Twilio Inc (TWLO) 2020 Q4 法說會逐字稿

Good afternoon, and welcome to Twilio's Q4 2020 Earnings Conference Call. My name is Jason, and I will be your operator for today's call. (Operator Instructions)

下午好，歡迎參加 Twilio 的 2020 年第四季度收益電話會議。我的名字是傑森，今天我將擔任您的接線員。 （操作員說明）

I will now turn the call over to Andrew Zilli, Vice President of Investor Relations and Treasury. Mr. Zilli, you may begin.

我現在將把電話轉給投資者關係和財政部副總裁 Andrew Zilli。 Zilli 先生，您可以開始了。

Thanks. Good afternoon, everyone, and thank you for joining us for Twilio's Fourth Quarter and Full Year 2020 Earnings Conference Call. Our results press release, SEC filings and a replay of today's call can be found on our IR website at investors.twilio.com.

謝謝。大家下午好，感謝您參加 Twilio 的 2020 年第四季度和全年收益電話會議。我們的業績新聞稿、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 virtually today are Jeff Lawson, Co-Founder and CEO; George Hu, COO; and Khozema Shipchandler, CFO. We also have Peter Reinhardt, CEO of Twilio segment, joining us for Q&A.

今天幾乎加入我的是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。 Twilio 部門的首席執行官 Peter Reinhardt 也加入了我們的問答環節。

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

提醒一下，我們今天的一些評論將採用非 GAAP 術語。我們的 GAAP 和非 GAAP 結果和指導之間的調節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 the segment acquisition, and our expectations around the impact of the COVID-19 pandemic on our business, results of operations and financial condition and that of our customers and partners is 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. 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. 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.

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，特別是我們預期的業務收益和分部收購的財務影響，以及我們對 COVID-19 影響的預期。 19 大流行對我們的業務、運營結果和財務狀況以及我們的客戶和合作夥伴的財務狀況可能會發生變化。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。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。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。

With that, I'll hand it over to you, Jeff.

有了這個，我會把它交給你，傑夫。

Thanks, Zilli, and thanks, everybody, for joining the call today. I want to begin today's call by recognizing that it's Black History Month here in the United States. Doing the work of overcoming systemic racism is the work of understanding Black history, not just the surface level history or the story of the civil rights movement but understanding the deep history of impression and racism that manifest today in less overt, less intentional ways but is just as impactful on Black lives today. Black history isn't something of the past. It continues through today, and there is an acknowledgment that we're writing Black history and American history today. Twilio's commitment to anti-racism is a commitment to write a better future. That's how I'm contextualizing Black History Month in 2021 differently than I've ever thought of it in the past.

謝謝 Zilli，也謝謝大家今天加入電話會議。我想通過認識到這是美國的黑人歷史月來開始今天的電話會議。克服系統性種族主義的工作是理解黑人歷史的工作，不僅僅是表面歷史或民權運動的故事，而是理解印象和種族主義的深刻歷史，今天以不那麼公開、不那麼有意的方式表現出來，但對今天的黑人生活同樣有影響。黑歷史不是過去的事。它一直持續到今天，人們承認我們今天正在書寫黑人歷史和美國歷史。 Twilio 對反種族主義的承諾是對書寫更美好未來的承諾。這就是我將 2021 年的黑人歷史月背景化的方式，這與我過去所想的不同。

Now on to company earnings. Our fourth quarter continued the strength and momentum we saw throughout the year. Let me quickly touch on a few of the highlights for the full year. We delivered nearly $1.8 billion in total revenue, up 55% over last year, incredible growth at this scale. We acquired Segment, combining a market-leading customer data platform with our leading communications platform. We ended the year with more than 221,000 active customers and more than 10 million developer accounts. And we hosted our first ever virtual SIGNAL with more than 32,000 registrations.

現在談談公司收益。我們的第四季度延續了我們全年看到的實力和勢頭。讓我快速談談全年的一些亮點。我們實現了近 18 億美元的總收入，比去年增長了 55%，在這個規模上實現了令人難以置信的增長。我們收購了 Segment，將市場領先的客戶數據平台與我們領先的通信平台相結合。到年底，我們擁有超過 221,000 名活躍客戶和超過 1000 萬個開發者帳戶。我們託管了我們的第一個虛擬信號，註冊人數超過 32,000。

Our 2020 results reinforce the idea that there is a massive generational opportunity in front of us. We have long known that there is a huge shift to more digital experiences and that every company is becoming a software company, and that has been fueling our growth for more than a decade. And what 2020 showed us is just how true it is that companies that embrace building, that embrace software agility, that empower their developers are the companies that are prepared to the unknown. Whether it's a pandemic, more competition in the market or anything else that is threatening to disrupt an industry or a business, the companies that embrace software are able to accelerate their ability to respond to the changing conditions in their market.

我們 2020 年的結果強化了這樣一種觀點，即我們面前存在巨大的代際機遇。我們早就知道，數字體驗正在發生巨大轉變，每家公司都在成為一家軟件公司，這一直在推動我們十多年來的發展。 2020 年向我們展示的是，擁抱構建、擁抱軟件敏捷性、賦予開發人員權力的公司是那些為未知做好準備的公司。無論是流行病、市場競爭加劇還是其他任何威脅到行業或業務的因素，採用軟件的公司都能夠加快應對市場變化的能力。

The pandemic accelerated change overnight. Health care had to accelerate the adoption of telemedicine, and commerce companies accelerated their e-commerce plans. Companies that hired more developers and upped their digital game during the pandemic are not going back. The pandemic was a booster, and now they are even better at addressing the digital needs of their customers. Digital is here to stay, and there are more and more digital businesses in the world that Twilio is powering.

大流行在一夜之間加速了變化。醫療保健必須加速採用遠程醫療，而商業公司加快了他們的電子商務計劃。在大流行期間僱用更多開發人員並提升數字遊戲的公司不會回頭。大流行是助推器，現在他們在滿足客戶的數字需求方面做得更好。數字化將繼續存在，Twilio 正在為世界上越來越多的數字業務提供支持。

That's why we are so excited about the opportunity ahead. In fact, according to IDC, investments in digital transformation will nearly double by 2023 to $2.3 trillion, representing more than 50% of total IT spending worldwide. And Deloitte recently released a report stating that during the next 18 to 24 months, they expect to see leading companies embrace the bespoke-for-billions trend by exploring ways to use human-centered design and digital technology to create personalized, digitally enriched interactions at scale.

這就是為什麼我們對未來的機會如此興奮。事實上，根據 IDC 的數據，到 2023 年，數字化轉型的投資將幾乎翻一番，達到 2.3 萬億美元，佔全球 IT 總支出的 50% 以上。德勤最近發布的一份報告指出，在未來 18 到 24 個月內，他們希望看到領先的公司通過探索使用以人為本的設計和數字技術在規模。

Twilio's annual State of Customer Engagement report, launching next Wednesday, February 24, evidences this change. The study found that digital engagement was critical to survival in 2020, with 96% of business leaders reporting that not digitizing customer engagement would have negatively impacted their business, including making them less competitive, causing a loss of revenue and an inability to meet customer expectations. And as the world seeks to find a new semblance of normal, businesses are not going back. Given the increased importance of digital engagement to company's success moving forward, nearly all business leaders surveyed, 95%, expect to increase or maintain their organizations' investment in customer engagement after the pandemic.

Twilio 的年度客戶參與狀況報告將於 2 月 24 日下週三發布，證明了這一變化。該研究發現，數字化參與對 2020 年的生存至關重要，96% 的企業領導者表示，不將客戶參與數字化會對他們的業務產生負面影響，包括降低他們的競爭力、導致收入損失和無法滿足客戶期望.隨著世界尋求找到一種新的常態，企業不會倒退。鑑於數字化參與對公司未來成功的重要性日益增加，幾乎所有接受調查的企業領導者（95%）都希望在大流行之後增加或維持其組織對客戶參與的投資。

This is why we've been building out our customer engagement platform that truly serves the end-to-end life cycle of all customer engagement in the enterprise. We acquired Segment, the market-leading customer data platform, to provide a unified customer view to help companies better understand customers and engage more effectively over digital channels. Why? Because companies need to understand who their customers are, what products they're looking for, what products they bought and where customers are interacting with their brand across multiple touch points. And our platform allows the developers of the world to build, to take all of those bits of data that are siloed throughout the company build a cohesive picture of the customer, build a world-class customer service experience and deliver the right communication over the right channel at the right time.

這就是為什麼我們一直在構建我們的客戶參與平台，該平台真正服務於企業中所有客戶參與的端到端生命週期。我們收購了市場領先的客戶數據平台 Segment，以提供統一的客戶視圖，幫助公司更好地了解客戶並通過數字渠道更有效地參與。為什麼？因為公司需要了解他們的客戶是誰、他們在尋找什麼產品、他們購買了什麼產品以及客戶在多個接觸點與他們的品牌互動的位置。我們的平台允許世界各地的開發人員構建、獲取在整個公司中孤立的所有這些數據，構建一個有凝聚力的客戶圖片，構建世界一流的客戶服務體驗，並提供正確的溝通而不是正確的溝通在正確的時間頻道。

The endgame is to meaningfully improve every interaction every business has with every customer. That's incredibly valuable to enterprises because it allows them to create differentiated customer experiences. And our results validate that this is what the market wants. Of course, to make all this work, we have to empower developers. We have more than 10 million developers around the world using Twilio to build the future of customer engagement, and we're going to continue innovating to provide them the tools they need. Our developer ecosystem is one of the long-term competitive advantages for Twilio, and we're going to continue to focus on making them successful.

最終目標是有意義地改善每個企業與每個客戶的每次互動。這對企業來說非常有價值，因為它允許他們創造差異化的客戶體驗。我們的結果證實這是市場想要的。當然，要使所有這些工作，我們必須授權開發人員。我們在全球有超過 1000 萬開發人員使用 Twilio 構建客戶參與的未來，我們將繼續創新，為他們提供所需的工具。我們的開發者生態系統是 Twilio 的長期競爭優勢之一，我們將繼續專注於讓它們取得成功。

Before I turn it over to George, I also wanted to highlight that we launched our first ever Impact Report today, which you can find on our website. The report covers several topics, including our focus on helping our neighbors and communities. In fact, in 2020, nonprofits, social enterprises and local governments using Twilio helped reach 266 million people. You'll also find information on our latest diversity and inclusion stack as well as some new ESG initiatives and disclosures. We also launched our WePledge movement for employee giving to the world, empowering every individual employee to pledge 1% of their time or income to do good. As Twilions, we volunteered more than 7,800 hours and donated more than $1 million in 2020. And Atlassian, Zoom, Okta and Pledge 1% all signed on to join the WePledge movement.

在我把它交給喬治之前，我還想強調一下，我們今天發布了我們的第一份影響報告，您可以在我們的網站上找到該報告。該報告涵蓋了幾個主題，包括我們對幫助我們的鄰居和社區的關注。事實上，在 2020 年，使用 Twilio 的非營利組織、社會企業和地方政府幫助達到了 2.66 億人。您還將找到有關我們最新的多元化和包容性堆棧以及一些新的 ESG 舉措和披露的信息。我們還發起了我們的 WePledge 運動，讓員工向世界捐款，讓每位員工都能承諾將 1% 的時間或收入用於做好事。作為 Twilions，我們在 2020 年提供了超過 7,800 小時的志願服務，並捐贈了超過 100 萬美元。Atlassian、Zoom、Okta 和 Pledge 1% 都簽約加入了 WePledge 運動。

There are a couple of recent additions to Twilio I'd like to welcome. In Q4, we hired Jeremiah Brazeau as our CTO to lead our technology strategy and road map. And last month, we added Deval Patrick, former Governor of Massachusetts, to our Board of Directors. In addition to his public sector experience, Deval held senior executive roles at Texaco and Coca-Cola and most recently funded the Double Impact Fund at Bain Capital. Jeremiah and Deval are just the latest additions to our leadership in the last year as we brought on several new senior leaders who will be critical to our success as we continue to grow and scale the company.

我想歡迎 Twilio 最近添加了一些內容。在第四季度，我們聘請了 Jeremiah Brazeau 作為我們的首席技術官來領導我們的技術戰略和路線圖。上個月，我們將馬薩諸塞州前州長 Deval Patrick 添加到我們的董事會。除了在公共部門的經驗外，Deval 還曾在德士古和可口可樂擔任高級管理職務，最近還資助了貝恩資本的雙重影響基金。 Jeremiah 和 Deval 只是去年我們領導層的最新成員，因為我們帶來了幾位新的高級領導者，他們對我們的成功至關重要，因為我們將繼續發展和擴大公司規模。

And finally, you may have seen in our press release that our Chief Legal Officer, Karyn Smith, will be leaving the company after 6.5 years. Karyn has been a tremendous leader for Twilio and such an important part of our success, from building out our legal team to taking us public and more. I am extremely grateful for her contributions to the company during her tenure. Karyn is going to stay on for a while, while we find our next general counsel and ensure a smooth transition in the coming months.

最後，您可能已經在我們的新聞稿中看到，我們的首席法務官 Karyn Smith 將在 6.5 年後離開公司。 Karyn 一直是 Twilio 的傑出領導者，也是我們成功的重要組成部分，從建立我們的法律團隊到讓我們上市等等。我非常感謝她在任職期間對公司的貢獻。 Karyn 將留任一段時間，同時我們會找到下一位總法律顧問，並確保在未來幾個月內順利過渡。

Thank you to all Twilions for helping deliver such outstanding results and doing so much to help our customers as well as the broader community during such a difficult year. We're extremely excited for 2021 and beyond as we take advantage of this generational opportunity.

感謝所有 Twilions 在如此艱難的一年中幫助我們取得如此出色的成績，並為幫助我們的客戶以及更廣泛的社區做出瞭如此多的努力。隨著我們利用這一代際機遇，我們對 2021 年及以後感到非常興奮。

With that, I'll hand it over to you, George.

有了這個，我會把它交給你，喬治。

Thanks, Jeff. I'm so excited about the great performance the team had in Q4, wrapping up an outstanding year in 2020. As you know, in addition to growing our sales capacity, we've been focused on 4 core areas: developers, enterprise presence, international expansion and growing our partner ecosystem. We saw tremendous success in these areas in 2020, but we still believe we are in the early innings, and we plan to continue to invest in these 4 areas for 2021.

謝謝，傑夫。我對團隊在第四季度的出色表現感到非常興奮，結束了 2020 年出色的一年。如您所知，除了提高我們的銷售能力外，我們還專注於 4 個核心領域：開發人員、企業存在、國際擴張和發展我們的合作夥伴生態系統。我們在 2020 年看到了這些領域的巨大成功，但我們仍然相信我們還處於早期階段，我們計劃在 2021 年繼續在這 4 個領域進行投資。

On our marketing side, we continue to focus on developers while also engaging more and more at the executive level. Our team hosted 285 virtual events, including SIGNAL, Engage Everywhere, Superclasses, Twilio Engagement Center sessions and more, connecting with nearly 40,000 customers and developers to help them build the future of customer engagement using the Twilio platform. Our developer relations team hosted the largest Superclass event ever during SIGNAL, quadrupled the number of users on TwilioQuest and launched a new development podcast and YouTube channels to drive further engagement with our expanding developer community. And of course, Jeff's new book, Ask Your Developer, which, by the way, is a Wall Street Journal Business national bestseller, is a great way to engage with enterprises and get them thinking about how they can empower their developers to build solutions for the future of customer engagement.

在我們的營銷方面，我們繼續關注開發人員，同時也越來越多地參與到執行層面。我們的團隊舉辦了 285 場虛擬活動，包括 SIGNAL、Engage Everywhere、Superclasses、Twilio 參與中心會議等，與近 40,000 名客戶和開發人員建立聯繫，幫助他們使用 Twilio 平台構建客戶參與的未來。我們的開發者關係團隊在 SIGNAL 期間舉辦了有史以來規模最大的 Superclass 活動，使 TwilioQuest 上的用戶數量翻了兩番，並推出了新的開發播客和 YouTube 頻道，以推動與我們不斷擴大的開發者社區的進一步互動。當然，Jeff 的新書 Ask Your Developer，順便說一下，它是《華爾街日報》商業全國暢銷書，是與企業互動並讓他們思考如何授權開發人員構建解決方案的好方法。客戶參與的未來。

On the go-to-market side, our investments in the enterprise space are paying off as we become more strategic to the world's largest companies. In fact, in 2020, the number of transactions with Global 2000 customers was up 76% over last year, and the number of 7-figure deals overall was up 93% from 2019. We signed some great enterprise deals in Q4, including one with JPMorgan Chase, the largest bank in the U.S., who chose Twilio to enhance their customer service offering. We also signed a deal with one of the world's largest retailers. With the surge in traffic during the holiday season, their on-premise e-mail solution couldn't scale to support their volumes. And they knew it was time to move to the cloud. They selected Twilio SendGrid for the deliverability and scale needed to support the billions of e-mails they expected to spend.

在進入市場方面，隨著我們對世界上最大的公司更具戰略性，我們在企業領域的投資正在獲得回報。事實上，在 2020 年，與全球 2000 強客戶的交易數量比去年增長了 76%，總體上 7 位數的交易數量比 2019 年增長了 93%。我們在第四季度簽署了一些很棒的企業交易，其中包括與美國最大的銀行 JPMorgan Chase 選擇了 Twilio 來增強其客戶服務產品。我們還與世界上最大的零售商之一簽署了協議。隨著假期期間的流量激增，他們的本地電子郵件解決方案無法擴展以支持他們的數量。他們知道是時候遷移到雲端了。他們選擇 Twilio SendGrid 是因為其交付能力和規模足以支持他們預計花費的數十億封電子郵件。

We expanded our relationship with a Fortune 500 P&C insurance company that was looking for a partner to support their multichannel digital engagement journeys. They selected Twilio for SMS, Verify, e-mail and WhatsApp to power several new solutions for their customers. We also expanded our relationship with H&R Block, a leading tax preparation and financial services company and a Fortune 1000 company. In preparation for the upcoming tax season, H&R Block wanted to provide better virtual tax preparation experiences while leveraging a single platform. They added Twilio Video for online tax prep appointment and are also using voice, SMS and chat to provide a unified customer experience.

我們擴大了與財富 500 強 P&C 保險公司的關係，該公司正在尋找合作夥伴來支持他們的多渠道數字參與之旅。他們為 SMS、Verify、電子郵件和 WhatsApp 選擇了 Twilio，為他們的客戶提供了幾個新的解決方案。我們還擴大了與領先的報稅和金融服務公司以及財富 1000 強公司 H&R Block 的關係。在為即將到來的報稅季做準備時，H&R Block 希望在利用單一平台的同時提供更好的虛擬報稅體驗。他們為在線報稅預約添加了 Twilio Video，並且還使用語音、短信和聊天來提供統一的客戶體驗。

We are extremely excited about the addition of Segment to Twilio. And while it is still early, we are seeing great traction as we signed a deal with Camping World, America's leading recreational vehicle and outdoor retailer and a Fortune 1000 company. Segment will enable Camping World to quickly and easily understand who their most loyal customers are across domains to allow personalized rewarding experience across all of Camping World's digital touch points.

我們對將 Segment 添加到 Twilio 感到非常興奮。雖然現在還為時過早，但隨著我們與美國領先的休閒車和戶外零售商以及財富 1000 強公司 Camping World 簽署協議，我們看到了巨大的吸引力。 Segment 將使 Camping World 能夠快速輕鬆地了解跨領域最忠實的客戶是誰，從而在 Camping World 的所有數字接觸點上提供個性化的獎勵體驗。

Internationally, we continue to invest to expand our presence in key markets, and we're seeing great returns from those investments. We entered into a new relationship with a G2K insurance provider. They were looking to accelerate their efforts to focus on a digital-first engagement strategy and selected Twilio to build multiple solutions, including WhatsApp within Flex for agents and sales communication, video solutions for sales agents to talk to VIP clients and video solutions for telemedicine appointments.

在國際上，我們繼續投資以擴大我們在主要市場的影響力，並且我們看到了這些投資的巨大回報。我們與 G2K 保險提供商建立了新的合作關係。他們希望加快努力，專注於數字優先參與戰略，並選擇 Twilio 來構建多種解決方案，包括 Flex 中用於代理和銷售溝通的 WhatsApp、用於銷售代理與 VIP 客戶交談的視頻解決方案以及用於遠程醫療預約的視頻解決方案.

Our partner ecosystem plays a critical role in expanding our reach around the world and in different industries. In 2020, consulting partners influenced 3x as much revenue in 2019, were involving 50% of our top Flex deals and had a 4x increase in influence with G2K customers. And of course, we welcome Deloitte Digital as our first premier global systems integrator. And we're already seeing great results from that partnership as we closed several joint deals together in the fourth quarter.

我們的合作夥伴生態系統在擴大我們在世界各地和不同行業的影響力方面發揮著關鍵作用。 2020 年，諮詢合作夥伴對 2019 年收入的影響是 3 倍，參與了我們 50% 的頂級 Flex 交易，對 G2K 客戶的影響增加了 4 倍。當然，我們歡迎 Deloitte Digital 成為我們首家首屈一指的全球系統集成商。隨著我們在第四季度共同完成了幾項聯合交易，我們已經看到了這種夥伴關係的巨大成果。

Again, I'm extremely pleased with the performance this year. We've made great progress, but we are just getting started in each of our focus areas, and that's what makes this opportunity so exciting. We are going to continue to invest in these areas going forward to address the huge opportunity ahead of us. I couldn't be more thrilled for how we are positioned for 2021 and beyond.

再說一次，我對今年的表現非常滿意。我們已經取得了很大的進步，但我們在每個重點領域都剛剛起步，這就是讓這個機會如此令人興奮的原因。我們將繼續在這些領域進行投資，以應對擺在我們面前的巨大機遇。我對我們在 2021 年及以後的定位感到非常興奮。

With that, I'll pass it over to Khozema.

有了這個，我會把它交給 Khozema。

Thanks, George, and good afternoon, everyone. I'll start by echoing Jeff and George's sentiment. I couldn't be prouder of Twilio's execution in 2020. We saw a year's worth of digital acceleration during an unprecedented time. And as we enter 2021, there's plenty of opportunity and plenty of work to be done to continue to grow and scale our business. We have the right leadership and the right products in place to ensure we're successful to take advantage of this enormous opportunity as we continue building the leading customer engagement platform. As I've mentioned on previous calls, we are also very focused on scaling our systems and processes, which will ultimately lead to greater leverage in the future.

謝謝，喬治，大家下午好。我將首先回應 Jeff 和 George 的觀點。我為 Twilio 在 2020 年的執行感到無比自豪。我們在前所未有的時期見證了一年的數字加速。隨著我們進入 2021 年，有很多機會和大量工作要做，以繼續發展和擴大我們的業務。我們擁有合適的領導層和合適的產品，以確保我們在繼續構建領先的客戶參與平台的過程中成功利用這一巨大機會。正如我在之前的電話會議中提到的，我們也非常專注於擴展我們的系統和流程，這最終將在未來帶來更大的影響力。

Delving in a bit further, we're investing to create an enterprise data architecture internally, including our ERP, business intelligence, quote-to-cash as well as continuing to improve other core processes that allow us to scale the company. Additionally, we continue to invest in people, both geographically, and through the lens of DEI, further diversifying our employee base.

進一步深入研究，我們正在投資於內部創建企業數據架構，包括我們的 ERP、商業智能、報價到現金以及繼續改進其他核心流程，使我們能夠擴大公司規模。此外，我們繼續在地域上和通過 DEI 的視角對人員進行投資，進一步豐富了我們的員工基礎。

As George mentioned, the early returns from the Segment acquisition are great. And while Segment is running independently today, as we continue our integration planning, we are working on some integration on the G&A side as well as some exciting organically evolving innovation synergies on the product side. As the executive sponsor for the integration work, I'm heavily involved in the process, and the integration is off to a terrific start. The cultures and values are incredibly well aligned, which we can sense from a distance but are seeing confirmed on a daily basis now. We're also starting to see specific opportunities for joint products, which we will talk about in future quarters. I continue to be excited and energized about the tremendous opportunity ahead for Twilio.

正如 George 所說，Segment 收購的早期回報是巨大的。雖然今天 Segment 獨立運行，但隨著我們繼續我們的整合計劃，我們正在 G&A 方面進行一些整合，並在產品方面進行一些令人興奮的有機發展的創新協同效應。作為集成工作的執行發起人，我積極參與了這個過程，並且集成有了一個很好的開始。文化和價值觀非常一致，我們可以從遠處感覺到，但現在每天都在確認。我們也開始看到聯合產品的具體機會，我們將在未來幾個季度討論這些機會。我繼續對 Twilio 面臨的巨大機遇感到興奮和充滿活力。

Now on to the numbers. Total revenue for Q4 grew 65% year-over-year to $548 million, including $23 million from Segment, which closed on November 2. Dollar-based net expansion rate was 139% as we continued to see broad-based strength across the business. Remember, that Segment does not have an impact in DBNE. As expected, political traffic had a strong quarter as a result of the election, contributing $23 million to revenue. Excluding Segment and political traffic in Q4 2020, revenue grew 52%.

現在談談數字。第四季度的總收入同比增長 65% 至 5.48 億美元，其中 2300 萬美元來自於 11 月 2 日關閉的細分市場。基於美元的淨擴張率為 139%，因為我們繼續看到整個業務的廣泛實力。請記住，該 Segment 在 DBNE 中沒有影響。正如預期的那樣，由於選舉，政治流量在一個季度表現強勁，為收入貢獻了 2300 萬美元。不包括 2020 年第四季度的細分和政治流量，收入增長了 52%。

For the full year, we delivered $1.76 billion in revenue, up 55% year-over-year. And DBNE for the full year was 137%. Revenue from our top 10 active customer accounts represented 13% of revenue in Q4 compared to 14% both last quarter and Q4 of last year. International revenue was 27% of total revenue in Q4 compared to 27% last quarter and 29% in Q4 2019. WhatsApp contributed approximately 5% of revenue in Q4, down from 6% last quarter. As a reminder, going forward, we will no longer break out WhatsApp as a percentage of revenue. We continue to have a great relationship with WhatsApp. However, as our business has scaled, coupled with the strong revenue diversification, disclosing the contribution from a single customer is less meaningful.

全年，我們實現了 17.6 億美元的收入，同比增長 55%。全年的 DBNE 為 137%。我們前 10 名活躍客戶賬戶的收入佔第四季度收入的 13%，而上一季度和去年第四季度均為 14%。第四季度國際收入佔總收入的 27%，上一季度為 27%，2019 年第四季度為 29%。WhatsApp 在第四季度貢獻了約 5% 的收入，低於上一季度的 6%。提醒一下，今後，我們將不再將 WhatsApp 作為收入的百分比進行細分。我們繼續與 WhatsApp 保持良好的關係。然而，隨著我們業務規模的擴大，加上強勁的收入多元化，披露單個客戶的貢獻意義不大。

Verizon's A2P fees contributed approximately $14 million to revenue. As a reminder, this fee is a direct pass-through to customers and does not impact gross profit dollars. As we come up to the anniversary of the implementation of the Verizon fees, we will no longer be breaking out this metric. However, we do believe another carrier will implement fees in the coming months. And if that happens, we'll provide further information on an upcoming call.

Verizon 的 A2P 費用為收入貢獻了大約 1400 萬美元。提醒一下，這筆費用是直接轉嫁給客戶的，不會影響毛利潤。隨著我們即將迎來 Verizon 收費實施週年紀念日，我們將不再打破這一指標。但是，我們確實相信另一家運營商將在未來幾個月內收取費用。如果發生這種情況，我們將提供有關即將召開的電話會議的更多信息。

Fourth quarter non-GAAP gross margin was approximately 56% and was negatively impacted by 150 basis points from A2P fees. Twilio's gross margin ex Segment was approximately flat quarter-over-quarter aided by political traffic in the United States. As we've discussed recently, organic gross margin continued to mix down as the growth of our messaging product has reaccelerated, a trend that continued in Q4 and a trade-off we'll gladly accept. Non-GAAP operating profit came in at approximately $13 million, stronger than originally forecasted driven by higher-than-forecasted revenue.

第四季度非 GAAP 毛利率約為 56%，受到 A2P 費用 150 個基點的負面影響。在美國政治流量的幫助下，Twilio 的除分部毛利率環比基本持平。正如我們最近所討論的，隨著我們的消息產品的增長重新加速，有機毛利率繼續下降，這一趨勢在第四季度繼續存在，我們很樂意接受這種權衡。非美國通用會計準則營業利潤約為 1300 萬美元，高於最初預期的收入，原因是收入高於預期。

Now moving on to guidance. Let me quickly highlight a few items as it relates to different aspects of guidance. First, I'd like to remind everyone, we will only be providing quarterly guidance going forward. Second, this guidance does not include any additional A2P fees that may go into effect during the quarter. And finally, we built this guidance off of our fourth quarter results, excluding the political traffic contribution.

現在繼續指導。讓我快速強調一些與指導的不同方面有關的項目。首先，我想提醒大家，今後我們只會提供季度指導。其次，本指南不包括可能在本季度生效的任何額外 A2P 費用。最後，我們根據第四季度的業績建立了這一指導，不包括政治交通貢獻。

So for Q1, we expect total revenue of $526 million to $536 million, including Segment, for year-over-year growth of 44% to 47%. And we expect a first quarter operating loss in the range of $15 million to $20 million. With regards to our operating loss guidance for the first quarter, as mentioned on previous calls, some of the investments we planned on making last year did not materialize as we had originally forecast due to COVID. We still intend to make these investments in 2021, primarily centered on people and systems.

因此，對於第一季度，我們預計包括細分市場在內的總收入為 5.26 億美元至 5.36 億美元，同比增長 44% 至 47%。我們預計第一季度的運營虧損在 1500 萬美元到 2000 萬美元之間。關於我們第一季度的運營虧損指導，正如之前的電話會議所述，我們去年計劃進行的一些投資由於 COVID 而沒有像我們最初預測的那樣實現。我們仍打算在 2021 年進行這些投資，主要集中在人員和系統上。

To close, we delivered very strong results in 2020, and we are excited about 2021 and the years beyond. We are making the right investments today to scale the company and take advantage of a generational opportunity.

最後，我們在 2020 年取得了非常強勁的業績，我們對 2021 年及以後的年份感到興奮。我們今天正在進行正確的投資，以擴大公司規模並利用世代相傳的機會。

With that, I wish everyone well, and thank you for joining. Operator, please open the line for questions.

至此，我祝大家一切順利，並感謝大家的加入。接線員，請打開電話提問。

(Operator Instructions) Your first question comes from the line of Derrick Wood from Cowen and Company.

（操作員說明）您的第一個問題來自 Cowen and Company 的 Derrick Wood。

Great. And congratulations to everyone with the fantastic finish to the year. And Jeff, congratulations on the release of your new book. I wanted to ask a question along those lines. In the book, you focused a lot on the rise and importance of the developer. We've been hearing about developers getting more budget authority in today's digital era. So it'd be great to hear what you're seeing in terms of changes in buying behavior, particularly when it comes to developer involvement, and how you see these trends helping Twilio gain more wallet share in the years ahead.

偉大的。並祝賀大家在這一年取得了出色的成績。傑夫，祝賀你的新書出版。我想問一個這樣的問題。在書中，您非常關注開發人員的崛起和重要性。我們一直聽說開發人員在當今的數字時代獲得了更多的預算權限。因此，很高興聽到您在購買行為方面所看到的變化，特別是在開發人員參與方面，以及您如何看待這些趨勢幫助 Twilio 在未來幾年獲得更多的錢包份額。

Thank you, Derrick. Yes, I think one of the things that Twilio really bet upon when we founded the company was that developers would become even more influential as companies had to turn to digital, had to become more agile and had to really build for this digital era because developers are the ones who know the tool chain, they know how to get things done. And when the barriers come down, i.e., instead of having to go spend tens of millions of dollars and sign a contract upfront for some giant multiyear IT project but rather get started with little risk, spend $1 or $2 building a prototype, that the outcome, the benefits of being able to move quickly in that way of building and moving from a prototype to a beta to a production rollout with ease and little equipment along the way that, that would just take over. And I think that we were very right about that. There's a Twilio, along with other companies, in this API economy.

謝謝你，德里克。是的，我認為 Twilio 在我們創立公司時真正押注的一件事是，隨著公司必須轉向數字化，必須變得更加敏捷，並且必須真正為這個數字時代構建，開發人員將變得更有影響力，因為開發人員是了解工具鏈的人，他們知道如何完成工作。當障礙降低時，即不必花費數千萬美元預先簽署一些大型多年 IT 項目的合同，而是以很小的風險開始，花費 1 或 2 美元構建原型，結果，能夠以這種方式快速移動的好處是，可以輕鬆地從原型到測試版再到生產推出，一路上只需很少的設備，這將接管。我認為我們對此非常正確。在這個 API 經濟中，有一家 Twilio 和其他公司。

And that's why as the pace of business has accelerated and the importance of digital has grown to nearly every kind of business in every kind of industry, while developers are able to pick up the tools and the new software supply chain that Twilio was a pioneer

這就是為什麼隨著業務步伐的加快和數字化的重要性已經增長到幾乎每一種行業的每一種業務，而開發人員能夠獲得 Twilio 是先驅的工具和新的軟件供應鏈

(technical difficulty)

（技術難度）

the big logo, and, you also hear about the digital-native companies that adopt Twilio, and we now have over 220,000 companies, look, the vast majority of those, we were brought in by a developer. That's how the relationship started.

大徽標，而且，您還聽說過採用 Twilio 的數字原生公司，我們現在有超過 220,000 家公司，看，其中絕大多數是由開發人員引入的。關係就這樣開始了。

And so they bring us in. They build out prototype. They see that early success. And then we follow in with our sales team, and we expand the relationship over time to make them successful in the first use case, in the second and the third. And that's really the power of the platform business model. It combines a very efficient go-to-market engine. We spend less on sales and marketing than a lot of other companies, especially when growing at our rate and scale. But then that allows us to not only get in the door but also expand our presence in that account because we've got those technical champions. And I think that's a trend that's just going to continue as you look at COVID and you look at how the importance of building and staying agile and responding to changing conditions, whether it's something like a pandemic or just the normal competitive concerns that are out there, that developers get even more prominent as time goes on.

所以他們把我們帶進來。他們建立了原型。他們看到了早期的成功。然後我們跟隨我們的銷售團隊，隨著時間的推移擴大關係，使他們在第一個用例、第二個和第三個用例中取得成功。這就是平台商業模式的真正力量。它結合了一個非常高效的上市引擎。與許多其他公司相比，我們在銷售和營銷上的花費更少，尤其是在以我們的速度和規模增長時。但這使我們不僅可以進入，還可以擴大我們在該帳戶中的影響力，因為我們擁有那些技術冠軍。而且我認為，當您查看 COVID 時，這種趨勢將繼續下去，並且您會看到建立和保持敏捷性以及應對不斷變化的條件的重要性，無論是大流行病還是只是存在的正常競爭問題，隨著時間的推移，開發人員變得更加突出。

Great. If I could squeeze one in for Khozema. The gross margin definitely trended better than we've seen sequentially in the last few quarters. I know you called out Segment. Anything else to call out in terms of mix shift changes sequentially and how to think about the directional thoughts on gross margins for Q1?

偉大的。如果我可以為 Khozema 擠一個。毛利率的趨勢肯定比我們在過去幾個季度連續看到的要好。我知道你叫了Segment。關於混合轉變的順序變化以及如何考慮對第一季度毛利率的方向性思考，還有什麼需要注意的嗎？

Not really, Derrick. I mean the way that we characterized it was that we've had kind of a flat quarter-over-quarter gross margin dynamic that was aided by political fees, as we said in our prepared remarks. We've also talked about, most recently at the Investor Day, that we've had a reaccelerating messaging business as well. And so that's created some downward pressure on gross margins. But we like that trade-off, obviously, just given the hatch that we've developed in messaging and the gross profits that that's kicking off. Otherwise, I mean we kind of expect gross margins to sort of be in the mid- to high 50s, as we've said before. And I think you should expect that to continue, putting aside like A2P dynamics, obviously.

不是真的，德里克。我的意思是，正如我們在準備好的評論中所說，我們描述它的方式是，在政治費用的幫助下，我們的季度毛利率保持平穩。最近在投資者日，我們還談到了我們的消息業務也在重新加速。因此，這對毛利率造成了一些下行壓力。但顯然，我們喜歡這種權衡，只是考慮到我們在消息傳遞方面開發的孵化器以及由此開始的毛利潤。否則，我的意思是，正如我們之前所說，我們有點預計毛利率會在 50 年代中期到較高水平。而且我認為你應該期望這種情況會繼續下去，顯然拋開 A2P 動態。

Great. Congrats, guys.

偉大的。恭喜，伙計們。

Your next question comes from the line of Mark Murphy from JPMorgan.

您的下一個問題來自摩根大通的 Mark Murphy。

And congrats to all the Twilions. Jeff, I'm interested in the trend you're seeing in 2-way or bidirectional messaging. Can you help us understand, or just estimate, what portion of messages you're processing today that are 2-way and maybe what types of discussions are emerging to use it in the future? Because we're kind of sensing it's starting to creep into some of our own experiences sporadically, once in a while, from the auto mechanic or after I buy an appliance. So I'm just wondering if there's any tangible outlook there.

並祝賀所有 Twilions。 Jeff，我對您在雙向或雙向消息傳遞中看到的趨勢感興趣。您能否幫助我們了解或僅估計您今天正在處理的消息中有多少是雙向的，以及將來可能會出現哪些類型的討論以使用它？因為我們有點感覺到它開始零星地滲透到我們自己的一些經歷中，偶爾，來自汽車修理工或在我購買電器之後。所以我只是想知道那裡是否有任何切實的前景。

Yes. Thank you very much, Mark. I think you're right. It's still very much at its infancy though. So a relatively small part of our traffic is 2-way, but it's been growing in recent years. If you think about it, 5, maybe 8 years ago, it was sort of novel when a company could text you the status update of a flight or your package shipped or whatever, and we saw a lot of customers building those types of use cases on top of Twilio. When you got that, it was like, "Oh, that was delightful." But of course, if you replied to it, usually, the reply went nowhere. And now you're starting to get the next wave of innovation in messaging, which is actually, certain times, you can actually reply to it and either a bot or a human being will actually be listening and be able to help you with that engagement.

是的。非常感謝，馬克。我覺得你是對的。不過，它仍處於起步階段。所以我們的流量中相對較小的一部分是雙向的，但近年來它一直在增長。如果你想一想，5 年，或者 8 年前，當一家公司可以向你發送航班狀態更新或你的包裹發貨或其他任何東西時，這有點新奇，我們看到很多客戶在構建這些類型的用例在 Twilio 之上。當你得到它時，就像，“哦，那太令人愉快了。”但是，當然，如果您回复它，通常情況下，回复無濟於事。現在你開始在消息傳遞中獲得下一波創新，實際上，在某些時候，你實際上可以回复它，機器人或人類實際上會傾聽並能夠幫助你參與這種互動.

And I'd say this is still very much emerging, but it's one of these surprising and delightful experiences that you have with the brand that does that. I remember at SIGNAL in 2019, I talked about some of these companies, the companies' experiences. When you need a service appointment at Tesla, and you can text with the service advisers to coordinate that appointment; or with one of the earlier, actually, use cases here of Morgan Stanley who is using Twilio to enable their wealth advisers to text 2-way with their clients; and a number of other such use cases. And so we continue to see more growth in this area because it is such a great experience.

而且我想說這仍然是非常新興的，但這是您對這樣做的品牌所擁有的令人驚訝和令人愉快的體驗之一。我記得 2019 年在 SIGNAL，我談到了其中一些公司，這些公司的經歷。當您需要在 Tesla 進行服務預約時，您可以與服務顧問發短信以協調該預約；或者使用摩根士丹利的早期用例之一，該用例正在使用 Twilio 使他們的財富顧問能夠與他們的客戶進行雙向短信；以及許多其他此類用例。因此，我們繼續看到該領域的更多增長，因為這是一次非常棒的體驗。

When you think about how much companies spend to acquire a customer and to get their phone number and earn the right to communicate with them, only to blast them a message that the consumer can't reply to or if they reply, it's like crickets and how bad of an experience that is. And that's why we've invested in products like Twilio Conversations that enable those 2-way, multichannel communications; and Flex with the contact center that enable those sophisticated messaging-based conversations as a messaging-native solution; or even Twilio Autopilot that brings the intelligence of AI conversational engine. These are all designed to help companies to adopt and build 2-way messaging experiences that augment and improve, oftentimes, the first use case, which is that outbound notification.

當您考慮公司花費多少來獲取客戶並獲得他們的電話號碼並獲得與他們溝通的權利時，只是向他們發送一條消費者無法回复或如果他們回复的消息，這就像蟋蟀和這是多麼糟糕的經歷。這就是我們投資於 Twilio Conversations 等產品的原因，這些產品支持雙向、多渠道通信；和 Flex 與聯絡中心，使那些基於消息的複雜對話成為消息原生解決方案；甚至是帶來人工智能對話引擎智能的 Twilio Autopilot。這些都旨在幫助公司採用和構建雙向消息傳遞體驗，這些體驗通常會增強和改進第一個用例，即出站通知。

Our next question comes from the line of Will Power from Baird.

我們的下一個問題來自貝爾德的意志力系列。

Great. Yes, I'd love to maybe start on Segment. I'm just trying to get any color we can on the early progress you're seeing there, what the really use cases on a combined basis look like. And I was kind of intrigued with the comment around the contract with Camping World. It does seem like one of the perfect examples of the opportunity to use that customer data than to engage with those customers. I'm just trying to understand, what does that cross-sell look like to take it to that next engagement level?

偉大的。是的，我很想從 Segment 開始。我只是想在您在那裡看到的早期進展中獲得任何顏色，綜合起來真正的用例是什麼樣的。我對與 Camping World 的合同有關的評論很感興趣。這似乎是使用該客戶數據的機會的完美示例之一，而不是與這些客戶互動。我只是想了解，交叉銷售是什麼樣子才能將其提升到下一個參與度？

Hey, Peter here. So Segment is still operating primarily independently. Just keep in mind that Segment's only been part of Twilio for the last 2 months of the year. So it's still very early. Continuing to execute very well, though, had a strong finish to 2020. In terms of Camping World specifically, currently, Camping World has 3 brands: Camping World, Good Sam and Gander Outdoors. Each of those have disparate websites and solid customer data. And so what Segment is going to do is allow all that customer data to be collected from the 3 digital properties in a consistent way and allow for Camping World to draw new insights on all their customers and enable increased personalization across web, e-mail and mobile experiences.

嘿，彼得在這裡。因此，Segment 仍然主要獨立運營。請記住，Segment 僅在一年的最後 2 個月成為 Twilio 的一部分。所以現在還很早。不過，繼續執行得非常好，到 2020 年取得了強勁的成績。具體而言，就 Camping World 而言，目前，Camping World 擁有 3 個品牌：Camping World、Good Sam 和 Gander Outdoors。每個都有不同的網站和可靠的客戶數據。因此，Segment 要做的是允許以一致的方式從 3 個數字資產中收集所有客戶數據，並允許 Camping World 對其所有客戶產生新的見解，並通過網絡、電子郵件和移動體驗。

So as we progress on the integration, we can provide more updates on sort of the long term and the potential to address kind of the generational opportunity ahead of us and continuing to work together to build the leading customer engagement platform.

因此，隨著我們在整合方面的進展，我們可以提供更多關於長期和潛力的更新，以解決我們面前的代際機會，並繼續共同努力建立領先的客戶參與平台。

Okay. Great. I guess if I could fit in one more quick one, maybe for Khozema. Just looking at the strong Q4 upside and putting aside Segment and the political traffic, anything else you'd call out in terms of the significant upside driver? It sounds like SMS was there. But between video and Flex, any particular surprises?

好的。偉大的。我想如果我能適應一個更快的，也許是為了 Khozema。只看第四季度強勁的上行空間，撇開細分市場和政治流量不談，就重要的上行驅動因素而言，您還有什麼要說的嗎？聽起來SMS在那裡。但是在視頻和 Flex 之間，有什麼特別的驚喜嗎？

Yes. It was -- Will, it was pretty broad-based strength across the business, I would say, in Q4. The messaging products certainly did see a lot of acceleration. That continued certainly in Q4, so that was a driver of upside. And then I think, just generally, I mean, we had really strong net expansion, as you heard in the numbers, and great net new customer growth. And I think what we're finding is, is that as customers are looking for digital transformation, they're increasingly coming to Twilio, so just a great around-the-board performance for us.

是的。這是 - 威爾，我想說，在第四季度，這是整個業務的基礎廣泛的優勢。消息傳遞產品確實看到了很多加速。這種情況在第四季度肯定會繼續，因此這是上漲的驅動力。然後我認為，總的來說，我的意思是，正如你從數字中聽到的那樣，我們的淨擴張非常強勁，新客戶的淨增長也很大。而且我認為我們發現的是，隨著客戶正在尋求數字化轉型，他們越來越多地來到 Twilio，因此對我們來說只是一個出色的全面表現。

Your next question comes from the line of Fred Havemeyer from Macquarie.

您的下一個問題來自麥格理的 Fred Havemeyer。

Congratulations on such a strong quarter. So I wanted to ask from the perspective of the developer here because I built apps on Twilio before. And frankly, the platform just makes sense for developers. The alignment of Segment also seems particularly natural, considering how easy it is for developers to roll that out, too. So on these lines, I'd like to ask, what do you think can be the benefits in your approach to offering the customer experience platform, a platform of approach in comparison with some of the other software vendors out there who are approaching customer experience from an application down perspective?

祝賀如此強勁的季度。所以我想在這裡從開發者的角度提問，因為我之前在 Twilio 上構建過應用程序。坦率地說，該平台對開發人員來說才有意義。考慮到開發人員也很容易推出 Segment，Segment 的對齊方式似乎也特別自然。因此，在這些方面，我想問一下，您認為提供客戶體驗平台的方法有什麼好處，與其他一些正在接近客戶體驗的軟件供應商相比，這是一種方法平台從應用程序的角度來看？

Well, thank you, Fred. I think you're right. We believe in the power of developers to influence the technology decisions that companies pick, the vendors they decide to use and actually the strategies of the companies and actually how they go about solving really hard problems for their customers. And I don't think that's limited to just, say, SMS, voice or, in Peter's world, customer data. I think that the infrastructure to build great digital products and great digital experiences spans many categories.

好吧，謝謝你，弗雷德。我覺得你是對的。我們相信開發人員有能力影響公司選擇的技術決策、他們決定使用的供應商以及公司的戰略，以及他們如何為客戶解決真正困難的問題。而且我認為這不僅限於短信、語音，或者在彼得的世界中，客戶數據。我認為構建出色的數字產品和出色的數字體驗的基礎設施涵蓋許多類別。

And so again, as we think about our platform and customer engagement, I think that it is a rich area of opportunity for us to invest in order to unlock developer influence and developers' ability to build the future of these companies, in the same way that we have with communications and customer data, respectively, which is easy-to-adopt APIs, usage-based pricing models, published documentation and things like that, that enable developers to come in, rapidly build solutions to the things that companies need built and then take those prototypes all the way through to production because that's the agile nature of business today. And I think that there's a lot of opportunity to find more and more areas that we see customers wanting this approach and applying our business model for more and more in the realm of customer engagement.

同樣，當我們考慮我們的平台和客戶參與度時，我認為這是一個豐富的投資機會領域，我們可以通過同樣的方式來釋放開發者的影響力和開發者構建這些公司未來的能力我們分別擁有通信和客戶數據，這些數據是易於採用的 API、基於使用的定價模型、已發布的文檔等，使開發人員能夠進入，快速構建解決方案來解決公司需要構建的東西然後將這些原型一直用於生產，因為這就是當今業務的敏捷性。而且我認為有很多機會可以找到我們看到客戶想要這種方法的越來越多的領域，並將我們的商業模式越來越多地應用於客戶參與領域。

Your next question comes from the line of Meta Marshall from Morgan Stanley.

您的下一個問題來自摩根士丹利的 Meta Marshall。

Maybe as a first question, just as you expand your GSI and ISV network and even your kind of enterprise sales force, how is that informing the road map or just the different pain points that your customers might be experiencing? And then maybe as a second question, just on the net expansion rate kind of picking back up. Do you think that, that speaks to the cohort as kind of accelerating in their ramp? Or is it too early to kind of say that, overall, customers are ramping into their use cases quicker?

也許作為第一個問題，就像您擴展 GSI 和 ISV 網絡甚至您的企業銷售人員一樣，這如何為路線圖或客戶可能遇到的不同痛點提供信息？然後也許作為第二個問題，只是關於淨擴張率的回升。你認為這對隊列來說是一種加速增長嗎？還是說總體而言，客戶正在更快地進入他們的用例是否為時過早？

Yes, this is George. Certainly, on the GSI and the ISV front, I'm glad you asked the question. We see a mass opportunity. And as I mentioned, we're still really in the early innings. I think that it largely aligns -- their requirements align to what the broader customers want, which is obviously to support the digital transformation of their customers. And that's fully in line with what we see as this massive opportunity. There are some specific things that we are doing to make the product easier to deploy, to bill and things like that for some of our ISV and SI partners. And those are things that we're working on, on just normal course and speed. But the big picture is that it's largely, I think, aligned with what our broader customer base wants.

是的，這是喬治。當然，在 GSI 和 ISV 方面，我很高興您提出這個問題。我們看到了一個巨大的機會。正如我所提到的，我們仍然處於早期階段。我認為這在很大程度上是一致的——他們的要求與更廣泛的客戶想要的一致，這顯然是為了支持他們客戶的數字化轉型。這完全符合我們所認為的巨大機會。我們正在做一些具體的事情，以使產品更易於部署、計費以及為我們的一些 ISV 和 SI 合作夥伴做類似的事情。這些都是我們正在努力的事情，只是正常的路線和速度。但總體而言，我認為它在很大程度上符合我們更廣泛的客戶群的需求。

In terms of the net expansion side, I think that certainly, a bit of that is, as Khozema talked about, seasonal. But probably, I think we just have a lot of strength in our business. As we've talked a lot about the digital acceleration, I think that we're seeing that play out. I wouldn't say that we're seeing a noticeable shift in individual customer deployment times. I just think that we're seeing companies really realizing that they need to move to these new digital channels, new modes of digital engagement, and that is supporting the broad near-term results and, more importantly, the long-term opportunity that we're so excited about.

就淨擴張方面而言，我認為這肯定是，正如 Khozema 所說，這是季節性的。但可能，我認為我們在業務中擁有很大的實力。由於我們已經討論了很多關於數字加速的問題，我認為我們正在看到這種情況。我不會說我們看到個別客戶部署時間發生了明顯變化。我只是認為，我們看到公司真正意識到他們需要轉向這些新的數字渠道、新的數字參與模式，這支持了廣泛的近期成果，更重要的是，我們提供了長期機會'太興奮了。

Great. Congrats.

偉大的。恭喜。

Your next question comes from the line of Michael Turrin from Wells Fargo Securities.

您的下一個問題來自 Wells Fargo Securities 的 Michael Turrin。

On the Q1 guide for top line, you mentioned that builds on Q4 ex political, looks like up just bit sequentially from there. Anything at all you can add around the Segment contribution and what's assumed? I know you'll have an extra month, but wondering if there's anything from a seasonal or accounting-related perspective for us to be aware of as we look at the implied run rate you provided and start to extrapolate from there.

在第一季度的頂線指南中，您提到建立在第四季度的政治前，看起來只是從那裡開始按順序上升。您可以圍繞細分貢獻添加任何內容以及假設什麼？我知道您將有額外的一個月，但想知道在我們查看您提供的隱含運行率並從那裡開始推斷時，是否有任何季節性或與會計相關的角度需要我們注意。

Michael, this is Khozema. Not per se, I mean, we're obviously guiding $526 million to $536 million in revenue in the quarter. That does include the contribution from Segment. We're not breaking out the Segment contribution at this time, but we will, of course, provide those results on the Q1 call. But there's nothing idiosyncratic to call out, to answer your question directly.

邁克爾，這是科澤馬。不是本身，我的意思是，我們顯然在本季度引導 5.26 億美元至 5.36 億美元的收入。這確實包括來自細分市場的貢獻。我們目前沒有公佈細分市場的貢獻，但我們當然會在第一季度電話會議上提供這些結果。但是沒有什麼特別的東西可以直接回答你的問題。

Okay. And then on Flex, obviously, the contact center market seems to have reached a bigger tipping point towards cloud. You called out strong traction with Flex in the press release. Anything you can add as we're heading into the upcoming year around the demand environment? Are there certain use cases or industries you're finding success with that you'd like to highlight here for us?

好的。然後在 Flex 上，顯然，聯絡中心市場似乎已經達到了向雲計算的更大轉折點。您在新聞稿中提到了 Flex 的強大牽引力。在我們即將進入即將到來的需求環境的一年時，您可以添加任何內容嗎？您是否想在此處向我們強調某些用例或行業取得了成功？

This is George. Look, I think you hit the nail on the head that there is a massive shift going in the contact center market towards cloud. I think that's the story here. And we are both beneficiaries of that and that we believe also helping to compel that forward. With this fantastic product that we have, the architecture we have, it's a real -- it's a really resonant story with companies that are looking to move to the cloud and don't want to use the legacy technologies and also want a new approach, a much more flexible approach, a much more shared-risk approach and an approach that allows them to really deliver exactly what they need and not more -- and not have to buy more than that. So I think that's the ultimate story here.

這是喬治。看，我認為你一針見血，聯絡中心市場正在向雲計算發生巨大轉變。我想這就是這裡的故事。我們都是這方面的受益者，我們相信這也有助於推動這一進程。有了我們擁有的這個出色的產品，我們擁有的架構，這是一個真實的故事——對於那些希望遷移到雲並且不想使用傳統技術並且想要一種新方法的公司來說，這是一個真正能引起共鳴的故事，一種更加靈活的方法，一種更加分擔風險的方法，以及一種允許他們真正提供他們需要的東西而不是更多的方法——而且不必購買更多的東西。所以我認為這就是這裡的終極故事。

In terms of specific areas of strength, we continue, I think, to work really well in that kind of mid-enterprise sized contact center that's several thousand seat space, it seems to be our sweet spot. And we have strength, and we've mentioned insurance a few times and other industries as well similar to that, but those are all, I think, honestly, smaller trends in the context of just this bigger story we're playing in.

就具體的優勢領域而言，我認為，我們繼續在那種有幾千個座位空間的中型企業規模的聯絡中心工作得非常好，這似乎是我們的最佳選擇。而且我們有實力，我們已經多次提到保險和其他類似的行業，但我認為，老實說，在我們正在參與的這個更大故事的背景下，這些都是較小的趨勢。

Impressive close to the year yet again. Nice work, all.

令人印象深刻的接近一年了。幹得好，一切。

Your next question comes from the line of Matt Stotler from William Blair.

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

I guess to start off, maybe just touching on the Deloitte partnership, obviously, very important as the first kind of premier GSI. Last quarter, you talked about the rollout of the partnership being pretty early, some Lighthouse customers, training consultants, et cetera. It sounds like you started to close some big deals. So are we kind of hitting on all cylinders here? Any other just kind of color on early feedback? And you kind of mentioned that the partnership last quarter isn't necessarily exclusive. So I'd love to get some commentary around how Twilio is being positioned relative to maybe other solutions in the Deloitte portfolio there.

我想開始，也許只是談到德勤的合作夥伴關係，顯然，作為第一種首要的 GSI 非常重要。上個季度，您談到了合作夥伴關係的推出很早，一些 Lighthouse 客戶、培訓顧問等等。聽起來你開始完成一些大交易。那麼，我們是不是在這裡打了所有的汽缸？早期反饋中還有其他顏色嗎？你有點提到上個季度的合作夥伴關係不一定是排他性的。因此，我很想就 Twilio 相對於德勤投資組合中的其他解決方案的定位獲得一些評論。

Yes, that's a great question. I would say, overall, we're on track with Deloitte. Things are healthy, strong, going according to plan. I don't think you're going to have radical change in 90 days. But we talked about, as you mentioned, Lighthouse customers, we did get several of those wins. So I think that if you talk to them, they'd be excited about the partnership, we're excited about the partnership. I think that things are going very, very well. And I think we're on track this year to, hopefully, add other SI names to our portfolio as well. So I think everything is healthy and going well, and we're certainly seeing a lot of energy from our partner ecosystem around Flex and all of our products.

是的，這是一個很好的問題。我想說，總的來說，我們與德勤走上了正軌。事情是健康的，強大的，按計劃進行。我不認為你會在 90 天內發生根本性的變化。但是，正如您提到的，我們談到了 Lighthouse 客戶，我們確實獲得了一些勝利。所以我認為，如果你與他們交談，他們會對合作感到興奮，我們對合作感到興奮。我認為事情進展得非常非常好。我認為我們今年有望在我們的投資組合中添加其他 SI 名稱。所以我認為一切都很健康並且進展順利，我們當然看到我們的合作夥伴生態系統圍繞 Flex 和我們所有的產品提供了很多能量。

Great. That's helpful. And then maybe just one for Khozema. Mid of last year, you talked about some investments getting paused or pushed into 2021, hiring and infrastructure building in places like India. Since then, some of those investments have been able to move forward like the opening of the Center of Excellence in India specifically. How are you thinking about any remaining pent-up investments, if you will, and how these kind of layer back into the model as we look forward to 2021?

偉大的。這很有幫助。然後也許只是一個給 Khozema 的。去年年中，您談到了一些投資被暫停或推遲到 2021 年，在印度等地進行招聘和基礎設施建設。從那時起，其中一些投資已經能夠向前推進，例如在印度開設卓越中心。如果您願意的話，您如何考慮任何剩餘的被壓抑的投資，以及我們期待 2021 年如何將這些層重新納入模型？

Yes. I mean, as I mentioned, we guided to an operating loss in Q1, and we want to continue investing in several areas. I'd say enterprise is one, international is another, partner ecosystem, systems processes. So kind of the same areas that we talked about last year that we hope to invest in, in a more pronounced fashion. All of that got delayed to some degree due to COVID. Obviously, you've also got Segment, which came in at a loss position. So I think all of that is going to contribute to our operating losses a little bit throughout the year. We're not providing guidance for the year, but you can get a sense of it from what we're guiding to in Q1. And again, the investments aren't anything out of the ordinary, more just a continuation of stuff that we were wanting to work on last year.

是的。我的意思是，正如我所提到的，我們在第一季度出現了經營虧損，我們希望繼續在幾個領域進行投資。我想說企業是一個，國際是另一個，合作夥伴生態系統，系統流程。與我們去年談到的相同領域，我們希望以更明顯的方式進行投資。由於COVID，所有這些都在某種程度上延遲了。顯然，您還有 Segment，它處於虧損狀態。因此，我認為所有這些都將導致我們全年的運營虧損。我們沒有提供今年的指導，但您可以從我們在第一季度的指導中了解它。再說一次，這些投資並沒有什麼特別之處，更多的是我們去年想要做的事情的延續。

Your next question comes from the line of Parker Lane from Stifel.

您的下一個問題來自 Stifel 的 Parker Lane 線路。

I wanted to dive in on the video opportunity for a moment. If you think about the explosive demand of that category and just how many different options there are out there for customers, what are you hearing in real time about your own product? What's resonating from a feature standpoint and maybe your approach to video that's helped distancing you from some of the other offerings out there in the market?

我想深入了解一下視頻機會。如果您考慮該類別的爆炸性需求以及有多少不同的選擇可供客戶使用，您實時聽到的關於您自己的產品的信息是什麼？從功能的角度來看，是什麼引起了共鳴，也許您對視頻的處理方式幫助您遠離了市場上的其他一些產品？

Absolutely. Thank you, Parker. We're really excited about the video opportunity. And I think this is an area where COVID really invigorated the number of use cases and the need for new types of video solutions. And what we're seeing is a lot of new use cases have been accelerated because of the events of the past year. One of them is one we've talked about in the past, which is telehealth and telemedicine and, similar to all of the accounts, giving customers the ability to embed these experiences directly in the other software and create these experiences that are differentiated from just kind of a stand-alone video platform like we probably use every day in our meetings, it allows them to create these amazing experiences.

絕對地。謝謝你，帕克。我們對視頻機會感到非常興奮。我認為這是 COVID 真正激發了用例數量和對新型視頻解決方案的需求的領域。我們看到的是，由於過去一年的事件，許多新的用例已經加速。其中之一是我們過去討論過的，即遠程醫療和遠程醫療，並且與所有帳戶類似，使客戶能夠將這些體驗直接嵌入到其他軟件中，並創建這些不同於以往的體驗一種獨立的視頻平台，就像我們可能每天在會議中使用的那樣，它允許他們創造這些驚人的體驗。

And so telemedicine is a great example. Like last year, we announced Epic, the EMR company embedding video directly into the EMR medical system that doctors use every day, so that the charts and the data and the patient information is all there inside that one solution, including things like scheduling. We're also seeing strength in areas like proctoring and like administering tests remotely, so people don't have to go into a physical storefront to take a test. That's an interesting area. And we talked about Prometric in a prior call and others. And another one we talked about is H&R Block, right, doing tax prep and getting help with something like that from the convenience of your computer while not being limited to, like, I can only call someone or I can only chat with someone but actually on a face-to-face video call. And this is another interesting area to help in terms of customer care and really creating a high-touch experience for customers. And so these are the areas where we're seeing a lot of investment.

遠程醫療就是一個很好的例子。與去年一樣，我們發布了 Epic，這家 EMR 公司將視頻直接嵌入到醫生每天使用的 EMR 醫療系統中，以便圖表、數據和患者信息都在一個解決方案中，包括日程安排等。我們還在監考和遠程管理測試等領域看到了優勢，因此人們不必去實體店面參加考試。這是一個有趣的領域。我們在之前的電話和其他電話中談到了 Prometric。我們談到的另一個是 H&R Block，對，做報稅準備並從您的計算機上獲得類似的幫助，但不限於，比如，我只能打電話給某人，或者我只能和某人聊天，但實際上在面對面的視頻通話中。這是另一個有趣的領域，可以在客戶服務方面提供幫助，並真正為客戶創造高接觸體驗。所以這些是我們看到大量投資的領域。

And if you think about these use cases, right, they require a lot of high availability. They require scale. They require security. They require compliance with things like, yes, if you're dealing with health care or tax information, your customers want to know that these are secure, that these are compliant, that privacy is of the most importance in these use cases. And these are areas where we see customers really turning to Twilio and implementing these solutions.

如果您考慮這些用例，對，它們需要大量的高可用性。他們需要規模。他們需要安全。他們需要遵守諸如，是的，如果您正在處理醫療保健或稅務信息，您的客戶想知道這些是安全的，這些是合規的，隱私在這些用例中是最重要的。在這些領域，我們看到客戶真正轉向 Twilio 並實施這些解決方案。

Got it. That's really helpful. Then I know it's early and remains in beta, but I'd love to hear just the opportunity you think there is for Twilio Frontline given the new hybrid environment that we're seeing a lot of companies discuss they're going to implement to their workforces going forward.

知道了。這真的很有幫助。然後我知道現在還為時過早，並且仍處於測試階段，但我很想听聽您認為 Twilio Frontline 的機會，因為我們看到很多公司都在討論他們將在他們的新混合環境中實施未來的勞動力。

Yes, absolutely. Thanks for the question. We're really excited about Frontline. Obviously, as you said, it's a new product for us, so it's still in the early stages of the adoption life cycle. And as a reminder, when we have API products, customers choose to adopt it, implement it, bring it out, roll it out to their customers. And so it does take some time for customer rollouts to happen. But that said, we are really pleased with the early start that Frontline is seeing in the market. And I think that there is certainly a change in how the workforce, especially that frontline workers, are actually using digital technologies to engage with their customers.

是的，一點沒錯。謝謝你的問題。我們對 Frontline 感到非常興奮。顯然，正如您所說，它對我們來說是一個新產品，因此它仍處於採用生命週期的早期階段。提醒一下，當我們擁有 API 產品時，客戶會選擇採用、實施、推出、推出給客戶。因此，客戶推出確實需要一些時間。但話雖如此，我們對 Frontline 在市場上看到的早期起步感到非常滿意。而且我認為，勞動力，尤其是一線工人，實際上使用數字技術與客戶互動的方式肯定會發生變化。

We saw at SIGNAL -- this past year, we had John Donahoe from Nike talk about how their retail sales associates, people who used to only work in the store and greet you when you walk in the door are now able to help their customers from -- their e-commerce customers from wherever the customers are sitting at their computer or their mobile phone, and wherever the athletes are. The athletes can call their salespeople. And so they can be working from home and serving customers or working in the back of the store. And so I think this trend, whether it's delivery drivers, whether it is retail salespeople, whether it is even knowledge desk workers working from a variety of places, using omnichannel communications to actually do 2-way communications, build relationships and where the company wants to track those communications. They want a record of it. They wanted to make sure it's compliant and doing it all in a way where they can build some history with that customer.

我們在 SIGNAL 看到 -- 過去一年，我們讓來自耐克的 John Donahoe 談論他們的零售銷售人員，過去只在商店工作並在您走進門時打招呼的人現在能夠幫助他們的客戶——他們的電子商務客戶，無論他們坐在電腦前還是手機前，無論運動員在哪裡。運動員可以打電話給他們的銷售人員。因此，他們可以在家工作並為客戶服務，也可以在商店後面工作。所以我認為這種趨勢，無論是送貨司機，還是零售銷售人員，甚至是在不同地方工作的知識台工作人員，使用全渠道溝通來實際進行雙向溝通，建立關係以及公司想要的地方跟踪這些通信。他們想要一份記錄。他們想確保它是合規的，並以一種他們可以與該客戶建立一些歷史的方式來做這一切。

That's the opportunity that we're seeing with Frontline. And like you said, it's very early days with that product, but we're very happy with the reception we've gotten so far from material customers, the adoption and rollout. And so we're excited for where that's going to go.

這就是我們在 Frontline 看到的機會。就像你說的那樣，該產品還處於早期階段，但我們對迄今為止從重要客戶、採用和推出方面獲得的接待感到非常滿意。所以我們對它的發展方向感到興奮。

Your next question comes from the line of Rich Valera from Needham & Company.

您的下一個問題來自 Needham & Company 的 Rich Valera。

A question on the portion of your business that was adversely impacted by COVID, I think you included kind of ride share, hospitality and travel. Can you remind us kind of what percentage of the business that was coming into COVID and where that cohort is today relative to pre-COVID levels?

關於受 COVID 不利影響的業務部分的問題，我認為您包括拼車、款待和旅行。您能否提醒我們進入 COVID 的業務的百分比是多少，以及與 COVID 之前的水平相比，該群體今天處於什麼位置？

Yes, this is Khozema. I'll take the question. We hadn't broken out that percentage previously. It's relatively small. I think there was some investor concern around that back in Q1. And I think as the results showed back then, despite those industries being down, the results were still pretty strong. All that said, I would say that we are seeing some modest rebound in those industries, travel and hospitality in particular, and then ride-sharing is fairly well below pre-COVID-19. Less than 10% is actually what we said previously.

是的，這就是霍澤馬。我會回答這個問題。我們之前沒有打破這個百分比。它相對較小。我認為早在第一季度就有一些投資者對此感到擔憂。我認為，正如當時的結果所顯示的那樣，儘管這些行業在下滑，但結果仍然相當強勁。儘管如此，我想說的是，我們看到這些行業，尤其是旅遊和酒店業出現了一些溫和的反彈，然後拼車遠低於 COVID-19 之前的水平。不到10%其實就是我們之前說的。

Got it. And then just a quick follow-up question about SIP trunking. There's been a lot of talk about providing voice into the Teams environment by some of the UCaaS vendors. And I know you guys have a SIP trunking product that can also do that. Just wanted to get your thoughts on the opportunity for SIP trunking broadly and maybe Microsoft Teams voice, more specifically, for you guys.

知道了。然後只是一個關於 SIP 中繼的快速後續問題。一些 UCaaS 供應商討論了很多關於在 Teams 環境中提供聲音的討論。我知道你們有一個 SIP 中繼產品也可以做到這一點。只是想讓您對廣泛使用 SIP 中繼的機會以及 Microsoft Teams 語音（更具體地說，為你們）的想法。

Yes, this is Jeff. I'll take the question. Yes, SIP trunking is an exciting product category for us, and we've got a very flexible product. It works in many countries around the world, be it on interface, and also scales elastically. Unlike a lot of solutions where you have to prebuy a fixed amount of capacity, our elastic SIP trunking product, that's what we call it, it is called that for a reason, and that it can scale up and down based on customers' needs in real time. And that works really well in cloud environments, right, as opposed to like a fixed location where there's only a certain number of desks, let's say, in a cloud environment, you may need that burst -- capacity burst up and down.

是的，這是傑夫。我會回答這個問題。是的，SIP 中繼對我們來說是一個令人興奮的產品類別，而且我們有一個非常靈活的產品。它適用於世界各地的許多國家，無論是在界面上，而且還可以彈性擴展。與許多必須預先購買固定容量容量的解決方案不同，我們的彈性 SIP 中繼產品，這就是我們所說的，它是有原因的，它可以根據客戶的需求進行擴展和縮減即時的。這在雲環境中非常有效，對，與只有一定數量的辦公桌的固定位置相反，比方說，在雲環境中，您可能需要這種突增——容量突增和降低。

And that's where we've seen a lot of traction with our SIP trunking product, especially with ISVs who are building cloud-based software products, also with enterprises who need to power, in a very flexible way, their workforce whether they're -- it's work-from-home environment, they need to reroute that stuff or whether it's offices, but they need a lot flexibility and elasticity to those deployments. That's where we see customers adopting SIP trunking. And so SIP trunking is a really nice business for us, in particular, because it gives us also a nice foot in the door for customers who aren't yet in the cloud, to sell them something that they do already consume for their on-prem installations and then can often lead to them becoming interested in more of Twilio's products, for example.

這就是我們看到我們的 SIP 中繼產品具有很大吸引力的地方，特別是對於構建基於雲的軟件產品的獨立軟件開發商，以及需要以非常靈活的方式為其員工提供動力的企業，無論他們是 - - 這是在家工作的環境，他們需要重新路由這些東西或者是否是辦公室，但他們需要對這些部署有很大的靈活性和彈性。這就是我們看到客戶採用 SIP 中繼的地方。因此，SIP 中繼對我們來說是一項非常好的業務，特別是因為它讓我們也為尚未進入雲的客戶提供了一個很好的機會，向他們出售他們已經消費的東西——例如，prem 安裝通常會導致他們對 Twilio 的更多產品產生興趣。

Maybe it leads to a contact center conversation down the line. And so that's where we think about the opportunity. And because SIP trunking is based on SIP standards, customers can plug our SIP trunking product into a wide variety of deployments. Whether it's the cloud deployment, whether it's something on-prem, the SIP standards mean that we can then offer some wide variety of hardware, software and cloud-based solutions that customers are buying.

也許它會導致聯絡中心的對話。這就是我們考慮機會的地方。由於 SIP 中繼基於 SIP 標準，客戶可以將我們的 SIP 中繼產品插入到各種部署中。無論是雲部署，還是本地部署，SIP 標準都意味著我們可以提供客戶購買的各種硬件、軟件和基於雲的解決方案。

Your next question comes from the line of Ryan Koontz from Rosenblatt Securities.

您的下一個問題來自 Rosenblatt Securities 的 Ryan Koontz。

I wonder if you could spotlight your international go-to-market efforts. From my kind of limited perspective, I think you'd be hiring local feet on the ground or behind the screen with local contacts, targeting developers that are in-country. Or are you using more of like a channel approach where these are channel partners that have developers on staff to go after local companies? Or are you using some of the bigger ISVs? I wonder if you could help us kind of understand that a little bit.

我想知道您是否可以關注您的國際市場推廣工作。從我有限的角度來看，我認為你會在當地或在屏幕後面與當地聯繫人一起僱傭當地人，針對國內的開發人員。或者您是否正在使用更像渠道的方法，其中這些渠道合作夥伴有開發人員來追踪本地公司？或者您正在使用一些更大的 ISV？我想知道你是否可以幫助我們稍微理解一下。

Sure. Well, I think that the point on developers is spot-on. Everything we do at Twilio starts with developers. It is really the source of our efficient go-to-market. It's the source of our entry point into customers. And so when we think about going into any market, whether it's domestic or international, we start with developers. And so our developer evangelism team is a global team. We have events all around the world, whether they're some of the engagements this past year being virtual, of course. But if you follow our developer evangelists, you'll see them not only physically in all these geographies but also in all the digital channels that are relevant for developers all around the world, and we certainly see our developers active and provides content and trying to reach developers in multiple places and languages. And I think also, we could do even a much better job of that. So I think that there's a huge greenfield opportunity for us to do even more with developers out there.

當然。好吧，我認為開發人員的重點是正確的。我們在 Twilio 所做的一切都是從開發人員開始的。這確實是我們高效進入市場的源泉。這是我們進入客戶的切入點的來源。因此，當我們考慮進入任何市場時，無論是國內市場還是國際市場，我們都會從開發商開始。因此，我們的開發人員宣傳團隊是一個全球團隊。我們在世界各地都有活動，當然，它們是否是過去一年的一些活動是虛擬的。但是，如果您關注我們的開發人員佈道者，您不僅會在所有這些地區看到他們，而且還會在與世界各地的開發人員相關的所有數字渠道中看到他們，我們當然會看到我們的開發人員活躍並提供內容並試圖覆蓋多個地方和語言的開發人員。而且我認為，我們甚至可以做得更好。所以我認為我們有一個巨大的綠地機會，可以與那裡的開發人員一起做更多的事情。

Behind that, those efforts, we followed up with our account teams that work with our strategic customers as well as emerging customers in these markets. We've hired some fantastic leadership, both prior to and as well as within 2020, and that's helping to grow our major theaters, whether that be EMEA or Asia Pacific or Latin America. We just see immense opportunity in all of them. And so that is the playbook for now. And then when you add in the partners, which is, I would say, even more nascent, probably internationally, but still a strategy that we're investing in and following up on, I think that, that is a winning formula. And certainly, that, of course, does leave room in the future for channel as well, but that's our starting point.

在這些努力的背後，我們跟進了與我們的戰略客戶以及這些市場的新興客戶合作的客戶團隊。我們在 2020 年之前和 2020 年期間都聘請了一些出色的領導，這有助於發展我們的主要影院，無論是歐洲、中東和非洲、亞太地區還是拉丁美洲。我們只是在所有人身上看到了巨大的機會。這就是現在的劇本。然後，當您添加合作夥伴時，我會說，這可能是國際性的，但仍然是我們正在投資和跟進的戰略，我認為這是一個成功的公式。當然，這當然也會在未來為頻道留出空間，但這是我們的出發點。

Great. Really helpful, George. And is there a different competitive environment in these different regions you go into? Or is it fairly homogenous?

偉大的。真的很有幫助，喬治。在你進入的這些不同地區是否有不同的競爭環境？或者它是相當同質的？

Well, I think that certainly, every market is a little bit different, frankly, and the dynamics are a little bit different. But the thing that's consistent is the need for digital transformation, the energy and focus on the developer, and that plays well in all markets. And so that's where, I think, the point of consistency is for us.

嗯，我認為當然，坦率地說，每個市場都有點不同，而且動態也有點不同。但始終如一的是數字化轉型的需求、開發人員的精力和關注，這在所有市場都表現良好。因此，我認為，這就是我們保持一致性的關鍵所在。

Your next question comes from the line of Alex Kurtz from KeyBanc Capital Markets.

您的下一個問題來自 KeyBanc Capital Markets 的 Alex Kurtz。

Jeff, when we look at your international business and the opportunity there to be a multiyear growth driver, what's the biggest 1 or 2 levers that you could pull? Whether it's investments this year, for next year or maybe there's something happening right now with your developer ecosystem that could really accelerate it because, obviously, it's a go-to-market model that can reach every country, every region, so I'd love to hear you frame that out.

傑夫，當我們審視您的國際業務以及存在多年增長動力的機會時，您可以拉動的最大的 1 或 2 個槓桿是什麼？無論是今年的投資，明年的投資，還是你的開發者生態系統現在正在發生的事情可以真正加速它，因為很明顯，這是一個可以覆蓋每個國家、每個地區的市場模式，所以我會很高興聽到你把它框出來。

Yes. Absolutely. Thank you for the question, Alex. So I think there's a lot of levers that we can pull, and we have been pulling. I think number one is the go-to-market investments that George and team have been making to grow our presence abroad, including hiring great meters for the theaters, which we have. And so very proud of the progress we've been making on the go-to-market front.

是的。絕對地。謝謝你的問題，亞歷克斯。所以我認為我們可以拉動很多槓桿，而且我們一直在拉動。我認為第一是喬治和他的團隊一直在進行市場投資以擴大我們在國外的影響力，包括為我們擁有的劇院僱用出色的儀表。我們為我們在上市方面取得的進展感到非常自豪。

The second thing I would say is product and continuing to grow our product presence in all these places. And obviously, we serve customers all around the world. We need to talk to their customers all around the world, so we have a very naturally global product just out of the gate. But then continuing to invest in those products to make them even better for the local audience is something that we've continued to do for many years, including things like adopting other channels, like our investment in WhatsApp as a channel that enables customers to communicate with their end users over WhatsApp instead of, say, SMS. That's a great unlocker of global market as well, and we're very pleased with the progress we've been making with WhatsApp as a channel, as a lever to grow our international business.

我要說的第二件事是產品，並繼續在所有這些地方增加我們的產品存在。顯然，我們為世界各地的客戶提供服務。我們需要與他們在世界各地的客戶交談，因此我們有一個非常自然的全球產品。但是，繼續投資這些產品以使它們對當地受眾更好是我們多年來一直在做的事情，包括採用其他渠道之類的事情，例如我們對 WhatsApp 作為使客戶能夠交流的渠道的投資與他們的最終用戶通過 WhatsApp 而不是 SMS。這也是全球市場的一個很好的解鎖器，我們對 WhatsApp 作為一個渠道所取得的進展感到非常滿意，作為發展我們國際業務的槓桿。

Your next question comes from the line of Patrick Walravens from JMP Securities.

您的下一個問題來自 JMP Securities 的 Patrick Walravens。

Great. And Jeff, let me add my congratulations to Karyn Smith. She was my boss when I started out as a lawyer and was the most confident, organized boss I'd ever had. But here's my question for you. Most companies slow down as they get bigger, but that really doesn't seem to be the case with Twilio, like if you just look at your dollar-based net expansion rate. So what's your secret? How are you maintaining that level of energy and drive as the company keeps getting bigger?

偉大的。還有 Jeff，讓我祝賀 Karyn Smith。當我剛開始做律師時，她是我的老闆，是我遇到過的最自信、最有組織的老闆。但這是我的問題。大多數公司隨著規模的擴大而放緩，但 Twilio 似乎並非如此，就像你只看以美元為基礎的淨擴張率一樣。那你的秘訣是什麼？隨著公司不斷擴大，您如何保持這種水平的精力和動力？

Well, thank you for the question. Sorry, I missed that, were you saying Karyn was your first boss?

嗯，謝謝你的問題。抱歉，我錯過了，你是說 Karyn 是你的第一個老闆嗎？

She was, yes, at Cooley Godward. She was my boss. How funny is that?

是的，她在 Cooley Godward。她是我的老闆。這有多好笑？

No way, that's hilarious. That's a hilarious anecdote. So your question about maintaining momentum at scale, well, I mean I think, first of all, thank you for the question, and I'm honored and flattered. But like, it's really about the team that we're building, and it's about the market we're serving. So the team that we're building, obviously, having great leaders throughout the company and organizing ourselves into small teams. And each small team feels itself like a start-up that's pursuing an opportunity to serve our customers. And I think that small team structure enables us to innovate and to continue to drive new products for our customers and to truly keep our ear to the ground and keep our teams close to customers.

沒辦法，太好笑了。這是一個有趣的軼事。所以你關於保持大規模發展勢頭的問題，嗯，我的意思是，首先，謝謝你的提問，我很榮幸也很受寵若驚。但是，這真的關乎我們正在建立的團隊，關乎我們所服務的市場。所以我們正在建立的團隊，顯然，在整個公司都有優秀的領導者，並將我們自己組織成小團隊。每個小團隊都覺得自己像是一家正在尋找機會為客戶服務的初創公司。而且我認為，小型團隊結構使我們能夠創新並繼續為我們的客戶推出新產品，並真正讓我們的耳朵貼近地面，讓我們的團隊貼近客戶。

And the second thing I would say is it's great to operate in a very large market because, in a large market, there are so many opportunities to serve customers and so many directions you can take. And that's closely related to our platform business model which is, in a platform business model, we provide building blocks that customers can use to build a wide variety of things in their customer engagement journey. And then based on their activity and what we hear from customers who come to us and what they're building, they often show us unsolved business problems that they need solved because of the very nature of the fact that they're building on our APIs. And so that provides us some tremendous visibility into the big unsolved problems that our customers need solved, which then drive our road map further. And you get things like Frontline and Flex and a number of the other products that we've built in recent years.

我要說的第二件事是，在一個非常大的市場中經營非常棒，因為在一個大市場中，有很多機會為客戶服務，你可以採取的方向也很多。這與我們的平台業務模型密切相關，在平台業務模型中，我們提供構建塊，客戶可以使用這些構建塊在他們的客戶參與過程中構建各種各樣的東西。然後根據他們的活動以及我們從來找我們的客戶那裡聽到的內容以及他們正在構建的內容，他們經常向我們展示他們需要解決的未解決的業務問題，因為他們基於我們的 API 構建這一事實的本質.因此，這為我們提供了對客戶需要解決的重大未解決問題的極大了解，從而進一步推動我們的路線圖。你會得到諸如 Frontline 和 Flex 之類的東西，以及我們近年來開發的許多其他產品。

And so all in all, I think those things all come together to build what we call this generational opportunity. And it's like -- those things come together to the platform business model, the team, the structure and the ability for us to innovate and get those products out to customers. It's like if you got it quite good, you want to go with it. So that's what we're doing.

總而言之，我認為這些東西都聚集在一起，形成了我們所說的這一代機會。就像 - 這些東西結合到平台商業模式、團隊、結構和我們創新並將這些產品提供給客戶的能力。這就像如果你得到它很好，你想和它一起去。這就是我們正在做的事情。

Your final question this afternoon comes from the line of Ittai Kidron from Oppenheimer.

您今天下午的最後一個問題來自奧本海默的 Ittai Kidron。

A couple of questions. George, I wanted to dig in a little bit about the sales capacity. Clearly, you've expanded it quite substantially last year. Maybe you could talk about 2 things. First of all, how the productivity of the ramp is, and how consistent is it across the higher base? And then second, from a customer standpoint, when you focus on the G2K, how is the starting point with them changing? Meaning, how many of them are still starting with one product versus thinking about you right from the bat as a platform and think about you as a multiple use case right at the starting point?

幾個問題。喬治，我想深入了解一下銷售能力。顯然，去年你已經大大擴展了它。也許你可以談兩件事。首先，坡道的生產力如何，以及它在更高的基礎上的一致性如何？其次，從客戶的角度來看，當您關注 G2K 時，他們的起點如何變化？意思是，他們中有多少人仍然從一種產品開始，而不是從一開始就將您視為一個平台，並在起點將您視為多個用例？

Great questions. On the first one, I just think it really speaks to the size of our opportunities and the size of the market movement that we've seen very, very strong productivity, even as we've invested in our sales capacity. And certainly, we've made the normal -- or maybe even outsized investments in things like sales enablement and all those kind of things that you do as you try to scale sales force. But I largely attribute it to, a, a great team; and also b, just a fantastic market that we're playing in. So I couldn't be more thrilled with how our sales team is performing. It's just -- it's a real fantastic result.

好問題。在第一個方面，我認為這確實說明了我們的機會規模和市場變動的規模，我們已經看到了非常非常強大的生產力，即使我們已經投資了我們的銷售能力。當然，我們已經在銷售支持以及您在嘗試擴大銷售隊伍時所做的所有此類事情上進行了正常甚至可能是超額投資。但我很大程度上將其歸因於，a，一個偉大的團隊；還有 b，我們正在進入一個夢幻般的市場。所以我對我們的銷售團隊的表現感到非常興奮。這只是 - 這是一個非常棒的結果。

In terms of the G2K adoption, I would say that we're making more progress in G2K. You've seen it in the numbers. We're still starting with a lot of them through the developer. And I think that it's unlikely we're going to abandon, obviously. I mean that is just the heart of what we do. And so a lot of times developers come in and they want to start with one product. They want to start with one use case. And honestly, we don't see a negative in that. We think that, that is, frankly, our competitive advantage, and it leaves just a huge untapped opportunity for us going forward. Are there more enterprises that are we're meeting with and saying, hey, we want to kind of talk to you at a more strategic level, day 1? Absolutely. I've had multiple of those conversations recently. But I don't want to state that as like the new go-to-market core motion for us because I think that the developer motion is so fruitful and so universal as some of the other people in the call have mentioned.

在 G2K 的採用方面，我想說我們在 G2K 方面取得了更多進展。你已經在數字中看到了。我們仍然通過開發人員從其中很多開始。而且我認為顯然我們不太可能放棄。我的意思是這只是我們所做工作的核心。所以很多時候開發人員進來，他們想從一種產品開始。他們想從一個用例開始。老實說，我們沒有看到負面影響。我們認為，坦率地說，這是我們的競爭優勢，它為我們的前進留下了巨大的未開發機會。是否有更多的企業正在與我們會面並說，嘿，我們想在第一天就更具戰略性的層面與您交談？絕對地。我最近進行了多次這樣的對話。但我不想說這就像我們新的進入市場核心動議一樣，因為我認為開發者動議是如此富有成果且如此普遍，正如電話會議中的其他一些人所提到的那樣。

Got it. Makes sense. Maybe a follow-up for you, Khozema, on the hiring side. You seem to be chasing your tail here, and you're not able to catch up. Needless to say, I mean the business growing so fast, I understand. But I guess the question is, what is it that needs to be done internally to remove whatever bottleneck exists to finally catch up with your plans? And what is the risk that your not being able to catch up with your plans at some point catches up with your growth trajectory?

知道了。說得通。 Khozema，也許是招聘方面的後續行動。你好像在這裡追尾，追不上。不用說，我的意思是業務增長如此之快，我理解。但我想問題是，內部需要做些什麼來消除存在的任何瓶頸，最終趕上你的計劃？你在某個時候無法趕上你的計劃，趕上你的增長軌蹟的風險是什麼？

Yes. I don't think there's an internal issue, and I don't think there's actually a lot that we have to do internally to necessarily solve it. I mean obviously, we had to contend with the global pandemic last year, right? So that was hard, just in terms of navigating the dynamics around hiring and stuff like that. So I think we'll catch it up more or less through the first 3 quarters of this year, and then I think we'll be back on track. So I'm not particularly worried about it, Ittai.

是的。我不認為存在內部問題，而且我認為實際上我們必須在內部做很多事情才能解決它。我的意思是，很明顯，我們必須應對去年的全球流行病，對吧？所以這很難，只是在圍繞招聘和類似事情的動態方面。所以我認為我們將在今年前三個季度或多或少地趕上它，然後我認為我們將重回正軌。所以我並不特別擔心，Ittai。

Very good. Again, congrats, guys. Great quarter. And keep it up.

非常好。再次恭喜，伙計們。很棒的季度。並堅持下去。

Thank you.

謝謝你。

That concludes Q&A today, and also concludes today's conference call. Thank you, everybody, for joining. You may now disconnect.

今天的問答結束了，今天的電話會議也結束了。謝謝大家的加入。您現在可以斷開連接。