Twilio Inc (TWLO) 2022 Q1 法說會逐字稿

Good afternoon. My name is Emma, and I will be your conference operator today. At this time, I would like to welcome everyone to the Twilio First Quarter 2022 Earnings Conference Call. (Operator Instructions) Thank you. Bryan Vaniman, SVP, Corporate Development and Investor Relations, you may begin your conference.

下午好。我的名字是艾瑪，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 Twilio 2022 年第一季度收益電話會議。 （操作員說明）謝謝。 Bryan Vaniman，企業發展和投資者關係高級副總裁，您可以開始您的會議了。

Thanks, Emma. Good afternoon, everyone, and thank you for joining us for Twilio's First Quarter 2022 Earnings Conference Call. Our prepared remarks, earnings press release, investor presentation, SEC filings and a replay of today's call will be found on our IR website at investors.twilio.com.

謝謝，艾瑪。大家下午好，感謝您加入我們的 Twilio 2022 年第一季度收益電話會議。我們準備好的評論、收益新聞稿、投資者介紹、SEC 文件和今天電話會議的重播將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; Elena Donio, President of Revenue; and Khozema Shipchandler, COO.

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；埃琳娜·多尼奧，收入總裁；和首席運營官 Khozema Shipchandler。

As a reminder, some of our commentary today may be in non-GAAP terms. Reconciliations between our GAAP and non-GAAP results and further information related to guidance can be found in our earnings press release. Additionally, our discussion and responses contain forward-looking statements, including our projections and expectations regarding future performance. These forward-looking statements are subject to risks, uncertainties and assumptions. And 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.

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。此外，我們的討論和回應包含前瞻性陳述，包括我們對未來業績的預測和預期。這些前瞻性陳述受風險、不確定性和假設的影響。如果這些風險中的任何一個成為現實，或者我們的假設被證明是不正確的，實際財務結果可能與我們的預測或這些前瞻性陳述所暗示的存在重大差異。

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 a remark -- marked 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。並且應考慮在今天的討論中標記的註釋以引用方式包含此信息。

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.

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。

And with that, I'll hand it over to Jeff for some opening remarks. Then we'll open the call for Q&A.

有了這個，我將把它交給 Jeff 做一些開場白。然後我們將打開問答電話。

Thanks, Bryan. We delivered another strong quarter of results and continue to execute against our long-term strategy to build the world's leading customer engagement platform. We remain confident in our ability to deliver 30% plus annual organic revenue growth through 2024, and we're committed to delivering annual non-GAAP operating profitability starting in 2023.

謝謝，布萊恩。我們又取得了強勁的季度業績，並繼續執行我們建立世界領先客戶參與平台的長期戰略。我們對到 2024 年實現 30% 以上的年度有機收入增長的能力仍然充滿信心，我們致力於從 2023 年開始實現年度非公認會計原則的運營盈利能力。

To achieve this goal, we'll continue to make the necessary investments in 2022, which will put us on a solid trajectory to deliver against our growth and profitability targets over the coming years.

為實現這一目標，我們將在 2022 年繼續進行必要的投資，這將使我們走上堅實的軌道，在未來幾年實現我們的增長和盈利目標。

And as you likely saw in our prepared remarks and press release, we are really excited to welcome former Twilio Board member, Elena Donio, as our President of Revenue. Elena is a remarkable executive and a leader with deep knowledge of the Twilio business, our market, our value proposition and our culture having served on our Board since 2016.

正如您在我們準備好的講話和新聞稿中可能看到的那樣，我們非常高興地歡迎前 Twilio 董事會成員 Elena Donio 擔任我們的收入總裁。 Elena 是一位出色的高管和領導者，對 Twilio 業務、我們的市場、我們的價值主張和我們的文化有著深入的了解，自 2016 年以來一直在我們的董事會任職。

Elena has extensive experience leading massive growth and scaling go-to-market activity as the former CEO of Axiom and the former President of SAP Concur. Elena will help [augment] Twilio to its next phase of growth, and I'm thrilled to officially welcome her to the team.

作為 Axiom 的前首席執行官和 SAP Concur 的前總裁，Elena 在領導大規模增長和擴大上市活動方面擁有豐富的經驗。 Elena 將幫助 [增強] Twilio 進入下一個發展階段，我很高興正式歡迎她加入團隊。

And of course, I want to thank Marc Boroditsky for his partnership and contributions to Twilio over the last 7 years.

當然，我要感謝 Marc Boroditsky 在過去 7 年中對 Twilio 的合作和貢獻。

And lastly, may the force be with you all. With that, let me open the call for questions.

最後，願原力與你們同在。有了這個，讓我打開問題的電話。

(Operator Instructions) Your first question today comes from the line of Meta Marshall with Morgan Stanley.

（操作員說明）您今天的第一個問題來自摩根士丹利的 Meta Marshall。

Perfect. And just maybe starting on the CRO transition. Could you just give a little bit more background of what the thinking behind that was? And just given kind of recent management changes, any continuity kind of efforts or considerations that you had in making that change? Maybe as a first question, and then I have a follow-up.

完美的。也許只是從 CRO 過渡開始。您能否提供更多背景信息，說明其背後的想法是什麼？剛剛考慮到最近的管理變化，你在做出這種變化時是否有任何連續性的努力或考慮？也許作為第一個問題，然後我有一個跟進。

Absolutely, Meta. So look, I've had continuing and ongoing conversations with Elena throughout the years as she was considering her next operating role and about the opportunity to get her more actively involved in Twilio's leadership team. And we're incredibly fortunate that with Marc's intended departure, we have the perfect person to step into the role and a perfect role for her given her experience. And she was already tremendously familiar with the organization, the team, the people involved, the opportunity, our customers, et cetera.

當然，梅塔。所以看，這些年來我一直在與 Elena 進行持續不斷的對話，因為她正在考慮她的下一個運營角色以及讓她更積極地參與 Twilio 領導團隊的機會。我們非常幸運的是，隨著 Marc 的離職，我們有一個完美的人選來擔任這個角色，並且根據她的經驗為她提供一個完美的角色。她已經非常熟悉組織、團隊、相關人員、機會、我們的客戶等等。

And look, I always believe when you have an opportunity to bring on a world-class leader of Elena's caliber, like you jump at the chance to do so. In addition to her tremendous insights into our company, the culture and products from her time on the Board, she obviously brings a wealth of direct experience in software, in SaaS, in go-to-market, in products and scaling organizations while managing costs through a period of rapid growth. And those are all the things that we're focused on doing.

看，我總是相信，當你有機會聘請埃琳娜這樣的世界級領袖時，就像你抓住機會那樣做。除了她在董事會任職期間對我們公司、文化和產品的深刻見解外，她顯然在軟件、SaaS、上市、產品和擴展組織以及管理成本方面擁有豐富的直接經驗經歷了一段高速增長期。這些都是我們專注於做的事情。

So I'm extremely excited to have Elena to join the company as President of Revenue and in the latest forward in our go-to-market efforts. And by the way, I'm incredibly grateful to Marc for his enormous contributions in Twilio over the years.

因此，我非常高興 Elena 加入公司擔任收入總裁，並在我們的市場推廣工作中取得最新進展。順便說一句，我非常感謝 Marc 多年來在 Twilio 所做的巨大貢獻。

Got it. Appreciate that. And as a follow-up, I mean, clearly, you guys have noted in the past that there would be quarter-on-quarter kind of volatility in the organic growth rate in that, that growth may not be 30% in any given quarter. But just any trends, Khozema, that you think are worth noting in just the Q2 guidance that may be caused the sequential downtick in growth or in a sequential growth rate?

知道了。感謝。作為後續行動，我的意思是，很明顯，你們過去已經註意到，有機增長率會出現季度環比波動，任何一個季度的增長率都可能不是 30% .但是，Khozema，您認為僅在第二季度的指導中值得注意的任何趨勢可能會導致增長或連續增長率的連續下降？

Meta, not really. I mean I think the big thing to keep in mind here is that the 30% organic target is obviously on an annual basis, and we've been pretty consistent about communicating that. And then last year, in Q2 '21 that we had a really, really strong organic growth quarter at 50% year-over-year. So as we look at the second quarter at 36% to 38% reported and then 27% to 29% organically, we feel pretty good about Q2. And then as we look out for the balance of the year, we see a more favorable set of comparisons as we go through the second half. And so we do feel good about 30% for the year, and we also feel pretty good about 30% for 2023 and 2024, as we've communicated previously.

元，不是真的。我的意思是我認為這裡要記住的一件大事是 30% 的有機目標顯然是每年一次，我們在傳達這一點方面一直非常一致。然後去年，在 21 年第二季度，我們有一個非常非常強勁的有機增長季度，同比增長 50%。因此，當我們查看第二季度報告的 36% 至 38% 以及有機的 27% 至 29% 時，我們對第二季度感覺非常好。然後，當我們關註今年的餘額時，我們會在下半年看到一組更有利的比較。因此，我們對今年的 30% 感覺良好，我們對 2023 年和 2024 年的 30% 也感覺良好，正如我們之前所傳達的那樣。

Your next question comes from the line of Kash Rangan with Goldman Sachs.

您的下一個問題來自高盛的 Kash Rangan。

Jeff, I'm curious if you could give us some thoughts on the broader environment. Obviously, there's been a lot of volatility in rates and customers' propensity to deploy tech or maybe that has not changed. Give us your state-of-the-union perspective on how customers are prioritizing investments in Twilio. And also secondly, it's laudable to see the company gear more towards operating leverage, et cetera. What are the things operationally that Twilio has determined that will provide sources of operating leverage in the future? That's it for me.

傑夫，我很好奇你能否就更廣泛的環境給我們一些想法。顯然，利率和客戶部署技術的傾向存在很大波動，或者這可能沒有改變。就客戶如何優先考慮對 Twilio 的投資，向我們提供您的工會觀點。其次，值得稱讚的是，該公司更傾向於經營槓桿等。 Twilio 已確定哪些運營方面的事情將在未來提供運營槓桿的來源？對我來說就是這樣。

Yes. So Kash, this is Khozema. There's a couple of things in there. Why don't I start? And then if Jeff has anything to add, you can comment as well. So just in terms of the macro, I think that's where you started. I think, obviously, if like the economy were to dip into like some sort of significant recession, we're not necessarily immune from that. But what we see based on both our internal studies, and we alluded to the customer engagement report as well as a number of external studies, is that digital transformation remains a top boardroom priority. That obviously benefits Twilio as a variety of companies look to invest in their engagement strategies going forward.

是的。所以Kash，這是Khozema。裡面有幾樣東西。我為什麼不開始？如果 Jeff 有什麼要補充的，您也可以發表評論。所以就宏觀而言，我認為這就是你開始的地方。我認為，顯然，如果經濟像某種重大衰退一樣陷入困境，我們不一定能倖免於難。但是，根據我們的內部研究以及我們提到的客戶參與報告以及一些外部研究，我們看到的是，數字化轉型仍然是董事會的首要任務。這顯然有利於 Twilio，因為各種公司都希望投資於他們未來的參與戰略。

And we're not -- it's not like we don't see the macro environment, whether it's economic or geopolitical, but we just think this business is extremely well positioned to capitalize on ongoing company's digital transformation efforts. And despite impacts that we see that are inflationary, whether it be supply chain, which we talked about in the past, or labor inflation more recently or interest rates, as you mentioned, we've built those impacts into our models. We also have the benefit of having a really strong balance sheet, which obviously helps in these environments.

而且我們不是 - 這並不是說我們沒有看到宏觀環境，無論是經濟還是地緣政治，但我們只是認為這項業務非常適合利用公司正在進行的數字化轉型工作。儘管我們看到了通貨膨脹的影響，無論是我們過去談到的供應鏈，還是最近的勞動力通脹或利率，正如你所提到的，我們已經將這些影響納入我們的模型中。我們還擁有一個非常強大的資產負債表的好處，這顯然有助於這些環境。

And as I said in the prior question, we feel good about our guidance at 30% plus revenue growth through 2024, and again, about non-GAAP annual profitability -- or operating profitability in 2023.

正如我在上一個問題中所說，我們對到 2024 年 30% 以上的收入增長以及非 GAAP 年度盈利能力或 2023 年的運營盈利能力的指導感到滿意。

More to your question on the profitability because I think that's where you ended. What we've been saying really over 3 years is there are a number of investments that we felt were very important to make. And these were planned investments. And in general, they were in Flex, our go-to-market capabilities, obviously, more recently, with Segment as we see that as a crucial piece of our customer engagement stack.

更多關於盈利能力的問題，因為我認為這就是你結束的地方。三年多來我們一直在說的是，有一些我們認為非常重要的投資。這些都是有計劃的投資。總的來說，他們在 Flex 中，我們的上市能力，顯然，最近，我們認為這是我們客戶參與堆棧的關鍵部分。

And we're kind of coming to the peak periods of growth in those investments. And it's not like we're not going to invest going forward, but the rate of cost growth in those investments is going to be lower than where we've been historically. And so slowing that cost growth, I think, will be the way that we end up getting there into the non-GAAP profitability for next year.

我們正在進入這些投資的增長高峰期。這並不是說我們不會繼續投資，但這些投資的成本增長率將低於我們歷史上的水平。因此，我認為，減緩成本增長將是我們最終實現明年非 GAAP 盈利能力的方式。

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

您的下一個問題來自富國銀行的 Michael Turrin。

Gross margin saw a meaningful improvement sequentially, the prepared remarks still referenced just some near-term fluctuation potential. Just in sort of adding some more context around that. I guess the question is just why wouldn't that be at least somewhat bottoming if we're looking at sort of a point in time where U.S. growth is moderating? Some of these 10DLC impacts are playing through. Are you at all comfortable that gross margin can at least remain around a similar ZIP code regardless of our messaging mix plays through? Or anything else you could just provide to help us think through normalization of what these fluctuations can look like?

毛利率連續出現顯著改善，準備好的評論仍然只是參考了一些近期波動的潛力。只是在某種程度上添加了一些更多的上下文。我想問題是，如果我們正在研究美國增長放緩的某個時間點，為什麼至少不會觸底？這 10 個 DLC 影響中的一些正在發揮作用。無論我們的消息組合如何發揮作用，您是否對毛利率至少可以保持在類似的郵政編碼附近感到滿意？或者您可以提供什麼其他東西來幫助我們思考這些波動可能是什麼樣子的正常化？

Yes. That's a good question. I mean I think with respect to the gross margins in Q1, we are obviously happy with them improving to 53%. I think, Michael, the thing I'd encourage you to keep in mind is that just the size and scale of our messaging business is what tends to drive it. And so that's why we're kind of signaling some level of fluctuation in gross margins in the near term. I think it'll be in the ZIP code. I mean I'm not going to be prepared to call the bottom or anything like that. But I'd also remind you that we like the messaging business a lot. And while it does carry that lower gross margin, it also generates a lot of gross profits that we reinvest back into the business.

是的。這是個好問題。我的意思是，我認為就第一季度的毛利率而言，我們顯然對它們提高到 53% 感到滿意。我認為，邁克爾，我鼓勵你記住的一點是，我們的消息業務的規模和規模往往是推動它的因素。這就是為什麼我們會在短期內發出某種程度的毛利率波動信號。我想它會在郵政編碼中。我的意思是我不會準備觸底或類似的事情。但我還要提醒您，我們非常喜歡消息傳遞業務。雖然它確實帶來了較低的毛利率，但它也產生了大量的毛利潤，我們將這些利潤再投資回業務。

And we've spent some time over the last few quarters talking about this in and up strategy, and messaging still serves as that important foot in the door with our customers so that we can execute on that in and up. And obviously, on those deals, we evaluate everyone on those opportunities, looking at whether or not they're going to drive lower gross margins and making sure that there's real strategic value there.

在過去的幾個季度裡，我們花了一些時間討論這個進進出出的戰略，而消息傳遞仍然是我們客戶的重要一步，這樣我們就可以執行進出戰略。顯然，在這些交易中，我們會評估每個人的機會，看看他們是否會降低毛利率，並確保那裡有真正的戰略價值。

I think the flip of all of this is that our emerging software business continues to grow at elevated rates and obviously does carry significantly higher gross margins. And as we think about like our long-term targets around 60% plus over time, we continue to see a lot of tailwind there, and we continue to like the software businesses quite a lot. And we just have to continue executing on that up strategy that we've been talking about sort of for the last several quarters.

我認為所有這一切的反轉是我們新興的軟件業務繼續以較高的速度增長，並且顯然確實帶來了顯著更高的毛利率。當我們考慮我們的長期目標時，隨著時間的推移大約 60% 以上，我們繼續看到很多順風，我們繼續非常喜歡軟件業務。我們只需要繼續執行過去幾個季度我們一直在談論的向上戰略。

Yes. That's all really useful. And then I think great to see Elena coming off the board onto the field. Can we just go back to just how you keep continuity in making that change midyear? Are there any near-term changes we should expect? Or how should we assess the transition there? It looked like sales and marketing spend maybe ticked down a touch sequentially. So if you can just kind of hit on those, I think that's also useful.

是的。這一切都非常有用。然後我覺得很高興看到 Elena 從板上下來到場上。我們可以回到你如何保持年中改變的連續性嗎？我們應該期待近期的變化嗎？或者我們應該如何評估那裡的過渡？看起來銷售和營銷支出可能會依次下降。因此，如果您可以對這些內容有所了解，我認為這也很有用。

I will answer a few of the lens of maybe go-to-market results. And then I'd love for Elena to maybe just introduce yourself and provide some of her own comments. But I think in short, we don't really expect the transition to have much of an impact certainly on the short term. And I think in the long term, we certainly anticipated that Elena is going to have a very positive impact on the business.

我將回答一些可能進入市場的結果。然後我希望 Elena 能夠自我介紹並提供一些她自己的評論。但我認為，簡而言之，我們並不真正期望過渡在短期內產生太大影響。我認為從長遠來看，我們當然預計 Elena 將對業務產生非常積極的影響。

Right now, look, we've got a great team in place. That go-to-market leadership team is very strong. We have a clear plan for execution. The results that we've already seen in Q1 are a good setup for the rest of the year. And as I said, I mean, I think with Elena coming on board, I'm very excited personally, and I think she's going to have a really positive impact. I think her track record speaks for itself and -- to bring a person of her caliber on to the management team is really lucky on our part.

現在，看，我們有一個很棒的團隊。進入市場的領導團隊非常強大。我們有明確的執行計劃。我們在第一季度已經看到的結果是今年餘下時間的一個很好的設置。正如我所說，我的意思是，我認為隨著 Elena 的加入，我個人非常興奮，我認為她會產生非常積極的影響。我認為她的履歷不言自明，而且——將一個像她這樣有才華的人帶入管理團隊對我們來說真的很幸運。

But let me maybe just turn it over to her for a moment, and she can tell you a little bit more about how should be thinking about things.

但是讓我也許只是把它交給她一會兒，她可以告訴你更多關於應該如何思考事情的信息。

Thanks, Kho. Michael, nice to meet you. Having served on the Board for the past 6 years, which was just really the ride of a lifetime, I have become really familiar with the company. But with all that as a backdrop and knowing our products, our sales motion, our customers, our team from the Board lens is quite different from knowing it from an operating lens. And so I look forward to bringing my own background, skill set and lessons learned to the team but also doing a ton of listening and learning, particularly in the early days.

謝謝，科。邁克爾，很高興認識你。在過去的 6 年裡，我在董事會任職，這真的是一生的旅程，我對這家公司非常熟悉。但是，以所有這些為背景，從董事會的角度了解我們的產品、我們的銷售活動、我們的客戶、我們的團隊與從運營的角度了解它是完全不同的。因此，我期待著為團隊帶來我自己的背景、技能和經驗教訓，同時也進行大量的傾聽和學習，尤其是在早期階段。

I've spent my whole career driving operations and, hopefully, delivering operational excellence, growth and scale. I see a huge opportunity to bring that capability into the company. We start with a fantastic team. I'm really, really proud of everything they've done in the past and the Board role in that. But I think the road ahead is perhaps even more exciting.

我的整個職業生涯都在推動運營，並希望實現卓越的運營、增長和規模。我看到了將這種能力帶入公司的巨大機會。我們從一支出色的團隊開始。我為他們過去所做的一切以及董事會在其中所扮演的角色感到非常非常自豪。但我認為未來的道路可能更令人興奮。

I'll also say I'm actively engaged with many of our team members, customers, even investors. And so I feel like I have a pretty good perch to sit from, but I'm also really excited about continuing to learn from here, to meet the rest of the team, to congratulate them on all of their accomplishments historically, but also to jump on the ride with them from here and envision a great future as the leader in customer engagement.

我還要說，我正在與我們的許多團隊成員、客戶甚至投資者積極互動。所以我覺得我有一個很好的位置可以坐下來，但我也很高興繼續在這裡學習，與團隊的其他成員會面，祝賀他們在歷史上取得的所有成就，同時也從這裡開始與他們一起踏上旅程，並展望作為客戶參與領導者的美好未來。

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

您的下一個問題來自摩根大通的 Mark Murphy。

And forgive me, I joined a minute or 2 late, if in case it's redundant. But last quarter, you had mentioned some domestic friction on the ADP registration side. Could you just describe that a little? And I'm trying to understand if the friction is kind of solely related to the onboarding process versus anything about the fees themselves? And then was there a deadline for customers to get that done during March? And I have a quick follow-up.

原諒我，我遲到了一兩分鐘，以防萬一它是多餘的。但是上個季度，您提到了 ADP 註冊方面的一些國內摩擦。你能簡單描述一下嗎？我想了解摩擦是否僅與入職流程有關，而不是與費用本身有關？那麼客戶在 3 月份是否有完成這項工作的最後期限？我有一個快速跟進。

Yes. Mark, this is Khozema. Good to hear from you. So the growth slowdown just kind of domestically generally and the friction associated with 10DLC was really to do with the onboarding process for both new and existing customers. And it does create some friction in the short term, but over time, creates a lot more trust on our platform. And as a result of some of the friction that we saw, we have built a number of features to make that registration process more seamless for our customers. And the majority of our traffic has now been able to get through that registration process. And so we believe that that's behind us.

是的。馬克，這是科澤馬。很高興聽到你的消息。因此，增長放緩只是在國內普遍存在，而與 10DLC 相關的摩擦實際上與新客戶和現有客戶的入職流程有關。它確實會在短期內產生一些摩擦，但隨著時間的推移，會在我們的平台上產生更多的信任。由於我們看到的一些摩擦，我們已經構建了許多功能，以使我們的客戶的註冊過程更加無縫。我們的大部分流量現在已經能夠通過該註冊過程。所以我們相信這已經過去了。

With respect to your question about a deadline, there was a deadline, and that was March 1. And I think now with that behind us and the majority of our traffic, also having completed that initial process, we do expect domestic messaging to normalize through the balance of the year.

關於你關於截止日期的問題，有一個截止日期，那就是 3 月 1 日。我認為現在我們已經完成了這個過程，我們的大部分流量也已經完成了這個初始過程，我們確實希望國內消息傳遞能夠正常化當年的餘額。

Okay. Got it. And then just a quick one for Jeff on the topic of 2-way messaging. In the past, I believe you said that it's still early days. And so now you've got another quarter under your belt. You've got the conversation with API and the front-line product developing. Do you see any more activity? Or is there any kind of a backlog building perhaps in terms of 2-way messaging?

好的。知道了。然後讓 Jeff 快速討論一下 2 向消息傳遞的主題。過去，我相信你說現在還為時尚早。所以現在你又多了一個季度。您已經與 API 和一線產品開發進行了對話。你看到更多的活動了嗎？或者是否有任何類型的積壓構建，可能就 2-way 消息傳遞而言？

Yes. Thanks, Mark. I think that there's a tremendous opportunity as I've long said in 2-way messaging. And first of all, the interesting thing is that the one-way messaging where like the world and the market has been for the last decade or so, it's actually a great place to be opening the door for 2 ways. So it's a great lead in to all those customers who are using messaging for alerts and notifications and all that kind of stuff. Like it just invites you to apply. And then the question of the company has is, okay, when you want to talk to us? What are we going to do about it?

是的。謝謝，馬克。我認為這是一個巨大的機會，正如我長期以來在雙向消息傳遞中所說的那樣。首先，有趣的是，像世界和市場這樣的單向消息傳遞在過去十年左右的時間裡一直存在，它實際上是一個向 2 個方向敞開大門的好地方。因此，對於所有使用消息傳遞警報和通知以及所有此類內容的客戶來說，這是一個很好的引導。喜歡它只是邀請您申請。然後公司的問題是，好吧，你什麼時候想和我們談談？我們要怎麼做呢？

And increasingly, companies are saying, look, our customers want to talk to us? Are we actually trying to ignore them? Are we actually going to say a customer that wants to talk to us. We're just going to give radio silence or given some automated apply that says call us? Or are we going to listen and pay attention to our customers? In fact, customers wanting to reach out to us, like, how on others in the business, we pay advertisers to get customers who want to talk to us. And then over here, we're ignoring them. And so it just makes a ton of sense that you would open the door for these 2-way conversations.

越來越多的公司在說，看，我們的客戶想和我們交談？我們真的試圖忽略它們嗎？我們真的要說一位想與我們交談的客戶嗎？我們只是要給無線電靜音或給一些自動應用程序說給我們打電話？還是我們會傾聽並關注我們的客戶？事實上，想要與我們聯繫的客戶，例如，我們如何向業務中的其他人付費，以吸引想要與我們交談的客戶。然後在這裡，我們忽略了它們。因此，為這些雙向對話打開大門是很有意義的。

And we're seeing it like in certain markets like financial services, right? You saw the large fine lobbied against one of the major banks because they were doing noncompliant 2-way messaging. Okay, that whole industry has now taken attention to this matter. Other ones like retail, clienteling -- and we've got a lot of customers that we've planned to over the history of using us for that, whether it's companies like Nike who use Flex to allow their salespeople, they call them athletes in the stores. They will talk to customers who are in the app or on the website, saying, hey, I want an expert advice.

我們在某些市場（如金融服務）中看到了這種情況，對嗎？您看到了針對一家主要銀行的巨額罰款，因為他們正在進行不合規的雙向消息傳遞。好的，現在整個行業都在關注這個問題。其他的，比如零售、客戶服務——在我們使用我們的歷史上，我們已經計劃了很多客戶，無論是像耐克這樣的公司使用 Flex 來允許他們的銷售人員，他們稱他們為運動員商店。他們會與應用程序或網站上的客戶交談，說，嘿，我想要專家建議。

And you see a lot of opportunities there. And that's why we're investing in the product road map that we are because we are hearing from companies that, yes, like engaging in that 2-way conversation is really the future of how they're going to build a real relationship with their customers.

你在那裡看到了很多機會。這就是我們投資產品路線圖的原因，因為我們從公司那裡聽到，是的，像參與這種雙向對話真的是他們將如何與他們建立真正關係的未來顧客。

And so you're right, conversations is -- the API layer is the substrate to connect the dots between multiple conversations, whether they're multiple parties in the conversation, where they're occurring over different channels like SMS and WhatsApp and Facebook and even voice and things like that, combine them all together. And then we express conversations through our products in Flex, in Frontline and elsewhere so that companies could start to see the through line of all of these different points of contact in the company with their customer as one long-running conversation.

所以你是對的，對話是——API 層是連接多個對話之間的點的基礎，無論它們是對話中的多方，它們是通過不同的渠道發生的，比如 SMS、WhatsApp 和 Facebook 和甚至聲音之類的東西，將它們組合在一起。然後我們通過我們在 Flex、Frontline 和其他地方的產品表達對話，這樣公司就可以開始將公司與客戶的所有這些不同接觸點的直通線視為一次長期對話。

At the end of the day, by the way, that's what we see it as a consumer. When you're on the other end of it, you see it as one conversation with this company. Yes, they might see it as well. I got 20 departments and 50 people, and everyone -- they're like, well, that's your customers care about that. They actually just care #1. If they try to talk to you, are you there listening? And number two, is it a coherent conversation? Or is it completely destroyed across a bunch of different phone numbers and short codes, all sort of software or does it make sense? And that is the really big opportunity, and we've been investing in that for a while.

順便說一句，歸根結底，這就是我們作為消費者所看到的。當你站在它的另一端時，你會將其視為與這家公司的一次對話。是的，他們也可能會看到。我有 20 個部門和 50 個人，每個人——他們就像，嗯，那是你的客戶關心的。他們實際上只關心#1。如果他們想和你說話，你在那兒聽嗎？第二，這是一次連貫的對話嗎？或者它是否完全被一堆不同的電話號碼和短代碼，所有類型的軟件所破壞，還是有意義？這是一個非常大的機會，我們已經投資了一段時間。

And I think we see increasingly more and more companies are adopting. Actually, I'll give you a customer example that I experienced just a couple of weeks ago. And I can't tell you who it is, but it's a company that sells a musical gear. And I placed an order at this company, and they're a Twilio customer, a really cool company. And when that could shift, I got a text message from my salesperson. They said, hey, Jeff, I just wanted to see that your package shipped. It is really cool. And I was showing actually somebody this example.

我認為我們看到越來越多的公司正在採用。實際上，我會給你一個幾週前我經歷過的客戶示例。我不能告訴你它是誰，但它是一家銷售音樂設備的公司。我在這家公司下了訂單，他們是 Twilio 的客戶，一家非常酷的公司。當情況可能發生變化時，我收到了銷售人員的短信。他們說，嘿，傑夫，我只是想看看你的包裹發貨了。真的很酷。我實際上是在向某人展示這個例子。

I was like, oh is this -- and somebody said, what happens if you reply? Like, I don't know, it seems like it's from a person. Let's find out. I replied with like some question, I felt I always used to [sad], but I look, let's see, I asked them a question and turn around right got back to me, I cannot do that and send me some links and some blogposts that were on their blog about how to set up this and that. I'm like, look at that. It's amazing, amazing customer experience.

我當時想，哦，這是——有人說，如果你回復會發生什麼？就像，我不知道，它似乎來自一個人。讓我們來了解一下。我回答了一些問題，我覺得我一直習慣[悲傷]，但我看，讓我們看看，我問了他們一個問題，然後轉身回到我身邊，我不能那樣做，給我發一些鏈接和一些博文在他們的博客上關於如何設置這個和那個。我喜歡，看看那個。這是驚人的，驚人的客戶體驗。

And now I've got a person I can talk to at this company, and I'm telling everybody, including everybody listening to this call now, about the amazing customer experience company has. So yes, I think the 2-way messaging is fantastic, whether you're buying a mortgage, a banking product, a musical instrument or a snorkel.

現在我在這家公司有一個可以交談的人，我要告訴所有人，包括現在正在聽這個電話的每個人，關於公司擁有的令人驚嘆的客戶體驗。所以是的，我認為雙向消息傳遞非常棒，無論您是購買抵押貸款、銀行產品、樂器還是呼吸管。

Maybe you can play us some music some time.

也許你可以找個時間給我們放點音樂。

You don't want that. You'd rather go snorkeling with me.

你不想要那個。你寧願和我一起去浮潛。

Your next question today comes from the line of Derrick Wood with Cowen.

你今天的下一個問題來自 Derrick Wood 和 Cowen 的說法。

Jeff, I guess for you, first. You guys have seen a lot of leadership change over the last year. It sounds like there is a little bit of increased attrition in the quarter in Q1. We've seen this certainly from many companies that have scaled so quickly and have to evolve into a much larger organization. But just curious, have all these changes been -- had any disruption kind of looking backwards or looking near-term forward? And then as you just look at adding kind of headcount and backfilling some of the attrition in Q1, what are the plans in terms of investments for the rest of the year?

傑夫，我猜你，首先。在過去的一年裡，你們看到了很多領導層的變化。聽起來第一季度的減員略有增加。我們已經從許多迅速擴張並不得不發展成為更大組織的公司中看到了這一點。但只是好奇，所有這些變化是否 - 是否有任何顛覆性的回顧或近期展望？然後，當您只考慮在第一季度增加員工人數並回補一些人員流失時，今年剩餘時間的投資計劃是什麼？

Thanks, Derrick. I'll answer the question about the executive. And I think it's a fair question. you never like to see executive turnover for sure. And attrition is elevated across the market aside of this Twilio. It's not just tech. It's actually the entire economy, basically. And you see it probably, and especially true in companies that are growing as quickly as Twilio is. And so in some ways, it's the reality we're all living in every company, but it's also a reality for any fast growth company.

謝謝，德里克。我將回答有關行政人員的問題。我認為這是一個公平的問題。你永遠不希望看到高管更替。除了這個 Twilio 之外，整個市場的流失率都在上升。這不僅僅是技術。基本上，這實際上是整個經濟。您可能會看到這一點，尤其是在像 Twilio 一樣快速增長的公司中。所以在某些方面，這是我們每個公司都生活的現實，但對於任何快速成長的公司來說，這也是現實。

But what I really look at is that we have been consistently able to attract incredible leaders to Twilio with highly relevant expertise necessary to take the company to the next level. And that's what we are always doing as we grow the company and very appreciative of the leaders that have gotten us to where we are, but also looking forward to leaders who are going to take us where we go. And you can do both those things at the same time.

但我真正看到的是，我們一直能夠吸引具有高度相關專業知識的優秀領導者加入 Twilio，從而使公司更上一層樓。這就是我們在公司發展過程中一直在做的事情，我們非常感謝那些讓我們走到今天的領導者，但也期待著能夠帶我們去到哪裡的領導者。你可以同時做這兩件事。

And Elena brings a tremendous wealth of direct experience in software, in SaaS, in building go-to-market and in product and in scaling organizations while managing costs through rapid growth. And like, look, these are all the things that we are doing right now and that we are going to be doing for the coming years.

Elena 在軟件、SaaS、構建上市和產品以及擴展組織以及通過快速增長管理成本方面帶來了豐富的直接經驗。就像，看，這些都是我們現在正在做的事情，我們將在未來幾年做這些事情。

And so look, I'm incredibly excited to have her driving our go-to-market efforts going forward. And look, I always -- it's always bittersweet, right, when you say go by to an executive. You've been in the trenches, you work with folks, but you also then really look forward to the people coming in or here to bring you where you're going. And I've been running Twilio for 14 years. So like, yes, I've seen groups of executives come in, help me build the company to where we are today, a $3.5 billion revenue company, growing very quickly. And it's just sort of part of what happens when you grow a company incredibly quickly.

所以看，我非常興奮讓她推動我們的上市工作向前發展。看，我總是 - 當你說去找一位高管時，這總是苦樂參半，對吧。你一直在戰壕里，你和人們一起工作，但你也真的很期待人們進來或來到這裡，把你帶到你要去的地方。我已經運行 Twilio 14 年了。所以就像，是的，我看到一群高管進來，幫助我把公司建設成今天的樣子，一家收入 35 億美元的公司，發展非常迅速。這只是當您以難以置信的速度發展公司時所發生的事情的一部分。

No doubt, you've had incredible growth. That makes a lot of sense. Real quick, Khozema, for you. I know we're not getting specific numbers on application services, but anything to share in terms of how growth trended or how that performed against expectations? And anything to share around the efforts and training -- the broader sales force around Segment?

毫無疑問，你的成長令人難以置信。這很有意義。真快，Khozema，給你。我知道我們沒有得到關於應用程序服務的具體數字，但有什麼可以分享的增長趨勢或表現如何超出預期？還有什麼可以分享的努力和培訓——圍繞細分市場的更廣泛的銷售隊伍？

Yes. I mean, I'd say, in general, it's kind of a repeat of what we've talked about in the past, which is we feel really, really good about the Segment product. We feel great about the performance of it. And certainly, that team has been really, really additive to the long-term success of Twilio.

是的。我的意思是，我想說，總的來說，這有點重複我們過去談論的內容，即我們對 Segment 產品感覺非常非常好。我們對它的表現感覺很好。當然，這個團隊確實非常非常有助於 Twilio 的長期成功。

More specific to your question, that software category more generally has been growing at elevated rates. And obviously, based on the margin profile, we clearly like that a lot. And that certainly underscores our faith that we can get to our long-term gross margin targets of 60% plus. And I think having as many people trained up on the product as we possibly can, obviously, should accelerate its growth over time. So feel really good about where we are with Segment, and it's going to be really important to us as we build out our customer engagement leadership.

更具體到您的問題，該軟件類別更普遍地以較高的速度增長。顯然，根據利潤率概況，我們顯然非常喜歡這一點。這無疑突顯了我們的信念，即我們可以實現 60% 以上的長期毛利率目標。而且我認為讓盡可能多的人接受該產品的培訓，顯然，隨著時間的推移，它應該會加速其增長。因此，對我們在 Segment 中所處的位置感覺非常好，這對我們來說非常重要，因為我們建立了我們的客戶參與領導力。

Your next question comes from the line of Samad Samana with Jefferies.

您的下一個問題來自與 Jefferies 的 Samad Samana。

I guess first one for you, Khozema. When I think about the disclosure on 4Q, the international versus U.S., and I go and put that mix back in, I'm just curious how we should think about the gross margins. I don't want to re-litigate 4Q necessarily, but usually, the U.S. domestic higher gross margins than international. So I'm just curious if it was not mix, maybe was there something else that we should think about for the 4Q gross margin pressure? And then I have a follow-up for Jeff.

我想第一個是給你的，Khozema。當我考慮到第四季度的披露，國際與美國的情況，我又把這種組合放回去了，我只是好奇我們應該如何考慮毛利率。我不想重新提起第 4 季度的訴訟，但通常情況下，美國國內毛利率高於國際毛利率。所以我只是好奇它是否不是混合的，也許我們應該考慮其他一些事情來應對第四季度的毛利率壓力？然後我對 Jeff 進行了跟進。

Yes. It's -- Samad, it's a fair question. So maybe first off, just to kind of own what happened, there was a discrepancy in the mix of that domestic versus international revenue, and it should have been caught in Q4. Luckily, it was caught as we ran the closing process in Q1, and we noticed the discrepancy then. We have put in place some additional analytics as well as some additional controls to make sure something like that, that doesn't transpire. But I did want to own it before answering your question.

是的。這是——薩馬德，這是一個公平的問題。因此，也許首先，只是為了了解發生的事情，國內收入與國際收入的組合存在差異，應該在第四季度發現。幸運的是，當我們在第一季度運行關閉過程時，它被捕獲了，然後我們注意到了差異。我們已經實施了一些額外的分析以及一些額外的控制，以確保不會發生類似的事情。但在回答你的問題之前，我確實想擁有它。

In terms of that split, the way that we provide the disclosure, that split is based on the IP address or the mailing address of a customer at the time that they register with Twilio. And so effectively, it's something that we used for reporting purposes, but it's not actually how we manage the business day to day.

就該拆分而言，我們提供披露的方式是基於客戶在 Twilio 註冊時的 IP 地址或郵寄地址。如此有效，這是我們用於報告目的的東西，但實際上並不是我們日常管理業務的方式。

And I mean, Samad, you know the business pretty well. Like where we focus tends to be on where those messages actually terminate, and we continue to see very strong growth in messages that terminate outside of the U.S. And if you go back a couple of years SIGNAL, when we did the Investor Day, we showed them that, that split is about 50-50, and it's continued to grow from there. And that tends to be the much more significant impact on gross margin. Obviously, there is some correlation between destination messaging as well as what the customer origin is, and it can deviate obviously from period to period. But that's the gist of why that commentary from Q4 remains true today.

我的意思是，薩馬德，你非常了解這項業務。就像我們關注的地方往往是這些消息實際終止的地方，我們繼續看到在美國以外終止的消息增長非常強勁。如果你回顧幾年 SIGNAL，當我們舉辦投資者日時，我們展示了他們認為，這個比例大約是 50-50，並且從那裡繼續增長。這往往是對毛利率的重大影響。顯然，目的地消息傳遞與客戶來源之間存在一定的相關性，並且在不同時期之間可能存在明顯偏差。但這就是為什麼第四季度的評論今天仍然正確的要旨。

That's really helpful. And I definitely appreciate the additional clarity there. I think that clears a lot of it up. And Jeff, I want to follow up with something that Khozema touched on, which is the knowing the business and look -- at the end of the day, the growth is still very strong and on big numbers. So I guess when I think about the company and the growth going forward, what are the maybe go-to-market changes that you think are going to happen? Or are there go-to-market changes that are anticipated in kind of reiterating that 30%-plus guidance or higher? How should we just think about it based on the changes in the management team?

這真的很有幫助。我非常欣賞那裡的額外清晰度。我認為這清除了很多。傑夫，我想跟進 Khozema 談到的一些事情，那就是了解業務和外觀——歸根結底，增長仍然非常強勁，而且數字很大。所以我想當我考慮公司和未來的增長時，你認為可能會發生哪些進入市場的變化？還是在重申 30% 以上或更高的指導時，是否有預期的上市變化？我們應該如何根據管理團隊的變化來考慮它？

Thank you, Samad. Why don't I have Elena answer that question?

謝謝你，薩馬德。為什麼我不讓 Elena 回答這個問題？

Sam, thank you. So first of all, I'd say a lot is going well. Like we really like our long-term growth trajectory, and I intend to continue along that trajectory. And so when I think about how I spent my first couple of months, first and foremost, it's obviously about getting to know the team and customers more deeply so that I can internalize their aspirations and really get to know them as we hatch our plans. But I would say there's a couple of really important short-term priorities that go along with that.

山姆，謝謝。所以首先，我想說很多事情進展順利。就像我們真的很喜歡我們的長期增長軌跡一樣，我打算沿著這條軌跡繼續前進。所以當我想到我最初幾個月是如何度過的時，首先，很明顯，這是為了更深入地了解團隊和客戶，以便我可以內化他們的願望，並在我們制定計劃時真正了解他們。但我想說，有幾個非常重要的短期優先事項與之相伴。

Number one is accelerating software growth, especially Segment and Engage once launched. Number two is calibrating our resource model explicitly towards the greatest efficacy possible. And so that means nurturing our product-led growth engine that we've built over time in messaging, but also amping up our direct and channel sales capabilities and software. And lastly, doing both of those things while driving additional operating leverage and go-to-market overall so that we're ultimately paying off the investments we've made over the past number of years.

第一是加速軟件增長，尤其是一旦啟動，Segment and Engage。第二是明確地校准我們的資源模型以實現盡可能大的效率。因此，這意味著培育我們在消息傳遞方面隨著時間的推移建立的以產品為主導的增長引擎，同時還要增強我們的直接和渠道銷售能力和軟件。最後，在推動額外運營槓桿和整體上市的同時做這兩件事，以便我們最終償還過去幾年的投資。

Your next question comes from the line of Ittai Kidron with Oppenheimer.

你的下一個問題來自奧本海默的 Ittai Kidron。

Maybe, Jeff, I'll start with you on Twilio Engage. Can you be, first, perhaps a little bit more specific on timing? When is that finally going to be available? And any color you can share with regards to the trial activity with customers? How should we think about traction and adoption here once it's out?

也許，傑夫，我將從 Twilio Engage 開始。首先，您能否在時間上更具體一點？什麼時候最終可以使用？您可以與客戶分享有關試用活動的任何顏色嗎？一旦它出來，我們應該如何考慮這裡的牽引力和採用？

Thanks, Ittai. So first of all, timing, we're looking at GA and Engage in the second half of the year, and second is on the -- what are we learning from our early customers. And as you know, you bring a new product into a market. You do it as a beta format, and you bring on your handful of early customers. And they help you guide the road map, and they tell you where to be focusing. And so we have great feedback from the early customers of Engage, and we actually have more customers requesting beta access than we can accept and that's always a good sign.

謝謝，伊泰。因此，首先，時間安排，我們正在關注下半年的 GA 和 Engage，其次是我們從早期客戶那裡學到了什麼。如您所知，您將新產品帶入市場。您將其作為測試版進行，並吸引了少數早期客戶。他們幫助你指導路線圖，告訴你應該把重點放在哪裡。因此，我們從 Engage 的早期客戶那裡得到了很好的反饋，實際上我們有更多的客戶請求測試訪問權限，而不是我們可以接受的，這始終是一個好兆頭。

But we've been receiving great feedback from those pilot customers and are taking the steps -- responding to feedback, really understanding the problems they want to solve with Engage and making sure we're building the product, the list them solve their problems uniquely.

但是我們已經從這些試點客戶那裡收到了很好的反饋，並且正在採取措施——回應反饋，真正了解他們想要通過 Engage 解決的問題，並確保我們正在構建產品，列出他們以獨特方式解決他們的問題.

And look, I think Engage is filling a hole in the market with a platform that is built to help B2C companies, in particular, first of all, really understand their customers in terms of data and then execute on that understanding by personalizing every part of the journey and like empowering the employees with these Engage apps we're building.

看，我認為 Engage 正在通過一個平台填補市場空白，該平台旨在幫助 B2C 公司，特別是，首先，從數據方面真正了解他們的客戶，然後通過個性化每個部分來執行這種理解。旅程，喜歡用我們正在構建的這些 Engage 應用程序賦予員工權力。

And so when I think about what Engage is doing, it is taking a data-first approach to marketing. And that is the modern way companies are marketing, especially in this whole privacy-forward world where you don't have -- you can't do the lazy thing with third-party anonymous cookies and IDFA and just kind of turning through customers that you bought on an advertising platform. Really, modern marketers are saying, I need to understand my customer. I need to personalize the journey that, that customer is on and pay really good attention to them so that they become loyal, happy repeat customers. And so those are the types of companies that we are seeing early on in our pilot who are requesting access because they're saying, look, here's the tools out there to do this are not what we need. And so Twilio's filling this gap.

因此，當我想到 Engage 正在做什麼時，它採用了數據優先的營銷方法。這就是公司營銷的現代方式，尤其是在這個你沒有的整個隱私前瞻世界——你不能用第三方匿名 cookie 和 IDFA 做懶惰的事情，只是通過客戶您在廣告平台上購買的。真的，現代營銷人員說，我需要了解我的客戶。我需要個性化客戶的旅程，並非常關注他們，以便他們成為忠誠、快樂的回頭客。因此，這些是我們在試點早期看到的要求訪問的公司類型，因為他們說，看，這裡的工具不是我們需要的。所以 Twilio 填補了這個空白。

And look, in the fullness of time, I think all marketing is going to go this way. I think every marketer is going to, first of all, be spending money on having the best data, which is where all of this starts, and then going to [meet down the platform] that really is about activating data as opposed to like blindly sending campaigns and just measuring, well, how many people hoping to -- how many people want to subscribe. I think those days are over.

看，隨著時間的推移，我認為所有的營銷都會這樣發展。我認為每個營銷人員首先會花錢獲得最好的數據，這是所有這一切的開始，然後去 [與平台見面] 真正是關於激活數據而不是盲目地喜歡發送廣告系列，並且只是衡量有多少人希望 - 有多少人想要訂閱。我想那些日子已經過去了。

And the other neat thing about using data as the basis for the marketing tool is that you can optimize for the outcome of the business cares about because Segment sees the flow of data from a variety of systems. We can tell the marketer not just, oh, like this campaign, you got this many opens and there's many clicks. Nobody gets -- companies don't make money with opens and clicks. They make money by making sales.

使用數據作為營銷工具的基礎的另一件巧妙的事情是，您可以針對業務所關心的結果進行優化，因為 Segment 可以看到來自各種系統的數據流。我們可以告訴營銷人員，哦，就像這個活動一樣，你有這麼多的打開和點擊。沒有人得到——公司不會通過打開和點擊來賺錢。他們通過銷售賺錢。

And Segment sees that, too. So they can say, hey, this campaign resulted in this amount of dollars of sales. This campaign is working. This one is not. That's amazing. And so you think about the value proposition you'd be able to give to a company and to the marketer who now can justify the spend on that tool because they're saying, look, we're making money on it. So I think it's a really great value proposition.

Segment 也看到了這一點。所以他們可以說，嘿，這個活動帶來了這麼多美元的銷售額。這場運動正在奏效。這個不是。太棒了。因此，您考慮一下您可以為公司和營銷人員提供的價值主張，他們現在可以證明在該工具上的支出是合理的，因為他們說，看，我們在上面賺錢。所以我認為這是一個非常好的價值主張。

But obviously, still early in the life cycle of that product, but we anticipate bringing it to GA in the second half of the year.

但顯然，仍處於該產品生命週期的早期階段，但我們預計將在下半年將其引入 GA。

Okay. That's great. And then a follow-up for you, Khozema. Just on the gross margin again. Great to see the progress. I'm just trying to tie that to the registration date, March 1, where I think you talked about you expect messaging to normalize. I assume that, that means that around that date, messaging was somewhat depressed because some customers were not registered to your adjusted gross margin, and that clearly is going to come at a higher volume in the second half of the year. And you also have normalization around the messaging volumes in the second half of the year.

好的。那太棒了。然後是你的後續行動，Khozema。又是毛利率。很高興看到進展。我只是想把它與 3 月 1 日的註冊日期聯繫起來，我想你說過你希望消息傳遞正常化。我認為，這意味著在那個日期前後，消息傳遞有些低迷，因為一些客戶沒有註冊到你調整後的毛利率，而且這顯然會在今年下半年以更高的數量出現。此外，下半年的消息傳遞量也會正常化。

So should we not expect any incremental perhaps gross margin improvements between now and year-end just because messaging, some -- these 2 elements are going to inflate messaging volumes in the second half of the year? Is that the right way to think about things?

那麼，我們是否應該期望從現在到年底之間有任何增量或毛利率的改善，僅僅因為消息傳遞，其中一些——這兩個元素將在下半年增加消息傳遞量？這是思考問題的正確方式嗎？

Yes, Ittai. I think if all of that broke our way, it's possible, but it's certainly not something that we're necessarily forecasting. As you know, I mean, we don't guide on gross margins. I would say the factors that are really going to drive it more than anything are going to be just the way that the messaging business kind of fluctuates up and down. I mean it's just -- it's so big, and the scale of it is such that it really tends to be the principal driver.

是的，伊泰。我認為，如果所有這些都破壞了我們的方式，那是有可能的，但這當然不是我們必須預測的事情。如您所知，我的意思是，我們不指導毛利率。我想說，真正推動它的因素將是消息傳遞業務上下波動的方式。我的意思是它只是——它是如此之大，而且它的規模如此之大以至於它確實往往是主要的驅動力。

And based on what I said in the prior question, the way that those messages end up terminating and who drives that traffic and how that all plays out, I mean, it's a fairly complex mix of things. And so I think it's going to be in the ZIP code, but it's not something that we're guiding to today.

根據我在上一個問題中所說的，這些消息最終終止的方式，誰驅動了這些流量，以及這一切是如何發生的，我的意思是，這是一個相當複雜的混合體。所以我認為它將在郵政編碼中，但這不是我們今天要指導的內容。

Your next question comes from the line of [Joe Goodwin] with JMP.

您的下一個問題來自 JMP 的 [Joe Goodwin]。

Great. I think that might be me, Pat. Elena, I have a question for you. Just I would love to hear any sort of learnings that you have from your time at Concur or some of the other Boards you're on or other companies that you think might be relevant and might be things you can apply at Twilio.

偉大的。我想那可能是我，帕特。埃琳娜，我有一個問題要問你。只是我很想听聽您在 Concur 或您所在的其他一些董事會或您認為可能相關並且可能是您可以在 Twilio 申請的其他公司時所學到的任何知識。

Pat, thanks for the question very much. I hope there's a lot of learnings. I started at Concur when my will startup was acquired in 1998. And so saw some amazing years from the early 2000s of the dot-com boom and bust through to 2008 and all of the products and kind of market transitions that went along with that. So moving the company from on-premise shipping CDs to a SaaS company from a company focused on sort of a Web front end to mobile, from a company that sold one product in expense reporting to one that sold travel invoice management and a whole host of others and ultimately became a platform company while growing overseas, growing into the U.S. federal government, growing downmarket.

帕特，非常感謝這個問題。希望大家多多學習。 1998 年我的遺囑創業公司被收購時，我開始在 Concur。從 2000 年代初的互聯網繁榮和蕭條到 2008 年，以及隨之而來的所有產品和市場轉型，我見證了一些令人驚嘆的歲月。因此，將公司從內部交付 CD 轉移到 SaaS 公司，從專注於 Web 前端的公司轉移到移動端，從銷售一種費用報告產品的公司到銷售旅行發票管理和一大堆產品的公司其他人，最終成為平台公司，同時在海外成長，成長為美國聯邦政府，成長為低端市場。

So certainly have seen a lot of different transitions and take a lot of lessons away from that, including moving into the President role when we were acquired by SAP in 2014, and all of it came with a period of intense change for our people. And so maybe those are some of the things that I think I pride myself on the most is sort of navigating a period of fantastic growth, but equally embracing our people, making sure we're thinking about careers and growth and the human side of leadership. So I'm excited to bring as much of that as I can to the process.

當然，我們已經看到了很多不同的轉變，並從中吸取了很多教訓，包括在 2014 年我們被 SAP 收購時擔任總裁一職，所有這些都伴隨著我們員工的劇烈變化時期。因此，也許這些是我認為我最引以為豪的一些事情，即在一段驚人的成長時期中航行，但同樣擁抱我們的員工，確保我們正在考慮職業和成長以及領導力的人性化方面.所以我很高興能盡可能多地把它帶到這個過程中。

In terms of other Boards, Twilio was a great learning ride for me over the last 6 years, and I think it's given me an interesting unique lens into the business. But that lens will shift as I move into this new operating role.

就其他董事會而言，在過去的 6 年中，Twilio 對我來說是一次很好的學習之旅，我認為它讓我對這個行業有了一個有趣的獨特視角。但隨著我進入這個新的運營角色，這個鏡頭將會發生變化。

Lastly, I'd say I think Board work in general, I do still sit on a number of other private Boards, and I think that Board work in general just keeps me in the mix, hearing from other Boards, other investors, other leadership teams, building other products that I think are both interesting as opportunities to learn from.

最後，我想說我認為董事會的工作總體上來說，我仍然擔任其他一些私人董事會的成員，而且我認為董事會的工作總體上只是讓我參與其中，聽取其他董事會、其他投資者、其他領導層的意見團隊，構建其他我認為有趣的產品作為學習的機會。

And so I'm excited about that. I'm excited to continue to do that work and bring the best that set of learning into the sort of houses Twilio, but also vice versa, I hope still be a mouthpiece of the industry as I learned here from all the wonderful talent that will be around me here in this building virtually.

所以我對此很興奮。我很高興能繼續做這項工作，並將最好的一套學習帶入 Twilio 的那種房子，但反之亦然，我希望仍然是這個行業的代言人，因為我在這裡從所有優秀的人才那裡學到了虛擬地在這棟大樓裡圍繞著我。

Your next question comes from the line of Frank Havemeyer (sic) Frederick Havemeyer with Macquarie.

您的下一個問題來自麥格理的 Frank Havemeyer (sic) Frederick Havemeyer。

Close, Fred Havemeyer. So I wanted to firstly ask -- we've discussed a couple of the executive changes that have happened within Twilio recently. And I noticed that recently, you made a couple of actually 2 prominent privacy and trust-related hires. So I just wanted to ask, what is the importance of both privacy and trust to Twilio as you're expanding globally and also perhaps as you are navigating the inherently trust-based environment of 10DLC policies?

關閉，Fred Havemeyer。所以我想首先問一下——我們已經討論了最近在 Twilio 內部發生的一些行政變化。我注意到最近，您實際上做了兩個與隱私和信任相關的傑出員工。所以我只是想問一下，當您在全球擴張時，或者當您在 10DLC 政策固有的基於信任的環境中導航時，隱私和信任對 Twilio 的重要性是什麼？

Yes. (inaudible).

是的。 （聽不清）。

Go ahead, Jeff.

繼續，傑夫。

Fred, this is Jeff. I'll answer it. Look, I mean, with privacy and trust, I mean, this is the just some of the most important concepts of our era, right, for companies to be investing in privacy and, obviously, trust with their customers. And it's -- as I think about privacy in particular -- we talked a lot about privacy and how it's changing the way companies acquire and serve and build relationships with our customers.

弗雷德，這是傑夫。我會回答的。聽著，我的意思是，對於隱私和信任，我的意思是，這只是我們這個時代最重要的一些概念，對，公司投資於隱私，顯然，信任他們的客戶。而且——當我特別想到隱私時——我們談了很多關於隱私以及它如何改變公司獲取和服務以及與我們的客戶建立關係的方式。

And the privacy landscape is really changing the nature of like advertising companies and like where the revenue is coming from. I think you see some of that coming through in earnings. I think that you see the way companies go about building their customer bases. I think about it every time I go to a website, and you agreed with that dialogue. It's like do you want to sell your personal information or not? Can you click no? And then you've got like 3 layers of like, yes, please don't sell my not private information. Like, I can't even figure out what's going on here.

隱私環境正在真正改變廣告公司的性質以及收入的來源。我認為您會在收益中看到其中的一部分。我認為您看到了公司建立客戶群的方式。每次我訪問一個網站時，我都會考慮它，你同意這種對話。就像您是否要出售您的個人信息一樣？可以點否嗎？然後你就有了 3 層點贊，是的，請不要出售我的非私人信息。就像，我什至無法弄清楚這裡發生了什麼。

And like this is really the world we have. This is getting in a way of everybody's growth, is the fact that the privacy landscape and the way companies have to navigate it to do it their testers lot, not just the government, is incredibly complex. So not only is Twilio obviously doing that for our own customers and our own employees and everything like -- the things that every company is doing to comply with privacy, but we're also building products that are helping our customers through this like Segment.

這就是我們所擁有的世界。這阻礙了每個人的成長，事實上，隱私環境和公司必須駕馭它的方式來完成測試，而不僅僅是政府，是非常複雜的。因此，Twilio 顯然不僅為我們自己的客戶和我們自己的員工以及所有類似的事情 - 每家公司正在做的事情來遵守隱私，而且我們還在構建幫助我們的客戶通過這方面的產品，比如 Segment。

Think about what Segment does. They help companies understand their customers better so that they don't have to rely on third-party shenanigans and cookies and all this kind of stuff and navigate the IDFA changes that Apple has brought about because, a, the platforms are dictating it and, b, consumers want a world where their privacy is respected. People don't want to be tracked across the Internet. And so this is one of the largest shifts that's gone on since the Internet became out a vehicle for business, honestly.

想想 Segment 做了什麼。他們幫助公司更好地了解他們的客戶，這樣他們就不必依賴第三方的惡作劇和 cookie 以及所有這些東西，並導航 Apple 帶來的 IDFA 變化，因為，a，平台決定了它，並且， b，消費者想要一個尊重他們隱私的世界。人們不希望在 Internet 上被跟踪。所以這是自互聯網成為商業工具以來發生的最大轉變之一，老實說。

And so helping not only Twilio navigate that, but helping us help our customers navigate that is incredibly important. So Amy is going to lead the team responsible for navigating this complex -- compliance program and the privacy regulations and the shift of this utterly enormous change, how the Internet works.

因此，不僅幫助 Twilio 導航，而且幫助我們幫助我們的客戶導航，這非常重要。因此，艾米將帶領團隊負責駕馭這一複雜的合規計劃和隱私法規，以及互聯網如何運作這一巨大變化的轉變。

And now I suppose it'd be the analysts asked the M&A question, but you have a solid positioning on your balance sheet. Just wanted to ask with the valuations having compressed in this market, generally, how is Twilio thinking about its M&A appetite? And then as a kind of related question, could you give any update on where or how the Syniverse relationship is progressing?

現在我想分析師會問併購問題，但你在資產負債表上的定位很穩固。只是想問一下這個市場的估值已經壓縮，一般來說，Twilio 是如何考慮其併購興趣的？然後作為一個相關問題，您能否提供有關 Syniverse 關係在何處或如何進展的任何最新信息？

Fred, this is Khozema. Let me take the second part first. In terms of Syniverse, I think subject to the closing conditions of the agreement, we do anticipate closing that transaction by the end of May. I think that's probably what you're getting at. And the relationship with that organization remains great, and we think that will be an important part of how we go forward certainly in the messaging business.

弗雷德，這是科澤馬。讓我先講第二部分。就 Syniverse 而言，我認為根據協議的完成條件，我們確實預計在 5 月底之前完成該交易。我想這可能就是你的意思。與該組織的關係仍然很好，我們認為這將是我們在消息傳遞業務中前進的重要部分。

Relative to M&A more broadly, I mean, you're right that we do have a very strong balance sheet. We're certainly going to remain opportunistic. And we look and evaluate different opportunities all the time and maintain a game board. I think if something comes along and we feel like it's a good fit, and we'll certainly take a look, but there's nothing necessarily imminent planned at this time. And that's really all about that I can say about it.

相對於更廣泛的併購，我的意思是，你說得對，我們確實擁有非常強大的資產負債表。我們肯定會繼續投機取巧。我們一直在尋找和評估不同的機會，並維護一個遊戲板。我認為，如果有什麼事情發生並且我們覺得它很合適，我們肯定會看一看，但目前沒有任何迫在眉睫的計劃。這就是我能說的全部內容。

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

您的下一個問題來自馬特·斯托勒（Matt Stotler）和威廉·布萊爾（William Blair）的台詞。

I guess just one. Kind of looking at your application services, but specifically Flex and Segment, so I mean, just kind of looking at the overall trends in the market and what we're seeing and kind of spending intentions and what's happening with customers and partners, I mean, it seems like we're setting up for a pretty interesting year for Flex in terms of opportunities, right? Obviously, it's been growing quickly. But it seems like we're in a particular advantageous position right now. So I'd like to maybe just get some color or just expand thoughts on how that pipeline is developing. Any thoughts on kind of the year for that? Obviously, I'm not asking for product guidance, but more qualitative.

我猜只有一個。有點看你的應用程序服務，特別是 Flex 和 Segment，所以我的意思是，我的意思是，看一下市場的整體趨勢，我們所看到的，消費意圖以及客戶和合作夥伴的情況，我的意思是，就機會而言，我們似乎正在為 Flex 度過一個非常有趣的一年，對吧？顯然，它的增長速度很快。但似乎我們現在處於特別有利的位置。所以我想也許只是獲得一些顏色，或者只是擴展關於該管道如何發展的想法。對這一年有什麼想法嗎？顯然，我不是在要求產品指導，而是更多的定性。

And then in terms of how it relates to the CDP, what kind of interest you're seeing in bundling there? And if the addition of Segment is kind of having a pull-through effect as you're looking at the ramp of Flex over the course of this year.

然後就它與 CDP 的關係而言，你對在那裡捆綁有什麼樣的興趣？如果您在今年的過程中看到 Flex 的坡道時，如果添加 Segment 會產生一種拉動效應。

Yes. Thanks, Matt. This is Jeff. I'll answer the question. Look, we're really excited with the progress we're continuing to make with Flex. And we continue to see really great traction with customers, and in particular, pay attention to the customers that we call out on our earnings calls. You see a really nice selection of companies in different verticals, different sizes, everything from like the digital disruptors, all the way up to like enormous Fortune 500, Fortune 100 legacy, legacy [oriented] companies.

是的。謝謝，馬特。這是傑夫。我會回答這個問題。看，我們對 Flex 繼續取得的進展感到非常興奮。我們繼續看到對客戶的巨大吸引力，特別是關注我們在財報電話會議上呼籲的客戶。你會看到很多不同垂直領域、不同規模的公司，從數字顛覆者，一直到巨大的財富 500 強、財富 100 強遺產、遺產 [導向] 公司，應有盡有。

And so you see a really great set of customers who are the adopters of Flex. And we consistently hear from companies that -- and the thing is the legacy solutions really just can't provide the flexibility nor the channels that they need to address customers in the digital world today. And this is why we remain so excited about the traction we've seen with Flex and the opportunity ahead of us.

因此，您會看到大量採用 Flex 的客戶。我們一直從公司那裡聽到 - 問題是遺留解決方案確實無法提供他們在當今數字世界中解決客戶所需的靈活性和渠道。這就是為什麼我們對 Flex 的吸引力和擺在我們面前的機會感到如此興奮的原因。

I mean we're seeing customers take Flex on like for the first time like Compass was the one we talked about in the prepared remarks today, but we also see companies expanding their use cases like a Global 2000 financial services company, a Global 2000 automaker, I mean, these are companies we've referenced on prior earnings calls. And so overall, our traction is strong.

我的意思是，我們看到客戶第一次使用 Flex，就像我們今天在準備好的評論中談到的 Compass 一樣，但我們也看到公司擴展他們的用例，比如全球 2000 強金融服務公司、全球 2000 強汽車製造商，我的意思是，這些是我們在之前的財報電話會議上提到的公司。總的來說，我們的吸引力很強。

We're just scratching the surface of what's possible also with our partner ecosystem. And we've talked about the partners we brought on board to help accelerate our go-to-market to actually take it into verticals and take it into different types of segments of the market. So we're really excited about the market we're addressing here. We think it's an amazing opportunity for the partner ecosystem that we're building, for the direct customers we're serving.

我們的合作夥伴生態系統也只是觸及了可能的表面。我們已經討論了我們引入的合作夥伴，以幫助加速我們的市場進入實際將其帶入垂直市場並將其帶入不同類型的市場細分。所以我們對我們在這裡解決的市場感到非常興奮。我們認為，對於我們正在建立的合作夥伴生態系統，對於我們所服務的直接客戶來說，這是一個絕佳的機會。

And I love the fact that we're seeing -- look, you've got your digital disruptors. You've got your enterprises. You've got everything between all around the world also, if you notice, using Twilio and -- or using Flex in particular. And so I think those are the signs that you want to see, which is you're hitting a broad market need, and you see a great set of customers helping you that way and proving out your hypothesis. That's what we see.

我喜歡我們看到的事實——看，你有你的數字破壞者。你有你的企業。如果您注意到的話，您還可以在世界各地使用 Twilio 和 -- 或者特別是使用 Flex。因此，我認為這些是您希望看到的跡象，即您正在滿足廣泛的市場需求，並且您會看到大量客戶以這種方式幫助您並證明您的假設。這就是我們所看到的。

Your next question comes from the line of Taylor McGinnis with UBS.

您的下一個問題來自瑞銀的 Taylor McGinnis。

Another one on gross margin. But when we think about -- or when we look at the 1Q sequential increase, is there any color you can provide on how much of that would have been driven by maybe a recovery in domestic growth versus Segment and some of the other high-margin businesses becoming a bigger portion of the mix? And I guess, too, as we look ahead, based on what you're seeing today, any thoughts on the mix of messaging versus customer engagement in the revenue line and how that could evolve just given the tough comp that there is in 2Q and then easier compares as we get throughout the year and how that might just be influencing your view that gross margins could stay in the ZIP code?

另一個是毛利率。但是，當我們考慮 - 或者當我們查看第一季度的連續增長時，您是否可以提供任何顏色來說明國內增長與細分市場和其他一些高利潤率的複蘇可能在多大程度上推動了增長企業成為其中更大的一部分？而且我也猜想，在我們展望未來的時候，根據你今天所看到的，關於收入線中消息傳遞與客戶參與的組合的任何想法，以及考慮到第二季度和那麼隨著我們全年進行比較更容易，這可能會如何影響您認為毛利率可以留在郵政編碼中的觀點？

Yes. Taylor, this is Khozema. So a couple of questions in there, so let me just try to unpack it a bit. So in terms of just the comp set for Q2 and then the second half of the year, I mean, I was really alluding to the business in total there, not any specific pieces, Q2 relative to last year. Last year was a 50% organic growth quarter. And so therefore, that's why we guide the way that we did for Q2 this year, whereas the second half next year provides a more favorable setup for the back half of this year. And that's why we continue to feel great about our 30% plus guidance for the year.

是的。泰勒，這是科澤馬。所以有幾個問題，所以讓我試著解開它。因此，僅就第二季度和下半年的競爭而言，我的意思是，我真的是指那裡的總體業務，而不是任何具體的部分，第二季度相對於去年。去年是一個 50% 的有機增長季度。因此，這就是為什麼我們按照今年第二季度的方式進行指導，而明年下半年為今年下半年提供了更有利的設置。這就是為什麼我們繼續對今年 30% 以上的指導感到滿意的原因。

In terms of the margins themselves that are kind of underneath that, looking at sequential Q4 to Q1, I mean, I think, obviously, we're happy with what transpired. But in our business, just given the relative size of messaging, most things are driven by various fluctuations in the way that various accounts are behaving in that part of the business what are they terminating, what their margin rates are, what have you. And so the mix of messaging tends to drive kind of the mix of Twilio more broadly.

就利潤率本身而言，從第四季度到第一季度的連續來看，我的意思是，我認為，顯然，我們對所發生的事情感到滿意。但在我們的業務中，僅考慮到消息傳遞的相對規模，大多數事情都是由各種賬戶在該部分業務中的行為方式的各種波動驅動的，他們終止了什麼，他們的保證金率是多少，你有什麼。因此，消息傳遞的組合往往會更廣泛地推動 Twilio 的組合。

And as I alluded to earlier, we were comfortable with the gross margins of that business. We love the gross profit that it throws off. We reinvest those profits. And probably most importantly is that messaging provides a very interesting entry point for us into customers. And we just make sure that those deals hurdle in a meaningful way that the margins that they provide are not just accretive, but also strategic relationships.

正如我之前提到的，我們對該業務的毛利率感到滿意。我們喜歡它帶來的毛利潤。我們將這些利潤再投資。並且可能最重要的是，消息傳遞為我們提供了一個非常有趣的切入點來接觸客戶。我們只是確保這些交易以一種有意義的方式阻礙它們提供的利潤不僅是增值的，而且是戰略關係。

In terms of the software components of the business, as I said, we still feel really, really good about Segment. You heard Jeff's comments a moment ago about Flex and the energy that we have around that product. And that part of the business and other application services, too, continue to grow at elevated rates that do carry higher gross margins, as you said.

正如我所說，就業務的軟件組件而言，我們仍然對 Segment 感覺非常非常好。您剛才聽到了 Jeff 關於 Flex 以及我們圍繞該產品所擁有的能量的評論。正如您所說，這部分業務和其他應用程序服務也繼續以較高的速度增長，這確實帶來了更高的毛利率。

And I think as we go over time, we feel great about our longer-term gross margin guidance of 60% plus. And it'll take some time given the size of messaging, but we do anticipate that, that mix shift happens over time. And we gave you some indication of that in our disclosures in the prior quarter.

我認為隨著時間的推移，我們對 60% 以上的長期毛利率指導感到非常滿意。考慮到消息傳遞的規模，這將需要一些時間，但我們確實預計，這種混合轉變會隨著時間的推移而發生。我們在上一季度的披露中向您說明了這一點。

Your next question comes from the line of Ryan MacWilliams with Barclays.

您的下一個問題來自巴克萊銀行的 Ryan MacWilliams。

So we heard from some customers that there could be a price increase this month on Twilio U.S. SMS. If this is the case, like this looks like the first price increase in recent memory in the U.S. So how should we think about maybe the thought process behind that, if that's true? And maybe what this can mean for U.S. rev growth?

因此，我們從一些客戶那裡聽說，本月 Twilio 美國 SMS 的價格可能會上漲。如果是這樣的話，這看起來像是美國近期記憶中的第一次漲價。那麼如果這是真的，我們應該如何思考這背後的思考過程？也許這對美國的轉速增長意味著什麼？

I didn't hear the last part of your question, Ryan. What could it mean for what?

我沒有聽到你問題的最後一部分，瑞恩。這可能意味著什麼？

U.S. rev growth?

美國轉速增長？

U.S. revenue growth, is that what you said?

美國收入增長，是你說的嗎？

Yes, yes.

是的是的。

So yes, it is true. We did update SMS pricing in both the U.S. and Canada to reflect our underlying costs as well as continuous improvements to our infrastructure and software and to provide trusted and reliable global messaging. The price changes that we put through, they'll take effect on the 11th of May. And it doesn't affect our customers who were locked into a fixed price, and we don't necessarily expect a material impact on our results in the short term. And we're still evaluating whether or not additional price increases make sense in other products. But we obviously are in an inflationary environment. And so it felt like it made sense to us given the value that we offer to customers, the technology and just given the current environment.

所以是的，這是真的。我們確實更新了美國和加拿大的 SMS 定價，以反映我們的基本成本以及對我們的基礎設施和軟件的持續改進，並提供值得信賴和可靠的全球消息傳遞。我們實施的價格變動將於 5 月 11 日生效。而且它不會影響我們被鎖定在固定價格中的客戶，我們也不一定期望在短期內對我們的業績產生重大影響。我們仍在評估額外的價格上漲是否對其他產品有意義。但我們顯然處於通貨膨脹的環境中。因此，考慮到我們為客戶提供的價值、技術以及當前的環境，這對我們來說是有意義的。

I just follow up really quickly. Just on the first quarter rev line. The $10 million beat to the high end of your guidance revenue, is this kind of in line with your commentary on what you were thinking last quarter about like a new guidance philosophy going forward around guidance?

我只是很快跟進。就在第一季度的轉速線上。 1000 萬美元超過了你的指導收入的高端，這是否符合你對上個季度的想法的評論，就像圍繞指導發展的新指導理念一樣？

Yes, pretty much. I mean, as we mentioned, we did refine our guidance approach. We wanted to provide guidance more consistent to actual to just give investors a better approximation of where things are headed, and that's basically the way that Q1 played out.

是的，差不多。我的意思是，正如我們所提到的，我們確實改進了我們的指導方法。我們希望提供更符合實際情況的指導，讓投資者更好地了解事情的發展方向，這基本上就是第一季度的表現。

Your next question comes from the line of Alex Zukin with Wolfe Research.

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

I want to follow up on pricing first. So if we think about it, was this driven more by kind of the inflationary environment? And if you think about it, is there an opportunity to do this globally? Is there a way to tie this to a more strategic interaction with the customer around the application services? Just walk through is pricing a strategic lever here or was this more of a onetime kind of adjustment that you haven't really exercised over the course of the company's life.

我想先跟進定價。那麼，如果我們想一想，這是否更多地是由通脹環境驅動的？如果您考慮一下，是否有機會在全球範圍內這樣做？有沒有辦法將其與圍繞應用服務的客戶進行更具戰略性的互動？只是在這里為戰略槓桿定價，或者這更像是一種一次性的調整，你在公司的整個生命週期中都沒有真正行使過。

Yes. I mean I think it's a lever. I wouldn't say that we have necessarily Grandios plans to roll it out globally or across every single one of our products. I think we're still evaluating stuff like that. But just maybe to take a step back, I mean, we have done price increases in the past, not necessarily -- it's been a while in SMS, but we have done them, for example, in the e-mail business. We've done them a few times actually even under our ownership. They've also been done in other parts of the business, most notably in Segment. And so it's not like it's something that's not planned or something that hasn't happened before in Twilio. So I don't want to leave you with that impression.

是的。我的意思是我認為這是一個槓桿。我不會說我們一定有 Grandios 計劃在全球範圍內或在我們的每一款產品中推出它。我認為我們仍在評估類似的東西。但也許退後一步，我的意思是，我們過去做過漲價，不一定——在短信領域已經有一段時間了，但我們已經做過，例如，在電子郵件業務中。即使在我們的所有權下，我們實際上也做過幾次。它們也在業務的其他部分完成，尤其是在細分市場。因此，這並不是沒有計劃的事情，也不是 Twilio 以前沒有發生過的事情。所以我不想給你留下那種印象。

I think for us, we're seeing enough inflation in the environment, both based on our variable cost line as well as the labor inflation that we felt like it was appropriate to pass through price increase, like I said. While those changes take effect on the 11, there are a lot of customers that are still on fixed price contracts. And I don't think it's going to be material in the short term, but it's something that we'll evaluate as we go through the balance of the year, and we'll see how things play out.

我認為對我們來說，我們在環境中看到了足夠的通脹，這既基於我們的可變成本線，也基於勞動力通脹，我們認為通過價格上漲是合適的，就像我說的那樣。雖然這些變化在 11 日生效，但仍有很多客戶仍簽訂固定價格合同。而且我認為這在短期內不會很重要，但這是我們將在今年餘下的時間裡評估的事情，我們會看看事情會如何發展。

Perfect. And then, I guess, with respect to the second half, you called out the more favorable comparables from the prior year. This maybe goes back to Kash's question about just the macro environment. Like is there any adjustment or anything you're doing in your models at all to take into account any impacts from Europe or revenue in Russia and Ukraine? And then separately, as we are coming out of the pandemic, hopefully, are there any verticals that you're starting to see where use cases bouncing back stronger than others?

完美的。然後，我想，就下半年而言，您提出了與上一年相比更有利的可比數據。這也許可以追溯到 Kash 關於宏觀環境的問題。考慮到來自歐洲的任何影響或俄羅斯和烏克蘭的收入，您在模型中是否有任何調整或任何操作？然後分開，隨著我們從大流行中走出來，希望有沒有什麼垂直領域你開始看到用例比其他用例反彈得更厲害？

Okay. There's a lot there. So let me take them one at a time. So on Russia, Ukraine, I wouldn't say there's been really much of an impact at all. Volume in that region is a pretty small piece of our global traffic, and we haven't seen a material impact in our business to date.

好的。那裡有很多。所以讓我一個接一個。所以在俄羅斯、烏克蘭，我不會說真的有很大的影響。該地區的交易量僅占我們全球流量的一小部分，迄今為止，我們還沒有看到對我們的業務產生重大影響。

What I can tell you is that for any new business in Russia, we've suspended doing any. And to the extent that we had any traffic with state-owned customers, we've terminated that. And then we've seen a little bit around the fringes with some isolated customers who might pause their traffic to Russia. But it's a pretty de minimis impact to our business. And yes, we have modeled it to the extent that it would even impact us.

我可以告訴你的是，對於俄羅斯的任何新業務，我們都已暫停開展任何業務。如果我們與國有客戶有任何流量，我們已經終止了。然後我們在邊緣看到了一些孤立的客戶，他們可能會暫停前往俄羅斯的交通。但這對我們的業務影響微乎其微。是的，我們已經對它進行了建模，以至於它甚至會影響我們。

In terms of broader macro, I mean, we're watching all the same factors that you all do. I think what I would go back to is that what we're finding both based in our conversations on the ground with customers, what we're seeing in our revenue line, what we're seeing in some of the research that we've done and what others have done is that digital transformation continues to remain a top boardroom priority. And so we see that as a very secular trend, not one that's cyclical. And so as that continues to happen over a long period of time, we feel like there's a lot of tailwind here for Twilio.

就更廣泛的宏觀而言，我的意思是，我們正在關注與你們一樣的所有因素。我想我要回顧的是，我們在與客戶的實地對話中發現了什麼，我們在收入線中看到了什麼，我們在一些研究中看到了什麼和其他人所做的一樣，數字化轉型仍然是董事會的首要任務。所以我們認為這是一種非常長期的趨勢，而不是周期性的。因此，隨著這種情況在很長一段時間內繼續發生，我們覺得 Twilio 在這裡有很多順風。

And I mean, of course, there are economic factors, geopolitics, supply chain, labor, et cetera, but all that stuff is largely built into our models. And so our 30% plus growth confidence as well as being profitable next year has a lot of those impacts baked in, and we obviously have a strong balance sheet as well.

我的意思是，當然，有經濟因素、地緣政治、供應鏈、勞動力等等，但所有這些都很大程度上內置在我們的模型中。因此，我們 30% 以上的增長信心以及明年的盈利已經產生了很多影響，我們顯然也擁有強大的資產負債表。

I'd say there's one other part of your question, I feel like I can't remember that.

我想說你問題的另一部分，我覺得我不記得了。

The verticals that are coming back are stronger than others?

捲土重來的垂直行業比其他行業更強大？

Yes. I mean what we saw kind of transpiring going into the pandemic, I mean, obviously, ride share, travel, hospitality were pretty significantly impacted to the bad. And based on some of the reports you've even seen recently, like those industries are coming back pretty nicely. And obviously, that drives some additional volume to us. I think the thing to bear in mind there is that we're very, very diversified now in terms of our customer base. And so no one industry necessarily drives an outsized impact on our revenue line.

是的。我的意思是，我們所看到的大流行正在發生，我的意思是，顯然，拼車、旅行、款待受到了相當大的不利影響。根據您最近甚至看到的一些報告，這些行業正在恢復得很好。顯然，這為我們帶來了一些額外的交易量。我認為要記住的是，就我們的客戶群而言，我們現在非常非常多樣化。因此，沒有一個行業必然會對我們的收入線產生巨大影響。

I think the things that we saw during the course of the pandemic that we expect to be quite durable are, for example, e-commerce, health care, financial services. A lot of the use cases in those categories became elevated. But I think what we're hearing from our customers in those verticals is that now that they've gone down the path of digital transformation and they've seen such significant ROI, they want to keep going. And so we've just gotten started with those verticals, and I think there's a lot more that now Elena and her team are going to be able to do in helping customers solve their different problems in those areas, and we stand ready to do that with them.

我認為我們在大流行期間看到的預計會相當持久的東西是電子商務、醫療保健、金融服務等。這些類別中的許多用例都得到了提升。但我認為，我們從這些垂直領域的客戶那裡聽到的是，既然他們已經走上了數字化轉型的道路，並且看到瞭如此顯著的投資回報率，他們希望繼續前進。所以我們剛剛開始涉足這些垂直領域，我認為現在 Elena 和她的團隊將能夠做更多的事情來幫助客戶解決他們在這些領域的不同問題，我們隨時準備這樣做跟他們。

So I'd say a bit of tailwind in some of those industries and then a bit of tailwind in those that I referenced earlier that were down on the early part of COVID.

因此，我想說的是其中一些行業的順風，然後是我之前提到的那些在 COVID 早期下降的行業。

Operator, I think with that, we're going to wrap it up as far as questions and answers. Thank you, everybody, who joined the call. Certainly, the IR team is available subsequently, and we welcome your questions afterwards.

接線員，我想有了這個，我們將把它總結為問題和答案。謝謝大家，誰加入了電話。當然，IR 團隊隨後會提供服務，我們會在之後歡迎您的提問。

Thank you very much, and we'll talk to you soon.

非常感謝，我們會盡快與您聯繫。

Thank you for attending today's conference call. You may now disconnect.

感謝您參加今天的電話會議。您現在可以斷開連接。