Twilio Inc (TWLO) 2021 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Twilio Second Quarter 2021 Earnings Conference Call. (Operator Instructions) I would now like to hand the conference over to Andrew Zilli, Vice President of Investor Relations and Treasury. Please go ahead.

美好的一天，感謝您的支持。歡迎來到 Twilio 2021 年第二季度收益電話會議。 （操作員說明）我現在想將會議交給投資者關係和財政部副總裁 Andrew Zilli。請繼續。

Thanks, Ashley. Good afternoon, everyone, and thank you for joining us for Twilio's Second Quarter 2021 Earnings Conference Call. Our prepared remarks, our earnings press release, SEC filings and a replay of today's call can be found on our IR website at investors.twilio.com.

謝謝，阿什利。大家下午好，感謝您加入我們的 Twilio 2021 年第二季度收益電話會議。我們準備好的評論、我們的收益新聞稿、SEC 文件和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。

Joining me today for Q&A are Jeff Lawson, Co-Founder and CEO; George Hu, COO; and Khozema Shipchandler, CFO. 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.

今天和我一起進行問答的有聯合創始人兼首席執行官 Jeff Lawson；喬治胡，首席運營官；和首席財務官 Khozema Shipchandler。提醒一下，我們今天的一些評論可能採用非公認會計原則。我們的 GAAP 和非 GAAP 結果之間的調節以及與指導相關的更多信息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, our expected business benefits and financial impact from our acquisitions, particularly Segment and Zipwhip and our partnerships, including the associated transactions; Twilio's outlook for the quarter ended ending September 30, 2021; and our ability to manage changes in network service provider fees that we pay in connection with the delivery of communications on our platform and the impact of those fees on our gross margin 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，這些陳述受風險、不確定性和假設的影響。特別是，我們從收購（尤其是 Segment 和 Zipwhip 以及我們的合作夥伴關係，包括相關交易）中獲得的預期商業利益和財務影響； Twilio 對截至 2021 年 9 月 30 日止季度的展望；我們管理與在我們的平台上交付通信相關的網絡服務提供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。如果任何這些風險成為現實，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存在重大差異。

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 during today's discussion 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業績的其他因素的描述包含在我們提交給美國證券交易委員會的文件中，包括我們最近的 10-K 表格報告和隨後的 10-Q 表格報告。我們在今天的討論中的發言應被視為通過引用納入這些信息。

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 events or circumstances after today or to reflect new information or the occurrence of unanticipated events, except as required by law. With that, I'll hand it over to Jeff for a brief statement, and then we'll open the call for Q&A.

前瞻性陳述僅代表我們在做出此類陳述之日的信念和假設。我們不承擔更新本次電話會議期間做出的任何前瞻性陳述以反映今天之後的事件或情況或反映新信息或意外事件的發生的義務，除非法律要求。有了這個，我將把它交給傑夫做一個簡短的聲明，然後我們將打開問答電話。

Thanks, Zilli. Before we get started answering your questions today, I wanted to touch on Twilio's commitment to helping 1 billion people get vaccinated equitably and globally. For many, it started to feel like life was returning to normal, with vaccines readily available, at least here in the United States. Yet the Delta variant, which originated in a part of the world without the same level of access to vaccines, has now rippled through the entire world, infecting both vaccinated and unvaccinated people at higher rates than we've ever seen before.

謝謝，齊利。在我們今天開始回答您的問題之前，我想談談 Twilio 致力於幫助 10 億人在全球範圍內公平接種疫苗的承諾。對許多人來說，開始感覺生活正在恢復正常，疫苗隨時可用，至少在美國是這樣。然而，起源於世界上沒有同等水平獲得疫苗的地區的 Delta 變種現在已經波及整個世界，以前所未有的速度感染接種疫苗和未接種疫苗的人。

To me, this underscores the importance of vaccinating the world, and I'm particularly proud of the role that Twilio has chosen to play using our product, our time, our people and our money to help ensure equitable vaccine -- vaccination globally. In March, we committed to the goal of helping reach 1 billion people with the aim of educating people and helping them get vaccinated. We partnered with 450 organizations and in just 3 short months, I'm proud to say our product has been used to help 297 million people get critical vaccine education, appointments or reminders.

對我來說，這強調了為全世界接種疫苗的重要性，我為 Twilio 選擇發揮作用而感到特別自豪，他們利用我們的產品、我們的時間、我們的人員和我們的資金來幫助確保公平的疫苗——全球疫苗接種。 3 月，我們致力於實現幫助 10 億人的目標，旨在教育人們並幫助他們接種疫苗。我們與 450 個組織合作，在短短 3 個月內，我很自豪地說，我們的產品已用於幫助 2.97 億人獲得重要的疫苗教育、預約或提醒。

In June, we also committed $10 million to Gavi, the Vaccine Alliance, in support of COVAX, which is the largest global initiative to vaccinate lower-income countries against COVID-19. We're supporting the program's goal to purchase and distribute 1.8 billion COVID-19 vaccine doses to more than 90 low and middle-income countries, and we expect to have greater influence on how the coalition uses technology to effectively distribute the vaccines.

6 月，我們還向疫苗聯盟 Gavi 承諾了 1000 萬美元，以支持 COVAX，這是為低收入國家接種 COVID-19 疫苗的最大全球倡議。我們支持該計劃的目標，即向 90 多個低收入和中等收入國家購買和分發 18 億劑 COVID-19 疫苗，我們希望對聯盟如何利用技術有效分發疫苗產生更大的影響。

I was honored and surprised to find that we were the second largest private company to contribute to Gavi's global vaccination program and the largest company in the tech sector. As a shareholder, you're part of the good work that Twilio is doing. To all of the Twilions out there, the work you do to build our product, to build this company are having an impact, so thank you. It's times like these when I see the impact that we can have, and I'm humbled and proud to lead you. And we will continue towards our goal of supporting 1 billion vaccinations worldwide. Now I'd like to open it up for questions.

我很榮幸也很驚訝地發現，我們是為 Gavi 全球疫苗接種計劃做出貢獻的第二大私營公司，也是科技領域最大的公司。作為股東，您是 Twilio 所做的出色工作的一部分。對於所有 Twilions，你們為打造我們的產品、打造這家公司所做的工作正在產生影響，所以謝謝你們。正是在這樣的時刻，我看到了我們可以產生的影響，我為能帶領你們而感到謙卑和自豪。我們將繼續朝著支持全球 10 億次疫苗接種的目標前進。現在我想打開它來提問。

(Operator Instructions) Your first question comes from Michael Turrin with Wells Fargo Securities.

（操作員說明）您的第一個問題來自 Wells Fargo Securities 的 Michael Turrin。

I wanted to start off with Segment. You mentioned in the prepared remarks the pull forward there in co-selling. It seems like it's maybe 6 months ahead of what you're expecting. Are there any points of feedback or interest you can share to start? And maybe in tandem with that, the sequential growth, I know we have a limited set of data. It was maybe a little lighter than we would have expected given just strong product synergies that we see between the 2? Is it fair to assume this shift towards co-selling can maybe just change the shape of that trajectory as you work through that going forward?

我想從 Segment 開始。您在準備好的評論中提到了聯合銷售的推動力。似乎比您預期的要提前 6 個月。您可以分享任何反饋或興趣點嗎？也許與連續增長同步，我知道我們的數據有限。鑑於我們在兩者之間看到的強大的產品協同作用，它可能比我們預期的要輕一些？假設這種向聯合銷售的轉變可能會在您繼續前進的過程中改變該軌蹟的形狀是否公平？

This is George. I'll take the first half of that question on the co-selling and then maybe Khozema can talk about the growth piece.

這是喬治。我將回答關於聯合銷售的問題的前半部分，然後也許 Khozema 可以談談增長部分。

Certainly, as I mentioned in our previous call, we are seeing interest in Segment from our customers, I think, across a broad segment of our customer base. And we believe that by opening up Segment to our entire sales force and letting the combined power, both sales forces really educate the market as well as sell the product, we think we can really bring Segment to as many customers as possible and maximize the opportunity.

當然，正如我在之前的電話會議中提到的那樣，我認為我們的客戶對細分市場的興趣來自我們客戶群的廣泛領域。我們相信，通過向我們的整個銷售團隊開放 Segment 並讓合併的力量，兩個銷售團隊真正教育市場以及銷售產品，我們認為我們可以真正將 Segment 帶給盡可能多的客戶並最大化機會.

We're very, very excited about this opportunity and I know our sales forces as well.

我們對這個機會非常非常興奮，我也了解我們的銷售人員。

Michael, this is Khozema. In terms of the guide, I mean, I guess what I would say is I think you're maybe you're reading a little too much into it. I think in terms of what we see for the third quarter guidance, it's a really strong growth rate of 50% to 52%. And I think on top of which we remain really optimistic about our performance in the near term as well. And we provided guidance previously, for example, of 30% plus growth over the next 4 years and feel really, really good about that over the medium term. And I think Segment will just continue to enhance where we're going over the long term.

邁克爾，這是科澤馬。就指南而言，我的意思是，我想我想說的是，我認為你可能對它讀得太多了。我認為就我們看到的第三季度指引而言，這是一個非常強勁的 50% 到 52% 的增長率。我認為除此之外，我們對近期的表現也非常樂觀。我們之前提供了指導，例如，未來 4 年增長 30% 以上，並且在中期內對此感覺非常非常好。而且我認為，從長遠來看，Segment 只會繼續增強我們的發展方向。

Yes, and my comment was more just reflective of the -- just the sequential, I think it's 4% increase on segment Q2 to Q1. It's just -- I think my thought was more -- it just seems like as you work towards co-selling, there's a reason to believe maybe the sequential growth rates could pick up there over time.

是的，我的評論更多地反映了 - 只是順序，我認為第二季度到第一季度的細分市場增長了 4%。只是-我認為我的想法更多-似乎當您致力於共同銷售時，有理由相信，隨著時間的推移，連續增長率可能會在那裡回升。

The other observation and then I'll hop off, is just international picked up quite significantly as well. Is that a result of some of the on the ground-focused investments you've been talking about, Khozema, or were there specific regions to call out as contributors that drove the uptick in mix there as well?

另一個觀察，然後我會跳下，只是國際性的也得到了很大的提升。這是您一直在談論的一些以地面為重點的投資的結果，Khozema，還是有特定的地區可以作為推動那裡混合上升的貢獻者？

Yes. So okay. So 2 things there. So let me hit international first. I'd say on international, the uptick that we saw there is a benefit of our continued global expansion. As you'll recall, Michael, we've talked in the past about that's one of our focused areas of investment. On top of that, there's a small impact from ValueFirst. We did that acquisition. It was a very small contribution in late March, but obviously, we got a full quarter in Q2, and that's 100% international revenue based on the way that we classify it there.

是的。沒關係。所以有兩件事。所以讓我先打國際。我想說的是，在國際上，我們看到的上升是我們持續全球擴張的好處。邁克爾，您應該記得，我們過去曾討論過這是我們的重點投資領域之一。最重要的是，ValueFirst 的影響很小。我們進行了那次收購。這是 3 月底的一個非常小的貢獻，但顯然，我們在第二季度獲得了一個完整的季度，根據我們在那裡的分類方式，這是 100% 的國際收入。

Just back to your -- the first part of what you said. I mean the co-sell, certainly, we're very excited about it in the way that George described. It won't show up in our financials for some period of time. And we haven't even started, right? I mean we basically just started a few weeks ago, and it will just take some time for it to bleed into our financials.

回到你的 - 你所說的第一部分。我的意思是聯合銷售，當然，我們對喬治描述的方式感到非常興奮。它在一段時間內不會出現在我們的財務中。我們甚至還沒有開始，對吧？我的意思是我們基本上是幾週前才開始的，它只需要一些時間才能滲透到我們的財務中。

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 reacceleration in organic growth. Just to get a pulse, what would you say the strongest outperformance areas were in the quarter maybe on a product basis? And then it sounds like you guys are seeing a lot more momentum with SI Partners. Can you talk about what kind of use cases these partners should open up new doors for you? Is it predominantly in the contact center? Or what other kind of solution areas do you see them becoming more instrumental?

很高興看到有機增長重新加速。只是為了了解一下，您認為本季度表現最強勁的領域可能是在產品基礎上嗎？然後聽起來你們在 SI Partners 看到了更多的動力。您能談談這些合作夥伴應該為您打開什麼樣的用例嗎？它主要在聯絡中心嗎？或者您認為它們在哪些其他類型的解決方案領域變得更加有用？

Derrick, it's Khozema. I'll take the first part, and then I'll hand it off to George on the partner side of it. Just in terms of the quarter overall, I think as with several of our prior quarters, we experienced broad-based strength across a number of facets of the business. And one that I particularly point out is that our messaging product continues to deliver really outstanding results. And I think Segment as well had a really, really great quarter.

德里克，是科澤馬。我會拿第一部分，然後我會把它交給合作夥伴的喬治。就整個季度而言，我認為與我們之前的幾個季度一樣，我們在業務的多個方面都經歷了廣泛的實力。我特別指出的是，我們的消息傳遞產品繼續提供非常出色的結果。我認為 Segment 也有一個非常非常棒的季度。

On top of that, we had really strong net expansion. We had good new customer growth. And I think for us, we've been talking for a while now about this significant secular shift that's taking place and how that's really driving customers towards Twilio and our customer engagement platform. And there's just so many things that we can do to accelerate the digital transformation. I think we're seeing a continuation of that.

最重要的是，我們的淨擴張非常強勁。我們的新客戶增長良好。我認為對我們來說，我們已經討論了一段時間了，這種重大的長期轉變正在發生，以及這如何真正推動客戶轉向 Twilio 和我們的客戶參與平台。我們可以做很多事情來加速數字化轉型。我認為我們看到了這種情況的延續。

This is George. On the SI front, we've always believed that Twilio is a great fit as a builder platform for SI that builds custom software. Really Flex on the contact center opportunity, I think, has really been the engine that's powered a lot of our discussions with customers with SIs. And as you see in the kind of prepared remarks, and I think that's going to continue to be true.

這是喬治。在 SI 方面，我們一直認為 Twilio 非常適合作為構建自定義軟件的 SI 的構建器平台。我認為，在聯絡中心機會上的真正 Flex 確實是推動我們與 SI 客戶進行大量討論的引擎。正如你在準備好的評論中看到的那樣，我認為這將繼續是正確的。

But this kind of production SIs through the contact center building these relationships is also opening us up to other types of customer engagement opportunities where Twilio is a part of a broader solution, whether it's around a marketing solution or other types of customer engagement solutions.

但是這種通過聯絡中心建立這些關係的生產 SI 也為我們打開了其他類型的客戶參與機會，其中 Twilio 是更廣泛解決方案的一部分，無論是圍繞營銷解決方案還是其他類型的客戶參與解決方案。

And George, if I could squeeze one more. I mean, your headcount was up almost double year-on-year. Of course, there's some acquisitions that contribute to that. But I'm just curious to get a sense for how much growth you've built in the sales capacity roles and if you're planning to continue to be pretty aggressive in hiring in the second half.

還有喬治，如果我能再擠一個。我的意思是，您的員工人數幾乎同比增長了一倍。當然，有一些收購促成了這一點。但我只是想知道你在銷售能力方面建立了多少增長，以及你是否計劃在下半年繼續非常積極地招聘。

Well, at a macro level, obviously, we don't comment on our specific sales capacity or the numbers. But we do continue to invest in it. I think that you see our overall growth is -- our investment in people is really broad-based and distribution is part of that. So we are excited about the opportunity. I think we continue to invest into it, and we believe that there is still a large untapped opportunity in customer engagement out there in the market today.

好吧，在宏觀層面，顯然，我們不會評論我們的具體銷售能力或數字。但我們確實會繼續投資。我認為您看到我們的整體增長是 - 我們對人員的投資非常廣泛，分銷是其中的一部分。所以我們對這個機會感到興奮。我認為我們會繼續投資，我們相信在當今市場上的客戶參與方面仍有大量未開發的機會。

Your next question comes from Taylor McGinnis with UBS.

您的下一個問題來自瑞銀的 Taylor McGinnis。

So when you think about the uptick that you guys saw in dollar-based net expansion rate, I'd be curious if you're seeing any interesting mix shift trends yet of different products maybe driving up beyond just messaging. And then secondly on that, since messaging growth was so strong last year, can you speak to what you're seeing and hearing from customers, I guess, on the potential for the messaging business growth levels to be more sustainable in the back half of this year relative to what we've seen so far in the first half this year?

因此，當你想到你們看到的以美元為基礎的淨擴張率上升時，我會很好奇你是否看到任何有趣的混合轉變趨勢，但不同產品的趨勢可能不僅僅是消息傳遞。其次，由於去年消息傳遞增長如此強勁，您能否談談您從客戶那裡看到和聽到的消息，我想，消息傳遞業務增長水平在下半年更具可持續性的潛力今年相對於我們今年上半年迄今為止所看到的情況？

Yes. I'll take the first part of the question, Taylor. This is Khozema, and then I'll hand it over to George for the second part. So in terms of the first part of the question, you're right. I mean we have seen really fantastic growth on the messaging side of the house. I mean we've been really excited about the progress in that product and the way that we've been able to grow it. And in fact, that product has been reaccelerating over many of the prior periods. And so that's been super exciting to see. And we think that leads to some of the additional growth opportunities in other channels.

是的。我會回答問題的第一部分，泰勒。這是 Khozema，然後我將把它交給 George 進行第二部分。所以就問題的第一部分而言，你是對的。我的意思是，我們在消息傳遞方面看到了非常驚人的增長。我的意思是，我們對該產品的進展以及我們能夠發展它的方式感到非常興奮。事實上，該產品在之前的許多時期都在重新加速。所以看到這真是太令人興奮了。我們認為這會導致其他渠道的一些額外增長機會。

I think the one area that we're equally excited about is that our application services revenues, so those that are not associated with a telephony-based cost structure, those continue to grow at accelerated levels and certainly above and beyond what we see in any other products. And so for example, that will include Flex or that will include Segment.

我認為我們同樣興奮的一個領域是我們的應用服務收入，因此那些與基於電話的成本結構無關的收入繼續以加速的水平增長，而且肯定超出我們在任何其他產品。例如，這將包括 Flex 或將包括 Segment。

And I think over time, those products are going to continue contributing in a more meaningful way. We just have this sort of really good problem, is how I would characterize it, in that our core business is growing at such a fast rate. You're just -- it's going to take some time for the other pieces to start showing up in our financial statements. But on balance, I'd take that problem all day long. George?

我認為隨著時間的推移，這些產品將繼續以更有意義的方式做出貢獻。我們只是遇到了這樣一個非常好的問題，我將如何描述它，因為我們的核心業務正在以如此快的速度增長。你只是 - 其他部分需要一些時間才能開始出現在我們的財務報表中。但總的來說，我會整天處理這個問題。喬治？

I don't think that my answer would be very confident with -- like Khozema said. Certainly, messaging, even at its size and scale, continues to be a strong performer for us. I think that when we talk to customers, there's still a ton of customers out there and companies out there looking for and finding new ways and use cases use messaging, whether it's for reaching customers, operations, customer service, security. So I think globally, messaging is going to continue to grow as a market and an opportunity for us.

我認為我的回答不會像 Khozema 所說的那樣非常有信心。當然，即使在規模和規模上，消息傳遞對我們來說仍然是一個強勁的表現。我認為當我們與客戶交談時，仍然有大量客戶在那裡尋找和尋找新方法和用例的公司使用消息傳遞，無論是為了接觸客戶、運營、客戶服務還是安全。因此，我認為在全球範圍內，消息傳遞將繼續增長，成為我們的市場和機遇。

Your next question comes from Meta Marshall with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Meta Marshall。

I wanted to take a second to just ask about M&A strategy. For the past couple of years, it's been more around platform extensions. And then since the beginning of the year, has kind of included more kind of service improvements or continuity acquisitions or investments. And so just how are you viewing and balancing those strategic imperatives and what you can do organically and inorganically? And I have one follow-up.

我想花點時間問一下併購策略。在過去的幾年裡，它更多地圍繞著平台擴展。然後自今年年初以來，已經包括更多類型的服務改進或連續性收購或投資。那麼，您如何看待和平衡這些戰略要務以及您可以有機地和無機地做什麼？我有一個後續行動。

Meta, this is Jeff. I'll answer the question. So I think the way we look at it is we know what our customers -- where our customers want us to go in terms of our product road map. And sometimes that manifests in capabilities that we're going to go build, and sometimes it manifests in like geographies where we're going to deepen our presence.

梅塔，這是傑夫。我會回答這個問題。所以我認為我們看待它的方式是我們知道我們的客戶 - 根據我們的產品路線圖，我們的客戶希望我們去哪裡。有時這體現在我們將要建立的能力中，有時它體現在我們將要深化我們的存在的類似地區。

And when we look at those, if there is a company that has built what we have on our road map and if buying them would accelerate our ability to serve our customers, our time to market, then that's something that we consider. And we're always running an active game board just to see what options are out there as we evaluate our road map and look at our options.

當我們審視這些時，如果有一家公司在我們的路線圖上建立了我們所擁有的東西，並且如果購買它們會加速我們為客戶服務的能力，我們的上市時間，那麼這就是我們考慮的事情。我們一直在運行一個活躍的遊戲板，只是為了在我們評估路線圖並查看我們的選項時查看有哪些選項。

And I think it's -- the smart thing to do is to say, hey, our customers are pulling us a road map to go here and these are on a road map, and if there's something that actually accelerates us with a great team, great technology that can be additive, then those are the type of opportunities that we pursue.

而且我認為這是--明智的做法是說，嘿，我們的客戶正在為我們提供路線圖，這些路線圖都在路線圖上，如果有什麼東西可以讓我們擁有一支優秀的團隊，那真是太棒了可以添加的技術，那麼這些就是我們追求的機會類型。

Great. And I mean maybe for -- it could be for anybody, but just as people are embarking on digital transformation initiatives, clearly, you're kind of still seeing a DB&E that's fairly similar. Just trying to get a sense of are you seeing any changes to the cohort analysis kind of where customers are making bigger investments upfront? Or is it still, I want to try out one product and then build from there? Just getting a sense of how digital transformation initiatives by corporations have kind of changed the initial purchase or initial experimentation with Twilio.

偉大的。我的意思是也許——它可能適用於任何人，但就像人們開始數字化轉型計劃一樣，很明顯，你仍然會看到一個非常相似的 DB&E。只是想了解一下，您是否看到客戶在前期進行更大投資的同類群組分析有任何變化？還是仍然，我想嘗試一種產品，然後從那裡構建？只是了解公司的數字化轉型計劃如何改變了 Twilio 的初始購買或初始試驗。

This is George. I think that Twilio has always really thrived off of a land-and-expand type strategy given that we work with builders. These builders start with one use case and then they expand the other use cases. I think certainly during the height of the pandemic last year, we saw a different set of use cases emerge and maybe a little bit more urgency around some particular use cases, but it didn't really change the fundamental shape of how we work within our customer accounts.

這是喬治。考慮到我們與建築商合作，我認為 Twilio 一直是在土地和擴張型戰略中蓬勃發展的。這些構建器從一個用例開始，然後擴展其他用例。我認為肯定在去年大流行的高峰期，我們看到了一組不同的用例出現，並且圍繞某些特定用例可能更加緊迫，但這並沒有真正改變我們在我們內部工作的基本形式客戶帳戶。

Twilio typically is a product that developers learn, they love, they build and then they introduce to other developers and expand from there. I think that's really the magic of the platform and something that we're going to continue to build on in the future.

Twilio 通常是開發人員學習、喜愛、構建然後介紹給其他開發人員並從那裡擴展的產品。我認為這確實是平台的魔力，也是我們未來將繼續構建的東西。

Your next question comes from Rishi Jaluria with RBC.

您的下一個問題來自 Rishi Jaluria 和 RBC。

I just wanted to ask 2 related questions on Zipwhip. I guess first, I appreciate the color in the prepared remarks. Can you maybe give us a little bit more detail on the plans with the asset? And there's always a general question of why buy versus build or I guess in this case, partnering. So that would be helpful.

我只是想在 Zipwhip 上問 2 個相關問題。我想首先，我很欣賞準備好的評論中的顏色。您能否向我們提供有關資產計劃的更多詳細信息？並且總是有一個普遍的問題，即為什麼購買與構建，或者我猜在這種情況下，合作。所以這會很有幫助。

And then in terms of the guidance, I understand the puts and takes of deferred revenue write-down. But can you just maybe give us a general sense for what the unaffected size and growth rates look like so we can be a little bit more accurate in our models?

然後在指導方面，我理解遞延收入減記的看跌期權。但是，您能否給我們大致了解未受影響的規模和增長率是什麼樣的，以便我們在模型中更準確一點？

Rishi, this is Jeff. I'll give you the first part of that answer and then I'll hand it to Kho for the second part. So essentially, why did we decide to acquire Zipwhip? Well, look, we're really excited. They are a real innovator in toll-free messaging, which they brought to market with the great relationships that they have with the carriers. And in particular, the CEO, John Lauer, has a great track record of helping carriers to productize things like toll-free messaging.

瑞希，這是傑夫。我會給你答案的第一部分，然後我會把它交給 Kho 做第二部分。所以本質上，我們為什麼決定收購 Zipwhip？好吧，看，我們真的很興奮。他們是免費消息傳遞的真正創新者，他們憑藉與運營商的良好關係將其推向市場。特別是，首席執行官約翰·勞爾 (John Lauer) 在幫助運營商生產諸如免費信息之類的產品方面有著出色的記錄。

And it's noteworthy that they are the sole channel for toll-free messaging in North America. And so it points to the strength of the relationships they have, the fact that they are the only way to get into toll-free messaging in North America. And so we just closed the transaction a couple of weeks ago. So now we're starting to get sort of making our joint plans of how we're going to integrate and what that looks like.

值得注意的是，它們是北美地區免費消息傳遞的唯一渠道。因此，這表明他們擁有的關係的力量，事實上他們是在北美進入免費消息傳遞的唯一途徑。所以我們幾週前剛剛完成了交易。所以現在我們開始製定我們將如何整合以及看起來如何的聯合計劃。

And I think there's a lot that we can do together, especially in the world of trusted communications. When we think about where communications is going, calls, the messages as well, making every call, every text message coming from a trusted identity, not just some phone number, but a business name and with a padlock. It's like a web browser, where you know that it's trusted that when they say that they are the pharmacy or your kid's school, you trust that that's true. That's the world we're building towards. That's a next big innovation.

我認為我們可以一起做很多事情，尤其是在可信通信領域。當我們考慮通信的去向時，電話、消息以及來自可信身份的每一個電話、每條短信，不僅僅是一些電話號碼，而是一個企業名稱和一個掛鎖。它就像一個網絡瀏覽器，您知道它是值得信賴的，當他們說他們是藥房或您孩子的學校時，您相信這是真的。這就是我們正在建設的世界。這是下一個重大創新。

And it's with great partnerships in the entire ecosystem and with the carriers that we can execute on these big, bold ideas. And I think Zipwhip will be a big part about how we continue to evolve the ecosystem in order to make the experience of actually texting and calling with each other and with businesses to be much better.

它與整個生態系統中的良好合作夥伴關係以及我們可以在這些大膽的想法上執行的運營商。而且我認為 Zipwhip 將成為我們如何繼續發展生態系統的重要組成部分，以使彼此之間以及與企業之間實際發短信和打電話的體驗變得更好。

Nowadays, you can get a text message, and like you don't know if it's authentic, and that's scary. It's like, is this person calling -- is this my friend or is this Kaiser's Jose? Who knows who this is? And we see a world where every text, every call is validated and has that secure padlock. And I think that Zipwhip can be a big part about us spending about this world of trusted communications. And I'm going to hand it over to Kho for the second part.

現在，你可以收到一條短信，就像你不知道它是否真實一樣，這很可怕。就像，這個人在打電話——這是我的朋友還是凱撒的何塞？誰知道這是誰？我們看到了這樣一個世界，每個文本、每個呼叫都經過驗證並擁有安全的掛鎖。而且我認為 Zipwhip 可以成為我們在這個值得信賴的通信世界上花費的重要部分。第二部分我將把它交給 Kho。

Rishi, we're not disclosing any anticipated financial impacts right now. It's very consistent with how we've operated with prior acquisitions. As Jeff alluded to, we're still working through the integration plan, there's the purchase accounting impacts that we'll have to deal with as we consolidate. And so we just locked that out of our guidance to keep it clean, and we'll obviously provide an update when we report on Q3.

Rishi，我們現在沒有披露任何預期的財務影響。這與我們之前收購的運作方式非常一致。正如 Jeff 所暗示的，我們仍在製定整合計劃，在整合過程中我們必須處理採購會計影響。因此，我們只是將其鎖定在我們的指導之外以保持清潔，我們顯然會在第三季度報告時提供更新。

Your next question comes from Matt Stotler with William Blair.

您的下一個問題來自 Matt Stotler 和 William Blair。

I guess, first, would just love to touch on -- you mentioned Segment Journeys. Obviously, it looks like a really interesting development. Obviously, kind of building consumer journeys from marketing applications, things like that. But it seems like if you think about the way that we interact with brands for services and products even on a daily basis, I mean, the breadth of the opportunity here seems to be pretty substantial, right? So I mean would love to get some kind of early feedback on interest that you're seeing and what people are looking to build with this and how you expect that opportunity to develop going forward.

我想，首先，我很想談一談——你提到了 Segment Journeys。顯然，這看起來是一個非常有趣的發展。顯然，從營銷應用程序中構建消費者旅程，諸如此類。但是，如果您考慮一下我們甚至每天與品牌就服務和產品進行互動的方式，我的意思是，這裡機會的廣度似乎相當可觀，對吧？所以我的意思是希望得到一些關於你所看到的興趣的早期反饋，人們希望以此建立什麼，以及你期望這個機會如何發展。

Thanks, Matt. This is Jeff. I think you're right to look at Segment Journeys as an exciting addition to our platform. And interestingly, it's not a very big step from where Segment was, which is helping companies take all the information that they see about their customers. How are they browsing the website? How are they using the mobile app? What products have they bought? How would they engage with the company. And using that to improve the customer engagement model across all the different touch points.

謝謝，馬特。這是傑夫。我認為您將 Segment Journeys 視為我們平台的一個令人興奮的補充是正確的。有趣的是，與 Segment 相比，這並不是一個很大的進步，後者正在幫助公司獲取他們看到的有關其客戶的所有信息。他們如何瀏覽網站？他們如何使用移動應用程序？他們買了什麼產品？他們將如何與公司合作。並使用它來改進所有不同接觸點的客戶參與模型。

And if you think about it, one of the interesting tailwinds that's going on right now is how privacy and the moves that are going out in the world to increase the amount of privacy that consumers have, which is a very positive thing, makes it so that every company can't rely on shady cookies and third-party data and all this stuff that as consumers, we're like -- we're saying we don't want. And governance, and I would say, yes, we're not allowing it. And the major platforms, whether it's the browsers or iOS, are actually cracking down on some of these tactics from yesteryear.

如果你想一想，現在發生的一個有趣的順風是隱私和世界上正在採取的增加消費者擁有的隱私數量的舉措，這是一件非常積極的事情，使它如此每個公司都不能依賴可疑的 cookie 和第三方數據以及所有這些作為消費者的東西，我們就像 - 我們說我們不想要。和治理，我會說，是的，我們不允許這樣做。而主要平台，無論是瀏覽器還是 iOS，實際上都在打擊過去的一些策略。

And that is forcing every company to have to get better at looking at their first-party data and to understand their customer. And Segment, for a long time, have taken a hard stance to say, we will only deal in first-party data. We are not going to dive into that sketchy realm of weird data brokers, all those kind of stuff.

這迫使每家公司都必須更好地查看他們的第一方數據並了解他們的客戶。而Segment長期以來一直強硬表態，我們只會處理第一方數據。我們不會深入到奇怪的數據代理的粗略領域，所有這些東西。

And so they have a great track record focusing on privacy-enabled great customer engagement, helping companies look at all their first-party data and then build a better customer journey. So what are all the things we know about this customer that if we use that knowledge to engage with them in their customer journey, we can help them succeed and in doing so, help the company better serve its customers.

因此，他們在註重隱私的良好客戶參與方面有著良好的記錄，幫助公司查看所有第一方數據，然後建立更好的客戶旅程。那麼，我們對這位客戶的了解有哪些？如果我們利用這些知識與他們互動，參與他們的客戶旅程，我們可以幫助他們取得成功，並幫助公司更好地為客戶服務。

So that's why I keep harping on this idea that the task of building a customer relationship is really 2 things. Number one, it's understand your customer. Pay attention. What are all the things that they're doing when they're on your website, browsing for men's T-shirts? Don't send them a marketing e-mail with -- for women's hats. That doesn't make any sense. That just shows you're not paying attention and you don't care.

所以這就是為什麼我一直在強調建立客戶關係的任務實際上是兩件事。第一，了解你的客戶。注意。當他們在您的網站上瀏覽男士 T 卹時，他們在做什麼？不要向他們發送帶有 - 女士帽子的營銷電子郵件。這沒有任何意義。那隻是表明你沒有註意，你不在乎。

And then second, guide them through that customer journey. And the way we've seen some of the leading companies think about this is, at every step of the way, if you use the knowledge that you have about your customer to help make them a better customer, help move them towards that ideal customer that every company thinks about, then that is the intelligent -- that, that's what intelligent customer engagement looks like, and that's what we're helping companies build.

其次，引導他們完成客戶旅程。我們看到一些領先公司對此的看法是，在每一步，如果你利用你對客戶的了解來幫助他們成為更好的客戶，幫助他們走向理想的客戶每家公司都在考慮，那就是智能——這就是智能客戶參與的樣子，這就是我們正在幫助公司建立的東西。

And so I think Segment Journeys is a natural step in that direction. It allows companies to take all that information. They already used Personas to build a 360-degree view of the customer and then take where the customer's at in that journey and layer them into segments that then you can use to drive what's the next step in that journey. And that's what the Journeys product is doing. It's a fantastic product. It was very much conceived of in cooperation with customers and brought to market with customers at every step of the way showing us what they need.

所以我認為 Segment Journeys 是朝著這個方向邁出的自然一步。它允許公司獲取所有這些信息。他們已經使用 Personas 構建了客戶的 360 度視圖，然後了解客戶在該旅程中所處的位置並將它們分層，然後您可以使用這些細分來推動該旅程的下一步。這就是 Journeys 產品正在做的事情。這是一個很棒的產品。它是與客戶合作構思的，並在向我們展示他們需要的每一步中與客戶一起推向市場。

Right. Got it, got it. And then maybe just one more to follow up. Going to the -- last quarter, you talked about the changes in the R&D org structure of the company and kind of split the 3 separate kind of organizations, if you will. Any commentary on the progress there, how the teams are working together and then early feedback on that change?

正確的。明白了，明白了。然後也許只是再跟進一個。上個季度，你談到了公司研發組織結構的變化，如果你願意的話，可以將這三種不同的組織分開。關於那裡的進展，團隊如何合作以及對這種變化的早期反饋有任何評論嗎？

Absolutely. Thanks for the question. Overall, the reorganization is going well. We believe the changes that we made -- a reminder for folks, we're consolidating many business units under 3 discrete leaders that report to me. We believe that this change will better align the business to help Twilio continue to grow in scale. And we're also finding that it's enabling a greater amount of engagement in the company, visibility at the executive level with what's happening and driving alignment and clarity and road maps more efficiently than before.

絕對地。謝謝你的問題。總體而言，重組進展順利。我們相信我們所做的改變——提醒人們，我們正在將許多業務部門整合到 3 位向我匯報的獨立領導之下。我們相信，這一變化將更好地調整業務，以幫助 Twilio 繼續擴大規模。而且我們還發現，它使公司的參與度更高，高管層對正在發生的事情的可見性，以及比以前更有效地推動一致性、清晰度和路線圖。

And so all in all, I think the change has been going well and our teams are getting greater clarity, insight alignment as a result. And when you're growing a company as fast as you are, you can't just keep doing the same thing. There's always points in time when you need to consider the org chart and consider how the organization has changed. That's just one of these moments and I'd say that the reorganization has been well received and the teams are executing well.

總而言之，我認為變革進展順利，我們的團隊因此變得更加清晰，洞察力更加一致。而且，當您以最快的速度發展公司時，您不能只做同樣的事情。總有一些時間點您需要考慮組織結構圖並考慮組織的變化方式。這只是其中一個時刻，我想說重組很受歡迎，團隊執行得很好。

Your next question comes from Samad Samana with Jefferies.

您的下一個問題來自 Samad Samana 和 Jefferies。

Congrats on another great quarter. Maybe one on Zipwhip. I was wondering if you could maybe talk a little bit more about the strategic value of having that direct carrier connection. And I know you're not guiding for a revenue perspective, but anything you can give us around what maybe Zipwhip's growth looks like. Would be helpful just as we think about contextualizing the acquisition.

祝賀另一個偉大的季度。也許一個在 Zipwhip 上。我想知道您是否可以多談談擁有直接運營商連接的戰略價值。而且我知道您並不是在指導收入的觀點，而是您可以向我們提供有關 Zipwhip 增長情況的任何信息。就像我們考慮將收購情境化一樣會有所幫助。

Well, I can speak to the value of having direct connections. I don't think we're disclosing any particular growth rate numbers or anything like that. But look, in general, the more direct relationships you have, the better situated you are to cooperate with the carriers and build great products together. And I think that when -- in places like North America where there's 3 carriers now and there's a lot of opportunity, having those direct relationships is tremendously valuable. We've been watching and seeing how the Zipwhip team and John and the team have done a great job of building those relationships and bringing products to market with the carriers. And so I just think that, that's an important part of building up the ecosystem. Simple as that.

好吧，我可以談談建立直接聯繫的價值。我認為我們不會披露任何特定的增長率數字或類似的東西。但是，總的來說，您擁有的關係越直接，您與運營商合作並共同打造出色產品的位置就越好。而且我認為，當 - 在北美這樣的地方，現在有 3 家運營商並且有很多機會，擁有這些直接關係非常有價值。我們一直在觀察和觀察 Zipwhip 團隊以及 John 和團隊如何在建立這些關係並將產品與運營商一起推向市場方面做得很好。所以我只是認為，這是建立生態系統的重要組成部分。就那麼簡單。

Understood. And then maybe just if we kind of take a simplistic approach and just think about net expansion, it implies revenue from new customers or kind of new business is really strong in the quarter. I think even stronger than last quarter. So I was wondering maybe if you could just give us some context around what -- if there's a specific area of strength in terms of revenue from new customers. Was it more on the traditional messaging side? Are you seeing kind of a step-up in other products? Just maybe help us think about the new revenue from new customers in the quarter.

明白了。然後也許只是如果我們採取一種簡單的方法並考慮淨擴張，這意味著來自新客戶或新業務的收入在本季度非常強勁。我認為甚至比上一季度還要強。所以我想知道你是否可以給我們一些關於什麼的背景信息——如果在新客戶的收入方面有一個特定的優勢領域。它更多地是在傳統的消息傳遞方面嗎？您是否看到其他產品的升級？也許可以幫助我們考慮本季度新客戶的新收入。

Yes. I mean I think the way to kind of think about it, this is a little bit crude, but basically, if you take the DBNE number and then look at that number and the difference between that and our organic growth rate, that will give you a sense of how new customers contributed. And then obviously, on top of that, you've got the inorganic stuff.

是的。我的意思是我認為這種思考方式有點粗略，但基本上，如果你拿 DBNE 數字，然後看看那個數字和我們的有機增長率之間的差異，這會給你了解新客戶的貢獻。然後很明顯，除此之外，你還有無機物。

In general, I mean, I would say that it's broad-based strength across the board. I mean what we're finding is, is that the messaging product has really, really done well during the last year or so. And the reacceleration of that product is something that we're incredibly proud of as a company, no doubt.

總的來說，我的意思是，我會說這是全面的廣泛優勢。我的意思是，我們發現的是，消息傳遞產品在過去一年左右的時間裡確實做得很好。毫無疑問，該產品的重新加速是我們作為一家公司感到無比自豪的事情。

On top of which, as I mentioned earlier, we're seeing great traction as well in the application services areas of the business. We've talked a lot about Segment, but even in some of the other categories, inclusive of Flex and SendGrid as well, our e-mail product, we're doing really, really well. And so I wouldn't point to any one thing other than to say that the messaging product, in particular, has been delivering great results. Segment had a great quarter. But across the board, across industries, verticals, whatever, we're just seeing broad-based strength.

最重要的是，正如我之前提到的，我們在業務的應用程序服務領域也看到了巨大的吸引力。我們已經談了很多關於 Segment 的內容，但即使在其他一些類別中，包括 Flex 和 SendGrid 以及我們的電子郵件產品，我們也做得非常非常好。因此，除了說特別是消息傳遞產品一直在提供出色的結果之外，我不會指出任何其他事情。細分市場有一個很棒的季度。但從整體上看，跨行業、跨垂直領域，我們只是看到了廣泛的實力。

Your next question comes from Fred Havemeyer with Macquarie.

您的下一個問題來自麥格理的 Fred Havemeyer。

I think I first wanted to just ask about your IoT business. It's something I don't think that we've necessarily been talking about much, but it's also quite interesting here. So I'd like to ask, can you just give us a general overview of where your IoT business stands and perhaps some initial customer perceptions around Super SIM? And generally, also, do you think that Segment is going to play a role in how businesses consider data collection utilization in the IoT space?

我想我首先想問一下您的物聯網業務。我認為我們不一定會談論太多，但這裡也很有趣。所以我想問一下，您能否給我們大致介紹一下您的物聯網業務的現狀，以及客戶對 Super SIM 的一些初步看法？一般來說，您是否認為 Segment 會在企業如何考慮物聯網領域的數據收集利用方面發揮作用？

Absolutely. This is Jeff. And I'll start by saying we're really happy with the IoT business. We actually just hired a new leader, Andrew Cohen, who came from Samsung, who is a fantastic leader. And I think what we're seeing is opportunity is that especially as the world is moving to 5G, there are so many more areas that have yet to be digitally enabled in terms of physical objects in the industrial sense, in the smart city sense. I think we as consumers think of IoT is like our smart devices in the home, like our watches and thermostats. And that is just -- like that is version 0.1 of what IoT is really going to be about.

絕對地。這是傑夫。我首先要說我們對物聯網業務非常滿意。實際上，我們剛剛聘請了一位來自三星的新領導者 Andrew Cohen，他是一位出色的領導者。而且我認為我們看到的是機會，尤其是隨著世界正在轉向 5G，就工業意義上的物理對象而言，還有更多領域尚未實現數字化，在智慧城市意義上。我認為我們作為消費者認為物聯網就像我們家中的智能設備，就像我們的手錶和恆溫器。這只是 - 就像物聯網真正的 0.1 版本一樣。

So this is an early stage of, I think, a long game that's going to be a big outcome. And so we're excited by what we can bring. And what's really cool about the Super SIM -- and again, customers led us to the observations, the problem that Super SIM solves, is that as you deploy a device globally, you don't want to have to have a different vendor or a different set of chips, a different set of SIM cards and carriers behind the scenes based on where that device ends up in the world. You really want to manufacture a device once, put the same hardware, software and connectivity into that device and ship it out to a global supply chain. And that drastically reduces the complexity, but also it means that in the field, that device can get better every day. That's the power of software.

所以我認為這是一場漫長的比賽的早期階段，這將是一個重大的結果。所以我們對我們能帶來的東西感到興奮。 Super SIM 真正酷的地方——再一次，客戶引導我們觀察，Super SIM 解決的問題是，當您在全球範圍內部署設備時，您不希望擁有不同的供應商或根據設備在世界上的最終位置，不同的芯片組、不同的 SIM 卡和幕後運營商。您真的想製造一次設備，將相同的硬件、軟件和連接放入該設備，然後將其運送到全球供應鏈。這大大降低了複雜性，但也意味著在現場，該設備每天都可以變得更好。這就是軟件的力量。

And so that's what we're seeing the Super SIM and a really powerful opportunity to make it so -- once devices leave the factory, they continue their connectivity stories. The performance of that connectivity, the cost of that connectivity is getting better all the time because it's expensive to manufacture. So imagine you've got an IoT humidifier or truck or garbage dumpster or trombone, you don't want to have to remanufacture that thing every time you get better connectivity technology. You want to be able to continually silently upgrade it in the background. That's what Super SIM enables companies to do because their connectivity is not something that is set into the device, and it's something that they can continually evolve in the cloud.

這就是我們所看到的 Super SIM 以及實現這一目標的真正強大機會——一旦設備出廠，它們將繼續其連接故事。該連接的性能，該連接的成本一直在變得更好，因為它的製造成本很高。所以想像一下，你有一個物聯網加濕器、卡車、垃圾箱或長號，你不想每次獲得更好的連接技術時都重新製造那個東西。您希望能夠在後台不斷地默默升級它。這就是 Super SIM 使公司能夠做到的事情，因為他們的連接不是設置在設備中的東西，而是他們可以在雲中不斷發展的東西。

And so we took that whole layer of connectivity and really moved it to a software value proposition that runs in the cloud. I will say, I think the IoT world is a little challenged right now because of manufacturing and global supply chain issues that we've seen in every industry has set back some of these IoT use cases as they've struggled to get supply chains and things like that set up. And that's something I think we've seen across the industry of IoT, especially industrial lines and things like that. But I expect that, that's not a durable trend and that will -- that in the long scheme of things, the 5G rollout and the narrowband implementation that use far less energy and that are far more oriented towards a wide breadth of devices at a much lower price point will actually enable a whole slew of innovation in years to come.

因此，我們採用了整個連接層，並將其真正轉移到在雲中運行的軟件價值主張中。我會說，我認為物聯網世界現在有點挑戰，因為我們在每個行業都看到的製造和全球供應鏈問題已經阻礙了其中一些物聯網用例，因為他們一直在努力獲得供應鍊和諸如此類的設置。這就是我認為我們已經在物聯網行業看到的東西，尤其是工業線和類似的東西。但我預計，這不是一個持久的趨勢，而且從長遠來看，5G 的推出和窄帶實施使用的能源要少得多，而且更面向廣泛的設備。更低的價格點實際上將在未來幾年實現一系列創新。

And gentlemen, another question. Can you give us an update on how your relationship with Syniverse is progressing? Are you at a point where you're materially routing A2P messages for Syniverse with your wholesale agreement?

先生們，另一個問題。您能否向我們介紹一下您與 Syniverse 的關係進展如何？您是否正在通過批發協議為 Syniverse 實質性路由 A2P 消息？

I'll take that. So just for background, we've worked with Syniverse for a long time. So they've been a partner of ours for many years. And so there hasn't been -- we didn't need to like make a material change to our business as a part where really that fuels about cementing our relationship. But the other thing I'll point out is we haven't closed the partnership yet, but still pending. And so a lot of that work still is a forthcoming as we close that partnership that we produce in house.

我會接受的。因此，僅作為背景，我們與 Syniverse 合作了很長時間。所以他們多年來一直是我們的合作夥伴。所以沒有 - 我們不需要像對我們的業務做出重大改變，因為這確實有助於鞏固我們的關係。但我要指出的另一件事是我們尚未結束合作關係，但仍在等待中。因此，隨著我們關閉我們內部生產的合作夥伴關係，很多工作仍然是即將完成的。

Your next question comes from Alex Zukin with Wolfe Research.

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

I've got 2 sort of metrics focused ones. I think it would be pretty helpful. Just going back to Michael's original question about Segment, if we normalize in Q4 for Segment, the sequential growth from Q4 to Q1, something in the high teens, maybe 20%, and it stepped down to 4.5%. Could we just get a better understanding for what -- is there a heightened seasonality with this business later in the year? Because it would help us not get ahead of ourselves to just understand the seasonal kind of patterns of that business. And then I've got a quick follow-up.

我有兩種以指標為重點的指標。我認為這會很有幫助。回到邁克爾最初關於 Segment 的問題，如果我們在第四季度對 Segment 進行正常化，從第四季度到第一季度的連續增長，大約在 10 歲左右，可能是 20%，然後下降到 4.5%。我們能否更好地了解什麼 - 今年晚些時候這項業務的季節性增加了嗎？因為僅僅了解該業務的季節性模式將有助於我們不要超越自己。然後我有一個快速跟進。

Is the follow-up on Segment? Do you want to ask that question now as well?

是Segment的後續嗎？你現在也想問這個問題嗎？

No, no. The follow-up is on A2P.

不，不。後續在A2P上。

Okay. Well, let me take the Segment question first, Alex. So I would say, in general, there's not like per se a seasonal dynamic that I would necessarily point to. I think in general, I mean, we feel great about the way that the acquisition is performing as we've noted several times during the course of this call. We feel quite good about the way that, that business is progressing, some of the products that they've announced.

好的。好吧，讓我先回答一下細分問題，亞歷克斯。所以我想說，總的來說，我不一定會指出季節性動態。我認為總的來說，我的意思是，正如我們在本次電話會議期間多次指出的那樣，我們對收購的表現方式感覺很好。我們對他們宣布的一些產品的業務發展方式感到非常滿意。

I think anything that you're seeing in terms of the sequential is just a little bit of noise, ups and downs from quarter-to-quarter, all of which I would just expect to normalize going forward. Again, we feel very optimistic about the way that, that acquisition is headed and some of the things that we can do with that business. So I really wouldn't read too much into anything that you're seeing sequentially.

我認為你在順序方面看到的任何東西都只是一點點噪音，從一個季度到另一個季度的起伏，我希望所有這些都能正常化。同樣，我們對收購的方向以及我們可以對該業務做的一些事情感到非常樂觀。因此，我真的不會對您按順序看到的任何內容進行過多解讀。

Okay. And then on A2P piece, we appreciate, I think, that you guys talked about the AT&T contribution. But is it possible to just get a better understanding for the Verizon A2P fees maybe this quarter or last quarter so we can -- because if we do the math, it does look like the underlying growth organically ex A2P is accelerating Q1 to Q2, but I'd love to just understand a little bit better if that's actually the case.

好的。然後在 A2P 方面，我認為，我們感謝你們談論 AT&T 的貢獻。但是，是否有可能在本季度或上個季度更好地了解 Verizon A2P 費用，以便我們能夠 - 因為如果我們進行數學計算，看起來確實像 A2P 的潛在增長正在加速第一季度到第二季度，但是如果情況確實如此，我很想更好地理解一點。

I mean I think in general, that's the case. I think we're not really breaking Verizon out anymore. I mean it's kind of in the base rate and as we look at comparisons from last year to this year, it's apples-to-apples, which is why we've broken out the AT&T and T-Mobile aspect only. And we've obviously given you a number there as well. But yes, if you were to take all of that stuff out, what you would see is that we're growing very nicely organically with or without the fees and that there is a reacceleration there.

我的意思是，我認為總的來說，情況就是這樣。我認為我們並沒有真正打破Verizon。我的意思是它有點像基本費率，當我們查看從去年到今年的比較時，它是蘋果對蘋果的，這就是我們只打破 AT&T 和 T-Mobile 方面的原因。我們顯然也給了你一個數字。但是，是的，如果你把所有這些東西都拿出來，你會看到我們在有或沒有費用的情況下有機地增長得很好，而且那裡會重新加速。

Your next question comes from Brent Bracelin with Piper Sandler.

您的下一個問題來自 Brent Bracelin 和 Piper Sandler。

A question for George or Jeff on demand for 2-way messaging via Twilio Conversations versus traditional one-way SMS messaging API. I know in the new wins this quarter, you highlighted a couple of conversation use cases. What is the benefit to the model as customers move from SMS to Conversations? Is it primarily higher volumes? Or does it also include higher pricing? And really just trying to understand how fast could the industry move.

關於通過 Twilio Conversations 與傳統的單向 SMS 消息傳遞 API 進行雙向消息傳遞的需求，請教 George 或 Jeff 的問題。我知道在本季度的新勝利中，您強調了幾個對話用例。當客戶從 SMS 轉移到對話時，該模型有什麼好處？它主要是更高的容量嗎？還是它還包括更高的定價？真的只是想了解這個行業的發展速度。

There's personally nothing more frustrating to me as a consumer than to get a text from a brand without the ability to actually reply back. And so certainly encouraged to see Conversations being brought up more, but love to get any color on adoption and how that would kind of change the messaging volumes for Twilio as well.

作為消費者，沒有什麼比從品牌那裡獲得文本而無法實際回復更令人沮喪的了。因此當然鼓勵看到更多地提出對話，但喜歡在採用方面獲得任何色彩，以及這將如何改變 Twilio 的消息傳遞量。

Yes. That's a great question, Brent. This is Jeff. I'll answer it. If you think about the strategy of how companies have gone about adding messaging to their product experiences, natural first step was to add notification because it's easy and it's high value. But then, of course, consumers expect that to be a 2-way dialogue and they reply. What do you usually get back? You get back sometimes nothing. Sometimes you get back a text and data rates may apply, call this phone number. But really, the customer experience that companies are expecting is to be able to reach a person or a system that answers their question.

是的。這是一個很好的問題，布倫特。這是傑夫。我會回答的。如果您考慮公司如何在其產品體驗中添加消息傳遞的策略，那麼自然的第一步就是添加通知，因為它很容易且具有很高的價值。但是，當然，消費者希望這是一種雙向對話，他們會回复。你通常會回什麼？你有時一無所獲。有時您會收到一條短信，並且可能會收取數據費，請撥打此電話號碼。但實際上，公司所期望的客戶體驗是能夠聯繫到回答他們問題的人或系統。

And that's why we've been focusing on products like Conversations that can turn those one-way messages into 2-way conversation. And then on top of Conversations, we've built Flex for the contact center and Frontline for their workers, so it's a front line of serving customers. And so to create all the vehicles for a company to have 2-way conversations, the door is often open to be able to have that conversation with the company by that first outgoing alert notification, the thing that kind of opens the door for you.

這就是為什麼我們一直專注於像對話這樣的產品，這些產品可以將單向消息轉化為雙向對話。然後在 Conversations 之上，我們為聯絡中心和 Frontline 為他們的員工構建了 Flex，因此它是為客戶服務的第一線。因此，要為公司創建進行雙向對話的所有工具，門通常是敞開的，以便能夠通過第一個發出的警報通知與公司進行對話，這種事情為你打開了大門。

And I think for us, what we see is the more value we can add into the channel. A, customers get more value on it because their customers are happier. But b, it allows us to build great software products that enable those companies to actually be successful in 2-way messaging because it's nontrivial to build those types of experience. And so whether it's with the contact center, whether it's a frontline worker, someone out in the field, someone doing a delivery or what we're seeing a lot of it is for sales use cases, having salespeople with a open messaging channel open to their customers. These are valuable places where companies can now turn a message, that over the fullness of time, turn it into a relationship.

我認為對我們來說，我們看到的是我們可以為渠道增加的價值。 A，客戶從中獲得更多價值，因為他們的客戶更快樂。但是 b，它使我們能夠構建出色的軟件產品，使這些公司能夠真正在雙向消息傳遞方面取得成功，因為構建這些類型的體驗並非易事。因此，無論是與聯絡中心，無論是一線工作人員、現場人員、送貨人員還是我們看到的很多銷售用例，讓銷售人員擁有開放的消息傳遞渠道他們的客戶。這些是公司現在可以將信息轉化為信息的有價值的地方，隨著時間的推移，將其轉化為關係。

Because if you think about you and your friends or family in that phone, that history of all your messages, that is a good summary of your relationship. That is how we are actually building relationships now digitally as consumers. And companies want to be a part of those conversations, too. They want to be a part of that relationship. And that relationship is not transactional, and it's not just a bunch of alerts, it's actually a 2-way dialogue.

因為如果你在電話裡想想你和你的朋友或家人，你所有信息的歷史，那是對你們關係的一個很好的總結。這就是我們現在作為消費者以數字方式實際建立關係的方式。公司也希望成為這些對話的一部分。他們想成為這種關係的一部分。而且這種關係不是事務性的，它不僅僅是一堆警報，它實際上是一個雙向對話。

And I think that we're going to look back and we're going to see that history of conversation that you have with a company, that starts to become the new customer relationship. It's right there in that thread. And that's what we're helping companies create. In fact, I was talking to a major financial services company recently, and they really saw that vision of that's how we're going to build the relationship. And so I think that's a common conversation that I'm having with executives of many companies who really see that future coming. And we're helping them deliver it with Flex, with Frontline, with Conversations and all the things that we're working on.

而且我認為我們將回顧過去，我們將看到您與公司的對話歷史，這開始成為新的客戶關係。它就在那個線程中。這就是我們正在幫助公司創造的東西。事實上，我最近正在與一家大型金融服務公司交談，他們真的看到了我們將如何建立這種關係的願景。因此，我認為這是我與許多真正預見到未來即將到來的公司高管的共同對話。我們正在幫助他們通過 Flex、Frontline、Conversations 以及我們正在做的所有事情來交付它。

Your next question comes from Will Power with Baird.

您的下一個問題來自 Will Power 和 Baird。

I guess maybe 2 questions. First, I think probably for Jeff. I guess, first, thanks for all the company's vaccination efforts, obviously great to see. I wanted to ask about Twilio Live. It was mentioned in the prepared remarks. I just want to better understand the market that's trying to address. Any kind of early use cases you could point to and really just kind of how you're thinking about the opportunity for that product?

我想可能有2個問題。首先，我想可能是為了傑夫。我想，首先，感謝公司所有的疫苗接種工作，很高興看到。我想問一下 Twilio Live。在準備好的評論中提到了這一點。我只是想更好地了解試圖解決的市場。您可以指出任何類型的早期用例，以及您如何看待該產品的機會？

Absolutely. Thanks, Will. If you think about what is happening, the first use cases for live media on the Internet were largely one-to-one or one-to-few, And now we're seeing the number of use cases for broadcast scale, live experiences really grow. A lot of that is because of COVID. But you also look at interesting use cases where like you can have a large-scale audio experience. And many companies are looking at, hey, how can I have thousands of people involved in a live audio conversation. Or how can I do a webinar and have live interactive video with many, many, many people.

絕對地。謝謝，威爾。如果您考慮正在發生的事情，互聯網上直播媒體的第一個用例主要是一對一或一對多，現在我們看到廣播規模的用例數量，現場體驗真的生長。其中很大一部分是因為COVID。但您也會看到有趣的用例，您可以在這些用例中獲得大規模的音頻體驗。許多公司都在考慮，嘿，我怎樣才能讓成千上萬的人參與現場音頻對話。或者我怎樣才能舉辦網絡研討會並與很多很多人進行實時互動視頻。

And so Twilio Live is the answer to this emerging market of live interactive video experiences. You're starting to see things like commerce opportunities happen online with live video. You've got the whole audio market. So one of our launch customers for that was Reddit Talk. So Reddit wanted to add a voice talk feature into their communities. And so they used Twilio Live to do that. And so those are -- that was one of the reference customers at the time of launch.

因此，Twilio Live 是這個新興的實時交互式視頻體驗市場的答案。您開始看到諸如商業機會之類的事情通過實時視頻在線發生。你已經擁有了整個音頻市場。所以我們的一個啟動客戶是 Reddit Talk。所以 Reddit 想在他們的社區中添加語音通話功能。所以他們使用 Twilio Live 來做到這一點。所以這些是 - 那是發佈時的參考客戶之一。

And we're just seeing -- I think there's -- we're at the very beginning of a lot of new experimentation into, okay, live media on the Internet. Not just 1 to 2, 1 to 3, 1 to 5, but actually at scale, like broadcast scale, but interactive is actually starting to become a reality. And I think COVID accelerated a lot of the experimentation into what's possible. And so we're looking forward to powering many of those new ideas, including, for example, Reddit.

我們剛剛看到——我認為有——我們正處於對互聯網上的現場媒體進行大量新實驗的初期。不僅僅是 1 到 2、1 到 3、1 到 5，而且實際上是在規模上，如廣播規模，但互動實際上開始成為現實。而且我認為 COVID 加速了很多可能的實驗。因此，我們期待為其中許多新想法提供動力，例如 Reddit。

Okay. That's great. And then I guess maybe just for Khozema. Any thoughts around how to frame the gross margin outlook as we head into Q3? I guess you have a full quarter impact of the A2P fees. But aside from that, any other puts and takes to be thinking about to help us kind of model that moving forward?

好的。那太棒了。然後我想也許只是為了 Khozema。在我們進入第三季度時，關於如何制定毛利率前景的任何想法？我猜你對 A2P 費用有整個季度的影響。但除此之外，是否還有其他需要考慮的因素來幫助我們建立一種向前發展的模型？

Not really. Well, I mean, I wouldn't say there's any real change in our long-term framework around gross margins. I mean we're still targeting 60% to 65%. We've not really ever been focused on it per se in the short term and there's some noise in here. Obviously, there's our messaging product, which we feel great about the fact that it's had such a strong performance but mixes us down a little bit. Obviously, international, an increase there from 29% to 32% and then the fees clipped us a little bit. But I wouldn't say that there's anything really kind of in the -- different in the long-term outlook and the way that we're thinking about it.

並不真地。好吧，我的意思是，我不會說我們圍繞毛利率的長期框架有任何真正的變化。我的意思是，我們的目標仍然是 60% 到 65%。我們在短期內並沒有真正專注於它本身，而且這裡有一些噪音。顯然，有我們的消息傳遞產品，我們對它有如此強大的性能感到非常高興，但讓我們有點困惑。顯然，在國際上，從 29% 增加到 32%，然後費用使我們稍微減少了一點。但我不會說長期前景和我們思考它的方式有什麼不同。

Your next question comes from Siti Panigrahi with Mizuho.

您的下一個問題來自瑞穗的 Siti Panigrahi。

I just want to dig into the Flex adoption in contact center. And also I'm wondering, how are you looking at the cloud contact center opportunity now given that UCaaS vendors and there's kind of convergence of UCaaS and CCaaS vendor with recent consolidation? How are you looking at the opportunity there?

我只想深入了解聯絡中心的 Flex 採用情況。我還想知道，鑑於 UCaaS 供應商以及最近整合的 UCaaS 和 CCaaS 供應商的融合，您現在如何看待雲聯絡中心的機會？你如何看待那裡的機會？

Absolutely. This is Jeff. So first of all, with Flex, thanks for the question. We're really happy with how Flex is going. I know we don't break it out separately, but if you looked at Flex independently, I think you'd look at its momentum and say it's one of the fastest-growing SaaS products on the market. And I'm particularly proud of the fact that we've got the wide berth of customer adoption that we have from the digital disruptors that we saw early in the adoption cycle, Shopify, Lyft, Robinhood, through the Fortune 500 incumbents in the market who are adopting Flex as well, like the major bank that we mentioned, I think, back in Q4 or Allianz or today's announcement of a major retailer or the Philippine Airlines, right? And so we're seeing broad adoption by a wide set of companies. We're really happy with it.

絕對地。這是傑夫。首先，感謝 Flex 的提問。我們對 Flex 的進展感到非常滿意。我知道我們不會單獨拆分它，但如果您單獨看 Flex，我想您會看到它的發展勢頭並說它是市場上增長最快的 SaaS 產品之一。我特別自豪的是，我們已經從採用周期早期看到的數字破壞者、Shopify、Lyft、Robinhood 到市場上的財富 500 強老牌企業獲得了廣泛的客戶採用誰也在採用 Flex，比如我們提到的大銀行，我認為，早在第四季度或安聯或今天宣布的主要零售商或菲律賓航空公司，對嗎？因此，我們看到許多公司廣泛採用。我們真的很高興。

Now for the second part of your question about the greater trends that are going out, look, I was guessing someone went in, asked that question. First, I'd say the market is still in the early stages of moving to the cloud. It's only around 15% or so of the market that's in the cloud. And so 85% of the market, give or take, is still on-prem, on legacy solutions. And so that's what I think we're looking at as the big opportunity.

現在，關於你關於正在走出的更大趨勢的問題的第二部分，看，我猜有人進去了，問了這個問題。首先，我想說市場仍處於遷移到雲的早期階段。雲市場僅佔 15% 左右。因此，85% 的市場，無論是給予還是接受，仍然是基於傳統解決方案的內部部署。所以這就是我認為我們正在尋找的巨大機會。

But I also think the combination of like UCaaS and contact centers is an interesting one because I see the market changing a little bit. I think that UCaaS is typically thought of as a call center, it's like the desk firm. And what we're seeing the contact center become as much more of a customer experience, customer engagement point. Creating great customer experiences is a driver of top line and it's becoming closer to the revenue side of the business. How do we serve customers as opposed to the call center? How do we save money?

但我也認為像 UCaaS 和聯絡中心這樣的組合是一個有趣的組合，因為我看到市場發生了一些變化。我認為 UCaaS 通常被認為是一個呼叫中心，就像桌面公司。我們所看到的聯絡中心更像是一種客戶體驗、客戶參與點。創造出色的客戶體驗是收入的驅動力，它越來越接近業務的收入方面。與呼叫中心相比，我們如何為客戶服務？我們如何省錢？

And so it used to be that IT and the call center side of the business was like the desk phones in the contact center. But I actually think that when you start looking at digital channels and serving customers over the digital channels, the nature of the contact center is changing from that IT cost center to something that's much closer to the revenue and the Chief Digital Officer and the thing that is going to drive happy customers, repeat customers and more business. And so I think that's a trend that we're well situated to attach to, given the hardware products, given where we sit and who we sell to inside the companies.

因此，過去 IT 和業務的呼叫中心方面就像聯絡中心的桌面電話。但我實際上認為，當你開始關注數字渠道並通過數字渠道為客戶提供服務時，聯絡中心的性質正在從 IT 成本中心轉變為更接近收入和首席數字官的東西將推動滿意的客戶、回頭客和更多業務。因此，考慮到硬件產品，考慮到我們所處的位置以及我們在公司內部向誰銷售產品，我認為這是一個我們很容易接受的趨勢。

Your next question comes from Ryan Koontz with Needham.

您的下一個問題來自 Ryan Koontz 和 Needham。

I want to circle back to your international revenue strength and characterize the adoption of digital customer engagement across these different customer sets. How do you view the international markets relative to the U.S. in terms of adoption there? Do you see some of them more advanced in the U.S.? Or are they all playing kind of catch up?

我想回到您的國際收入實力，並描述在這些不同客戶群中採用數字客戶參與的情況。您如何看待國際市場相對於美國的採用率？您是否看到其中一些在美國更先進？還是他們都在追趕？

This is George. I think it really depends on the technology, I would say, for any of our technologies like SMS and e-mail. Certainly, North America is at parity or ahead of any other place, I would argue. But some of other platforms like WhatsApp, we definitely have seen more advanced adoption in some of our international markets. So I think it just really depends on part of the portfolio.

這是喬治。我認為這真的取決於技術，我想說，對於我們的任何技術，如 SMS 和電子郵件。當然，我認為北美處於同等地位或領先於任何其他地方。但是像 WhatsApp 這樣的其他一些平台，我們肯定已經在我們的一些國際市場上看到了更先進的採用。所以我認為這真的取決於投資組合的一部分。

Your last question comes from Mark Murphy with JPMorgan.

您的最後一個問題來自摩根大通的 Mark Murphy。

I'll add my congrats on a strong quarter. Jeff, I wanted to ask you about the Frontline product. We've been intrigued by the potential for a new kind of an app that would connect frontline workers with consumers. And we understand there are more non-desk workers in the world than desk workers. So understanding it's still early, how do you see that product progressing? And do you feel like you've been able to build some pretty good pipeline in that area?

我將祝賀一個強勁的季度。 Jeff，我想問你關於 Frontline 產品的問題。我們一直對一種將一線工作人員與消費者聯繫起來的新型應用程序的潛力很感興趣。我們知道世界上的非辦公桌工作人員比辦公桌工作人員多。所以現在了解還為時尚早，您如何看待該產品的進展？你覺得你已經能夠在那個領域建立一些非常好的管道嗎？

Yes. Thanks, Mark. I think -- so that is one of the observations that we launched the product with, which is that there are more non-desk workers than there are desk workers. And I think an interesting thing that we've also observed about the market is that there are -- there's 2 types of humans basically who interact with customers in most businesses. One are people who sit usually in a place and all they do is interact with customers. That's usually what you call a call center or a contact center. Maybe they're in a building with cubicles and maybe now they're sitting at home, but basically, they take call after call after call or chat after chat or whatever, right?

是的。謝謝，馬克。我認為 - 這就是我們推出該產品時的觀察結果之一，即非辦公桌工作人員的數量多於辦公桌工作人員的數量。我認為我們還觀察到的關於市場的一件有趣的事情是，在大多數企業中，基本上有兩種類型的人與客戶互動。一種是通常坐在一個地方的人，他們所做的只是與客戶互動。這通常是您所說的呼叫中心或聯絡中心。也許他們在一個有隔間的大樓裡，也許現在他們坐在家裡，但基本上，他們接電話接電話或接電話聊天或其他什麼，對吧？

And what we're seeing in Frontline is there's another large category of workers who -- that isn't their full-time job. They've got many things that they're doing, yet when a customer needs help, they need to basically drop what they're doing and help that customer. And that's, I think, where Frontline is also finding a really interesting set of use cases.

我們在前線看到的是另一大類工人——這不是他們的全職工作。他們有很多事情要做，但是當客戶需要幫助時，他們需要基本上放棄他們正在做的事情並幫助那個客戶。我認為，這就是 Frontline 還發現了一組非常有趣的用例。

And as I mentioned before, there's a lot of areas where the sales is a really interesting area where salespeople who often are busy doing many things, but need to communicate, need to engage with the customer, now are doing that with a tool like Frontline. And it's on the go, it's in their pocket, it's a mobile app. It's easy to use, it feels as native as their phone. And when you do that well, you can embed the CRM information right in that experience to power that person with all the information about that customer and the company gets to track and ensure compliance of all those communications that are going through that experience as opposed to if someone just used their mobile phone and their native personal phone number to actually communicate with the customer.

正如我之前提到的，在很多領域，銷售是一個非常有趣的領域，銷售人員經常忙於做很多事情，但需要溝通，需要與客戶互動，現在他們正在使用 Frontline 這樣的工具.它在旅途中，在他們的口袋裡，它是一個移動應用程序。它易於使用，感覺就像他們的手機一樣原生。當你做得很好時，你可以將 CRM 信息嵌入到體驗中，為那個人提供有關該客戶的所有信息，公司可以跟踪並確保通過該體驗進行的所有通信的合規性，而不是如果有人只是使用他們的手機和他們的本地個人電話號碼與客戶進行實際交流。

So we're seeing a lot of interesting areas, use cases and types of companies. Very excited with the company that we're able to talk about today, the health care company that was using Frontline for sales communications. And I think there -- the product isn't even GA yet, but to have a major Fortune 500 health care company already starting to deploy Frontline, I think, indicates that there are a broad set of use cases that we're seeing from not just them, but other companies as well that will -- where these frontline workers need to be empowered with great customer engagement tools, less -- they just do it less effectively in an uncompliant way using their personal phone. And I think there, we're just scratching the surface and excited to bring that product to GA.

所以我們看到了很多有趣的領域、用例和公司類型。對我們今天能夠談論的公司感到非常興奮，這是一家使用 Frontline 進行銷售溝通的醫療保健公司。而且我認為——該產品甚至還不是 GA，但我認為，擁有一家主要的財富 500 強醫療保健公司已經開始部署 Frontline，這表明我們看到了廣泛的用例不僅是他們，其他公司也會這樣做——這些一線工作人員需要獲得強大的客戶參與工具，而不是——他們只是使用個人手機以不合規的方式效率較低。而且我認為，我們只是在摸索表面，很高興能將該產品帶到 GA。

And quick one for Khozema on the A2P fees. Did you think the carriers who have increased those fees are sort of one and done with the increases or is there a chance that there'll be some kind of some ongoing lift there in the future? And just, I guess, I'm inferring from the strength of results that it's pretty comfortable in terms of customers absorbing that cost just because the ROI remains so high. Is that a fair way to think about it?

快速為 Khozema 提供 A2P 費用。您是否認為增加這些費用的運營商是一種並且已經完成了增加，或者未來是否有可能會有某種持續的提升？而且，我想，我從結果的強度推斷，僅僅因為投資回報率仍然很高，就客戶吸收成本而言，它是相當舒服的。這是一個公平的思考方式嗎？

Yes. I mean I think the ROI is incredibly high when you think about the things that we're doing with customers to be able to enable their use cases. It's hard for me to say one way or the other as to whether or not it's one and done. I mean, I think certainly, based on what we know and see today, we don't see anything in the future, but it certainly doesn't preclude them doing something else. But all of our financial modeling is not based on any additional fees at this time.

是的。我的意思是，當您考慮我們與客戶一起做的事情以啟用他們的用例時，我認為投資回報率非常高。我很難以一種或另一種方式說出它是否已經完成。我的意思是，我認為當然，根據我們今天所知道和看到的，我們在未來看不到任何東西，但這當然不排除他們做其他事情。但目前我們所有的財務模型都不是基於任何額外費用。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。