意思是，我們顯然已經逐年提供了細分市場的單獨披露。我們還沒爆發。待定。我想我今天不會在這裡對此進行指導。我要告訴你的是，我們對該業務的成長前景感到非常看好。您可能會從它連續上漲 10% 的事實中直覺地看出，我們真的很喜歡它的成長軌跡。我認為您可能可以從 Marc 和 Jeff 的評論中看出，我們看到了那裡客戶的巨大吸引力，不僅在於我們可以將其與訊息傳遞相結合，還在於將其與 Flex 相結合，這確實是，真令人興奮。我們認為該業務未來的成長前景非常非常強勁。

Our next question comes from Will Power with Baird.

我們的下一個問題來自貝爾德的意志力。

Yes. A couple of questions. First one, perhaps for Khozema, you pointed this out, but international growth clearly accelerated. It looks like quite a bit, and it sounds like messaging was a big piece of that. I'd love if there's just any other color as to what the drivers behind that kind of surge in international messaging might have been and what else you might have seen internationally that drove some of that acceleration.

是的。有幾個問題。第一個，也許對於科澤馬來說，你指出了這一點，但國際成長明顯加速。看起來相當多，而且聽起來訊息傳遞也佔了很大一部分。我很高興是否有任何其他顏色可以說明這種國際訊息傳遞激增背後的驅動因素是什麼，以及您可能在國際上看到的其他什麼推動了這種加速。

Yes. Thanks for the question, Will. I'd say there's 2 dynamics. I think the first is, is that it's -- you've been a longtime follower of ours, obviously, and we've talked a lot about our international go-to-market investments. And Marc built a really great team internationally, and I think we're really starting to see the fruits of that investment. And you've seen that, I think, over multiple quarters now with our ability to grow in international markets.

是的。謝謝你的提問，威爾。我想說有兩種動力。我認為第一是，顯然，您一直是我們的長期追隨者，我們已經談論了很多關於我們的國際市場投資的問題。馬克在國際上建立了一支非常出色的團隊，我認為我們真的開始看到這項投資的成果。我認為，您已經在多個季度中看到了我們在國際市場上成長的能力。

I think the second dynamic is, is that there was one customer in particular whose volumes really, really took off in Q4, which we felt pretty good about as well. That happens from time to time, too. And I'm positive this gross margin dynamic is helping that as well. But I feel great about the way that international lands, and we think there's continued strength over a long period of time.

我認為第二個動態是，有一個客戶的銷售在第四季度確實大幅成長，我們對此也感覺非常好。這種情況也時常發生。我確信這種毛利率動態也對此有所幫助。但我對國際化的落地方式感覺很好，我們認為在很長一段時間內都會保持持續的力量。

Okay. Great. And then -- and maybe for Jeff, just building on some of the other commentary, just looking at your growing strategic position around first-party data, the in and up strategy that you've referenced. What are the pieces that you think could bolster that further? I mean, it doesn't sound like you guys necessarily need anything. But are there natural tangential areas that further solidify that? And I guess more broadly, maybe how do we think about kind of the M&A pipeline and appetite here?

好的。偉大的。然後——也許對傑夫來說，只是在其他一些評論的基礎上，看看你圍繞第一方數據不斷增長的戰略地位，以及你提到的內向和向上戰略。您認為哪些部分可以進一步支持這一點？我的意思是，聽起來你們不一定需要任何東西。但是否存在進一步鞏固這一點的自然切線區域？我想更廣泛地說，也許我們如何看待這裡的併購管道和興趣？

Yes. Thanks, Will. Appreciate the question. First of all, just sort of like what are the pieces that bolster it, and I think it's continued execution. I mean, we've got products that, at great revenue scale, will continue to expand very nicely. So when I think about how are we continuing to make sure our messaging product is best-in-class or a product is best-in-class, Segment, I think it's fantastic for bringing customers in as well. Like -- so we've got a lot of best-in-class products. We've got a lot of the pieces, and we're in the process of bringing them together.

是的。謝謝，威爾。感謝這個問題。首先，就像支撐它的部分是什麼一樣，我認為它是持續執行。我的意思是，我們的產品收入規模龐大，並且將繼續很好地擴張。因此，當我思考我們如何繼續確保我們的訊息傳遞產品是同類最佳或某個產品是同類最佳的細分市場時，我認為這對於吸引客戶也非常有用。就像——所以我們有很多一流的產品。我們已經有了很多碎片，我們正在將它們整合在一起。

And so when I think about what is ahead, it's like we're bringing these pieces together, and we've got really 3 pillars of our engagement platform. We've got Engage for the marketer, which is still very early in its cycle. By the way, we just announced it in Q4. We've got Frontline, which can be used by frontline workers and even sales teams and things like that. And then you've got Flex for the contact center. So clearly, there's a lot of buyers there. There's a lot of TAM there already, and we're continuing to bring those together, bring those products to more and more and more customers.

因此，當我想到未來會發生什麼時，就好像我們正在將這些部分整合在一起，我們的參與平台確實有 3 個支柱。我們為行銷人員提供了參與，但仍處於其周期的早期階段。順便說一句，我們剛剛在第四季度宣布了這一消息。我們有 Frontline，第一線員工甚至銷售團隊等都可以使用它。然後您就擁有了用於聯絡中心的 Flex。很明顯，那裡有很多買家。那裡已經有許多 TAM，我們將繼續將它們整合在一起，將這些產品帶給越來越多的客戶。

As far as M&A pipeline, I mean, I'll give you the answer that I always give because it's true, which is that we always have an active game board because, obviously, if there are acquisitions out there that are accelerating our road map, we should be willing to do that. But we also, of course, maintain a high bar. Great companies, great cultures, great products, and those are things that we're interested in. But we don't have any particular strategic goal or anything that we're going after. But of course, like any company of our size and with our balance sheet, we're aware of what's out there.

就併購管道而言，我的意思是，我會給你我一直給出的答案，因為這是事實，那就是我們總是有一個活躍的遊戲板，因為顯然，如果有收購正在加速我們的路線圖，我們應該願意這麼做。但我們當然也保持著很高的標準。偉大的公司、偉大的文化、偉大的產品，這些都是我們感興趣的東西。但當然，就像任何像我們這樣規模和資產負債表的公司一樣，我們知道外面的情況。

Will, I'll just add one comment with Jeff at the end there, which is, obviously, in the current market, there may be some attractive opportunities, and we'll be on the lookout. But the reality is we're very, very focused on our organic growth rates right now. And we want to continue growing the business that we've got. We don't see a burning need to necessarily do anything. And I would just reiterate for anyone that missed earlier like there was some speculation that we might purchase Syniverse, and we're certainly not going to do that.

威爾，我將在最後與傑夫一起添加一條評論，顯然，在當前市場上，可能存在一些有吸引力的機會，我們將密切關注。但現實是我們現在非常非常關注我們的有機成長率。我們希望繼續發展我們現有的業務。我們認為沒有必要採取任何行動。我想向之前錯過的人重申一下，就像有人猜測我們可能會購買 Syniverse，但我們肯定不會這樣做。

Our next question comes from Ryan MacWilliams with Barclays.

我們的下一個問題來自巴克萊銀行的 Ryan MacWilliams。

Looks like Twilio's presence in Global 2000 customers doubled since the end of 2020. So congrats. Jeff, I know it's still early, but would love to hear about the strategy and expectations behind Engage and how customers so far are starting to come around the idea of using Twilio as their like unified customer engagement platform.

自 2020 年底以來，Twilio 在全球 2000 強客戶中的佔有率似乎增加了一倍。 Jeff，我知道現在還為時過早，但很想了解 Engage 背後的策略和期望，以及到目前為止客戶如何開始接受使用 Twilio 作為他們的統一客戶參與平台的想法。

Absolutely. I'll start with Engage. I mean, the way we see the market is that historically, marketing automation products, they're focused on running a campaign, right? So you get creatives in there. You (inaudible), and you get to see how many people will open the -- some people will open the campaigns. And like that's the way they were designed 15, 20 years ago, and that's still a product that most companies use today. But actually, the more modern marketing stack is one that's driven not by campaigns but by data. It's actually driven by a rich set of data, about every customer and who they are and sort of what message is going to actually resonate with most of them.

絕對地。我將從參與開始。我的意思是，我們看待市場的方式是，從歷史上看，行銷自動化產品，他們專注於進行行銷活動，對吧？所以你可以在那裡獲得創意。你（聽不清楚），你可以看到有多少人會打開——有些人會打開活動。就像 15、20 年前它們的設計方式一樣，今天仍然是大多數公司使用的產品。但實際上，更現代的行銷堆疊不是由行銷活動而是由數據驅動的。它實際上是由一組豐富的數據驅動的，這些數據涉及每個客戶、他們是誰以及什麼樣的信息會真正引起他們中的大多數人的共鳴。

And by the way, all I'm looking for isn't just if they open an e-mail. It's like if they make a purchase, if they increase their lifetime value, are they actually a more valuable customer? And these are anything like complex sets of campaigns, multi-brand analysis. Like great marketers today are using data in incredibly interesting ways that the legacy marketing software just really isn't set up to accommodate. And that's the opportunity that we're going after. And we're going after a very data-centric approach to marketing in the belief that many marketers are already there. And the ones who aren't are going to get diverse.

順便說一句，我所尋找的不僅僅是他們是否打開電子郵件。就像如果他們進行購買，如果他們增加了終身價值，他們實際上是一個更有價值的客戶嗎？這些都類似複雜的行銷活動、多品牌分析。就像當今偉大的行銷人員正在以令人難以置信的有趣方式使用數據一樣，傳統的行銷軟體確實無法適應。這就是我們正在追求的機會。我們正在追求一種以數據為中心的行銷方法，並相信許多行銷人員已經做到了這一點。而那些不這樣做的人將會變得多樣化。

And I think this was already proven out by the traction that the Segment CDP has in the market because the CDP is actually how we rate the whole campaign. It's actionable insights to the marketer. The last step is just trying to -- it's actually the campaign. And that's what we're adding on with Engage. But the hard part about that whole equation is the data part. And we already do that. We're already leading the market in that. And so adding actually the marketing execution side onto it is actually a relatively likely occurrence.

我認為 CDP 細分市場在市場上的吸引力已經證明了這一點，因為 CDP 實際上是我們對整個活動的評價。對於行銷人員來說，這是可行的見解。最後一步只是嘗試——這實際上是競選活動。這就是我們在 Engage 中加入的內容。但整個方程式最困難的部分是數據部分。我們已經這樣做了。我們在這方面已經處於市場領先地位。因此，實際上將行銷執行方面添加到其中實際上是相對可能發生的情況。

We're very expected by the feedback we're getting from our early customers. We think that we've got a really novel and attractive approach. And ultimately, at the end of the day, look, it is the same budget. We're going after the legacy products we enjoy today because that's the marketer's budget. But I think that it's where the market is going, and I think we're going to have a leading product as the market is getting there. And you already see traction in some of the market going on.

我們對從早期客戶那裡得到的回饋非常期待。我們認為我們已經有了一種非常新穎且有吸引力的方法。最終，歸根結底，預算是相同的。我們正在追求我們今天喜歡的傳統產品，因為這是行銷人員的預算。但我認為這就是市場的發展方向，而且我認為隨著市場的發展，我們將擁有領先的產品。您已經看到一些市場的吸引力。

The second question you had, if you could repeat that [in a sprint]?

你的第二個問題是，你是否可以[在衝刺中]重複一遍？

No. That was great color. Appreciate it. Just my second one is for Khozema. Just pleased to hear about non-GAAP operating profitability for fiscal '23. Just getting some questions here on gross margin. Like I completely understand how it can vary from quarter-to-quarter. But as we think about the path forward from here, can we think about gross margin being higher on a yearly basis going forward given the elevated growth in the higher-margin application services business?

不，那是很棒的顏色。欣賞它。我的第二個目標是給科澤馬。很高興聽到 23 財年的非 GAAP 營運獲利能力。只是在這裡詢問一些有關毛利率的問題。就像我完全理解它每季的變化一樣。但當我們思考今後的發展道路時，考慮到利潤率較高的應用服務業務的高速成長，我們是否可以認為未來的毛利率會逐年上升？

Yes. Ryan, I think it's a totally fair question. We're not going to guide on a year-to-year basis per se on gross margins. What I will say, though, is that we feel very, very good about the progress that we're making on application services. That's kind of the non-telephony-based cost product that we have. That's Segment, SendGrid. As you saw our exposure in the prior year, that grew at a much faster rate than even our very fast-growing messaging business. And so as that trajectory continues, we feel very good about the prospects to get to our 60% plus target, to which I would add, we feel really, really good about the way that Segment is going. We feel very, very optimistic about how Engage has already started. And so the combination of those factors, I think, gives us very high confidence in 60% plus over time.

是的。瑞安，我認為這是一個完全公平的問題。我們不會逐年提供毛利率指引。不過，我要說的是，我們對我們在應用程式服務方面取得的進展感到非常非常滿意。這就是我們擁有的非基於電話的成本產品。這就是Segment，SendGrid。正如您所看到的，我們去年的業務成長速度甚至比我們快速成長的訊息業務還要快得多。因此，隨著這一軌跡繼續下去，我們對實現 60% 以上目標的前景感到非常滿意，我想補充一點，我們對該細分市場的發展方式感到非常非常好。我們對 Engage 的啟動感到非常非常樂觀。因此，我認為，這些因素的結合使我們對隨著時間的推移達到 60% 以上充滿信心。

In the meantime, as long as the messaging business that we put on generates high gross profits, we are comfortable from period to period with that gross margin number bouncing a little bit up and down. But over time, we still feel very good about 60% plus. And I think we have a great track record with investors of delivering what we say we'll do. And I think over time, we will get to this 60% plus.

同時，只要我們開展的消息業務能夠產生高毛利，我們就可以放心毛利率數字會在一段時間內出現小幅上下波動。但隨著時間的推移，我們仍然感覺60%以上非常好。我認為我們在兌現承諾方面與投資者有著良好的往來記錄。我認為隨著時間的推移，我們將達到 60% 以上。

Our next question comes from Fred Havemeyer with Macquarie.

我們的下一個問題來自麥格理的 Fred Havemeyer。

Jeff, Twilio's products and platform has certainly expanded a lot since, I think, its heritage as a platform and channel to be able to rickroll people back in 2008. And I wanted to ask, from your perspective as Founder, whenever you put on your coding gloves and you're thinking about what's exciting on Twilio's platform and what are the products that are disruptive or interesting or that you would use to build the next iteration of start-ups and growth businesses, what gets you most excited about what is happening with Twilio?

Jeff，我認為，自 2008 年它作為一個平台和管道的傳統以來，Twilio 的產品和平台確實已經擴展了很多。戴著編碼手套，您正在思考Twilio 平台上有哪些令人興奮的產品，哪些產品具有顛覆性或有趣，或者您將使用哪些產品來建立新創公司和成長型企業的下一個​​迭代，哪些產品讓您對正在發生的事情感到最興奮與特威利奧？

Well, that's a fantastic question. When I think about it, it really goes back to the mission of our company. And if you noticed, we updated our mission last year, and we talked about it a little bit last year. And we'll talk about it more in some upcoming venues. But like we updated our mission to really reflect the reason why I and so many of Twilio get out of bed in the morning, and it's to unlock the imagination of the world's builders. And what's so exciting about that mission is that people are (inaudible) -- the world that we see today is created by people who build, and there are builders for thousands and thousands of years. And what you see now happening in the world of software, in the Internet is people building at a scale that was previously unimagined.

嗯，這是一個很棒的問題。當我想到這一點時，這確實回到了我們公司的使命。如果您注意到的話，我們去年更新了我們的使命，去年我們對此進行了一些討論。我們將在即將舉行的一些活動中更多地討論它。但就像我們更新了我們的使命一樣，真正反映了我和許多 Twilio 早上起床的原因，它是為了釋放世界建設者的想像。這項使命的令人興奮之處在於，人們（聽不清楚）——我們今天看到的世界是由建造者創造的，而建設者已經存在了數千年。你現在所看到的軟體世界、網路中正在發生的事情是人們以以前無法想像的規模進行建造。

A developer or a start-up or a company can build a product. And if they build the right thing, millions or billions of people can become their customers practically overnight. And that is a scale of execution and an idea that I think is underappreciated in the world, that with software and the Internet and the distribution mechanisms that the Internet provides, anybody can be a builder. Anybody can unlock a new idea, and that goes for developers. That goes for a wide variety of builders inside of companies. It also goes for the companies themselves. And I love seeing when a start-up enters a market, it comes out with some great new big idea. And then the incumbents follow suits. And actually, they start coming up with big new great ideas.

開發人員、新創公司或公司可以建立產品。如果他們建立了正確的產品，數百萬或數十億人幾乎可以在一夜之間成為他們的客戶。這是一種執行規模，也是一種我認為在世界上未被充分認識的想法，即透過軟體和互聯網以及互聯網提供的分配機制，任何人都可以成為建設者。任何人都可以解鎖新想法，這對開發人員來說也是如此。這適用於公司內部的各種建構者。這也適用於公司本身。我喜歡看到當一家新創企業進入市場時，它會提出一些很棒的新想法。然後現任者也會跟著做。事實上，他們開始想出新的偉大想法。

Like I've been watching what's going on in the EV market, for example. It's like Ford has done a great job bringing out cool new EV products. I'm like, I'm going to (inaudible) by mentioning these things. But it's really cool to see how the markets evolve and software ultimately becomes this vehicle, no pun intended, for companies and people to change the world.

例如，就像我一直在關注電動車市場的動態一樣。福特在推出很酷的新電動車產品方面做得非常出色。我想，我將（聽不清楚）提及這些事情。但看到市場如何發展以及軟體最終成為公司和人們改變世界的工具，這真的很酷。

And so what gets me tremendously excited about the products that Twilio builds is that we get to unlock the imagination of the builders who aren't ours. And for so long, companies have been told -- because they bought a bunch of apps, that's all of their business. They have an app for this, an app for that. And then they had this idea, they're like, "Oh, we want to go -- like our customers want this. Let's go do that." And when you're told, you're like, "No, it doesn't do that." And you're told, "No, we can't do it."

因此，Twilio 所建構的產品讓我非常興奮的是，我們能夠釋放不屬於我們的建造者的想像。長期以來，公司一直被告知——因為他們購買了一堆應用程序，而這就是他們的全部業務。他們有一個用於此的應用程序，一個用於此的應用程式。然後他們有了這個想法，他們就像，“哦，我們想去——就像我們的客戶想要的那樣。讓我們去做吧。”當你被告知時，你會說，“不，它不會那樣做。”然後你會被告知：“不，我們做不到。”

And what I love is giving our customers the path to yes. This idea that we have for how we're going to better serve our customers, so we're going to help innovate our competition, the answer is with Twilio it's yes. And that's our API. That's our platform approach. That's Slack. That's Frontline. That's Engage. That is Segment. This is unlocking the imagination of the world's developers.

我喜歡的是為我們的客戶提供「是」的途徑。我們的想法是如何更好地為客戶服務，因此我們將幫助創新我們的競爭，Twilio 的答案是肯定的。這就是我們的 API。這就是我們的平台方法。這就是斯萊克。那是前線。這就是參與。那就是段。這正在釋放世界開發人員的想像。

And like aside from the various TAMs of like marketing and contact centers and messaging and all that stuff, if you take a step back and you think about the addressable market of people who build, like that's the story of humanity. And that's my favorite part about building Twilio.

除了行銷、聯絡中心、訊息傳遞等各種 TAM 之外，如果您退後一步，考慮一下建構者的潛在市場，就像這就是人類的故事一樣。這是構建 Twilio 過程中我最喜歡的部分。

Our next question comes from Matt VanVliet with BTIG.

我們的下一個問題來自 BTIG 的 Matt VanVliet。

Nice job on the quarter. You've kind of touched on parts of this, but wanted to maybe bring it together in one -- for ease of question. When you look at Segment and the rate of adoption across the enterprise, it seems like the idea maybe at the very high end, Jeff, to your point of talking to a CEO, it's a great idea. Everyone realizes that they need more data to be smarter and more individualistic in terms of their outreach. But in reality, how many of these companies that you're talking to are ready to implement Segment? How much of sort of a customer education and maturity level is broadly out in the market?

本季工作做得很好。您已經觸及了其中的某些部分，但為了便於提問，您可能希望將其整合為一個。當你觀察細分市場和整個企業的採用率時，傑夫，這個想法似乎處於非常高端，就你與執行長交談的觀點而言，這是一個好主意。每個人都意識到他們需要更多的數據才能在外展方面變得更聰明、更個人化。但實際上，與您交談的這些公司中有多少家已準備好實施 Segment？市場上的客戶教育和成熟度程度有多少？

And maybe the follow-up to that is, is there a potential that you could see this pretty dramatically accelerate over the next couple of years as companies get a little smarter maybe or technology a little more up to date across other parts of the organization to really leverage Segment?

也許接下來的事情是，隨著公司變得更加聰明，或者組織其他部分的技術更加更新，你是否有可能在未來幾年看到這種情況顯著加速真的能撬動細分市場嗎？

Matt, Marc Boroditsky. Great question. And it's a added lens to the earlier question regarding the opportunity that's in front of us. The opportunity is it cuts across the entire market. We see the interest that comes from small customers all the way to the largest customers. And your point about are they ready to adopt, we see requirements to start with a use case where literally, they need to be able to connect a couple of real-time data sources to be able to have an understanding of the customer and then provide whatever interaction that's going to take place to progress customer relationships.

馬特，馬克‧博羅迪茨基。很好的問題。這是對之前有關我們面前的機會的問題的補充。機會在於它可以跨越整個市場。我們看到從小客戶一直到最大客戶的興趣。您的觀點是他們是否準備好採用，我們看到從一個用例開始的要求，從字面上看，他們需要能夠連接幾個即時資料來源，以便能夠了解客戶，然後提供為了發展客戶關係而進行的任何互動。

So imagine, if you will, connecting to a CRM, connecting to a point-of-sale system, connecting to whatever the app is that the company runs their business on, to be able to get to that understanding and then be able to respond in the channels of the customer's choice in order to have that interaction. And that -- it can be across the entire arc of the customer relationship. What we see happen is that we can move from that use case orientation to strategically more and more of their customer requirements and be able to address a greater set of commercial requirements that position CDP as a strategic part of the way that they think about building and expanding their relationships.

因此，想像一下，如果您願意的話，連接到 CRM、連接到銷售點系統、連接到公司運行其業務的任何應用程序，以便能夠獲得這種理解，然後能夠做出響應在客戶選擇的渠道中以便進行互動。而且它可以貫穿客戶關係的整個弧線。我們看到的情況是，我們可以從以用例為導向轉向策略性地滿足越來越多的客戶需求，並能夠滿足更多的商業需求，這些需求將CDP 定位為他們考慮構建和使用CDP 的方式的戰略部分。

So like as an example, we shared today the Vertu Motors example, where they have implemented Segment in order to understand the caller that's calling in to be able to look up and see that they're, in fact, customers that bought from them in the past. They're able to see what car they bought to know what the residual value is and then prepare the agent to be able to have the right conversation with that customer and be able to more than likely sell them another car. We're seeing that kind of opportunity from use case to expanded, strategic, full customer life cycle requirement.

舉個例子，我們今天分享了 Vertu Motors 的例子，他們實施了 Segment，以便了解撥打電話的呼叫者，以便能夠找到並發現他們實際上正在過去。他們能夠看到自己購買的汽車，了解剩餘價值是多少，然後讓代理商做好準備，以便能夠與該客戶進行正確的對話，並且很可能向他們出售另一輛車。我們看到了從用例到擴展的、策略性的、完整的客戶生命週期需求的這種機會。

Great. And then I guess on the Flex side of the business, are you still traditionally going in and replacing or sort of augmenting and building on top of legacy on-prem solutions that have just maybe run their course of functionality? Or are you increasingly seeing opportunities where customers rush to get anything that was supposedly cloud or hosted at the beginning of the pandemic but now realize that it's -- they can't configure it, they can't do actually what they wanted or what they thought it could and are now looking at what Flex and Twilio more holistically can mean as a 5-, 10-, 15-year partner from a technology perspective?

偉大的。然後我想在業務的 Flex 方面，您是否仍然傳統地進行替換或在可能運行其功能過程的遺留本地解決方案之上進行擴展和構建？或者您是否越來越多地看到這樣的機會：客戶急於獲得在大流行開始時所謂的雲或託管的任何東西，但現在意識到- 他們無法配置它，他們實際上無法做他們想做的事或他們想做的事認為可以，現在正在從技術角度更全面地研究 Flex 和 Twilio 作為 5 年、10 年、15 年合作夥伴意味著什麼？

In smaller customers -- so think of this as like digital disruptors up to like the mid-market size account, we do have a fairly healthy portion of the business that is their first real implementation of a contact center type solution. They may not call it contact center, by the way. They may call it their support solution or their customer engagement solution. Then as you move up to large organizations, more legacy implementation, you actually see a lot more of the installed base. We have a fairly healthy augmentation business, as we called out in our remarks, that people are adding new channels and new capabilities in parallel with their legacy implementation. But we're also winning more and more replacement of legacy implementation. The example that we shared in our prepared remarks regarding Align, which is a great customer example, a very digital-oriented business that have a legacy supplier that actually faced some challenges. And the customer was able to rapidly spin up a replacement implementation on Twilio that is now their standard for their requirements going forward.

在較小的客戶中—因此，可以將其視為數位顛覆者，直到中型市場規模的客戶，我們確實擁有相當健康的業務部分，這是他們第一次真正實施聯絡中心類型的解決方案。順便說一句，他們可能不會稱之為聯絡中心。他們可能稱之為支援解決方案或客戶參與解決方案。然後，當您升級到大型組織、更多的遺留實施時，您實際上會看到更多的安裝基礎。正如我們在評論中指出的那樣，我們擁有相當健康的增強業務，人們在遺留實施的同時添加了新管道和新功能。但我們也贏得了越來越多的遺留實施的替代方案。我們在準備好的 Align 的評論中分享的範例，這是一個很好的客戶範例，是一家非常數位化的企業，其傳統供應商實際上面臨著一些挑戰。客戶能夠在 Twilio 上快速啟動替代實施，這現在是他們未來需求的標準。

Now that's not the way that you're necessarily going to win the business overall. We're not going to wait for people to fail. We're showing that in helping customers recognize that the next generation of engagement can't be satisfied with the legacy player in the way that Flex can. And we have many examples that range from Fortune 100 banks to Fortune 100 -- Global 2000 automotive manufacturers that have successfully implemented Flex to meet their full requirements.

現在，這並不是您贏得整體業務的必然方式。我們不會等待人們失敗。我們正在幫助客戶認識到下一代的參與度無法像 Flex 一樣滿足傳統參與者的需求。我們有許多例子，從財富 100 強銀行到財富 100 強——全球 2000 強汽車製造商，他們都成功實施了 Flex 來滿足他們的全部要求。

Matt, this is Jeff. And I just thought I'd add one thing, which I thought was interesting. When I was first getting into Segment before we did the acquisition, I was really struck by their penetration into the enterprise. And we've had a number of great enterprise customers speaking about their implementation of Flex. Just at SIGNAL, we had Procter & Gamble, who's a great customer. We had Intuit, the CTO of Intuit, Marianna Tessel, on stage talking about their use of Segment across all their properties. We have a Fortune 100 financial services company that we just announced in this quarter that we signed in Q4. Nike is one of customers, right? So We've got great enterprise customers who are using Segment already. And so I was struck by how early the need in the enterprises has been apparent.

馬特，這是傑夫。我只是想添加一件事，我認為這很有趣。當我在收購之前第一次進入細分市場時，我對它們對企業的滲透感到非常震驚。我們有許多優秀的企業客戶談論他們的 Flex 實施。就在 SIGNAL，我們有寶潔公司，他是我們的大客戶。 Intuit 的技術長 Marianna Tessel 在台上談論了他們在所有資產中使用 Segment 的情況。我們在本季剛剛宣佈在第四季度簽署了一家財富 100 強金融服務公司。耐吉是客戶之一，對吧？因此，我們已經擁有一些正在使用 Segment 的優秀企業客戶。因此，我對企業的需求如此早就顯現出來感到震驚。

And when you think about the more complex businesses, the more subsidiaries there are, the more brands they run, the more systems they implement, the more the need is for a customer data platform to help them make sense of all of it. And so I'd been really pleasantly surprised on the track even before the acquisition that Segment already had in the market, and that's what we need for CDP.

當您考慮更複雜的業務時，子公司越多，經營的品牌越多，實施的系統越多，就越需要客戶資料平台來幫助他們理解所有這些。因此，即使在收購 Segment 之前，我就對賽道感到非常驚喜，而這正是我們 CDP 所需要的。

Great. We are out of time. I know there's a lot of folks that still have questions in the queue. We will catch up with you this afternoon. So otherwise, thank you, everybody, for joining and look forward to catching up over the rest of the quarter.

偉大的。我們沒時間了。我知道還有很多人還有疑問。我們將在今天下午與您聯繫。因此，除此之外，感謝大家的加入，並期待在本季剩餘的時間裡繼續趕上。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。