- Third Quarter Revenue of $740.2 million, up 65%
Year-Over-Year
- Third Quarter Revenue Dollar-Based Net Expansion Rate of
131%
Twilio Inc. (NYSE: TWLO) (LTSE: TWLO), the leading cloud
communications platform, today reported financial results for its
third quarter ended September 30, 2021.
“We delivered another quarter of strong growth at scale in the
third quarter as companies continue to turn to Twilio in this
digital-first world,” said Jeff Lawson, Twilio’s co-founder and
CEO. “We are extremely excited about the next generation of our
customer engagement platform, and our newest pillar, Twilio Engage,
which will allow companies of all sizes and in any industry to
build and optimize hyper-personalized marketing campaigns on every
channel for customer acquisition, conversion and retention.”
Third Quarter 2021 Financial Highlights
- Revenue of $740.2 million for the third quarter of 2021, up 65%
year-over-year, including $52.3 million from Twilio Segment, and
$23.6 million from Zipwhip.
- GAAP loss from operations of $232.3 million for the third
quarter of 2021, compared with GAAP loss from operations of $112.3
million for the third quarter of 2020.
- Non-GAAP income from operations of $8.2 million for the third
quarter of 2021 compared with non-GAAP income from operations of
$7.3 million for the third quarter of 2020.
- GAAP net loss per share attributable to common stockholders,
basic and diluted, of $1.26 based on 177.2 million weighted average
shares outstanding in the third quarter of 2021, compared with GAAP
net loss per share attributable to common stockholders, basic and
diluted, of $0.79 based on 147.5 million weighted average shares
outstanding in the third quarter of 2020.
- Non-GAAP net income per share attributable to common
stockholders, diluted, of $0.01 based on 185.0 million non-GAAP
weighted average shares outstanding in the third quarter of 2021,
compared with non-GAAP net income per share attributable to common
stockholders, diluted, of $0.04 based on 161.3 million weighted
average shares outstanding in the third quarter of 2020.
Key Metrics and Recent Business Highlights
- More than 250,000 Active Customer Accounts as of September 30,
2021, compared to 208,000 Active Customer Accounts as of September
30, 2020. Active Customer Accounts as of September 30, 2021 include
Twilio Segment customer accounts.
- Dollar-Based Net Expansion Rate was 131% for the third quarter
of 2021, compared to 137% for the third quarter of 2020. Twilio
Segment and Zipwhip results do not impact the calculation of this
metric in either period.
- 7,381 employees as of September 30, 2021.
- Dual-listed on the Long-Term Stock Exchange, a U.S. national
securities exchange, and a coalition of long term-focused companies
and investors.
- Announced Twilio Engage, a first-of-its-kind growth automation
platform that helps marketers deliver exceptional omnichannel
campaigns fit for the digital era.
- Announced Twilio Live, enabling businesses to build immersive
audio and video streaming experiences that scale to millions.
- Introduced Twilio Messaging X, the next generation messaging
platform to power the next decade of messaging evolution.
Outlook
Twilio is initiating guidance for the fourth quarter ending
December 31, 2021. This guidance includes the revenue contribution
from Twilio Segment and Zipwhip.
Q4 FY21
Guidance
Revenue (millions)
$760 - $770
Y/Y Growth
39% - 40%
Non-GAAP loss from operations
(millions)
($45) - ($40)
Non-GAAP loss per share
($0.26) - ($0.23)
Non-GAAP basic shares outstanding
(millions)
178
Executive Leadership Updates
The Company also announced that on October 25, 2021, George Hu
informed the Company of his intention to resign from his position
as Chief Operating Officer. Mr. Hu agreed to serve as Chief
Operating Officer until October 27, 2021, following which he will
remain at the Company as a strategic advisor to help with the
transition until January 3, 2022. Mr. Hu will transition his
go-to-market responsibilities to Marc Boroditsky, Twilio’s Chief
Revenue Officer, effective October 27, 2021.
The Company also announced that effective October 27, 2021,
Khozema Shipchandler, who has served as the Company’s Chief
Financial Officer since November 1, 2018, has been appointed to the
position of Chief Operating Officer. Mr. Shipchandler will continue
to serve as the principal financial officer of the Company.
Conference Call Information
Twilio posted prepared remarks on its investor relations website
at https://investors.twilio.com, and will host a Q&A conference
call today, October 27, 2021, at 2:00 p.m. (PT) / 5:00 p.m. (ET) to
discuss its third quarter 2021 financial results. Investors and
analysts should register for the call in advance by visiting
http://www.directeventreg.com/registration/event/7041688. A live
webcast of the conference call, as well as a replay of the call,
will be available on the investor relations website. Following the
completion of the call through 11:59 p.m. (ET) on November 3, 2021,
a replay will be available by dialing (800) 585-8367 (United
States) or +1 (416) 621-4642 (non-U.S.) and entering passcode
7041688.
Twilio uses its investor relations website, its Twitter feed
(@twilio), and the Twitter feed of Twilio's Chief Executive
Officer, Jeff Lawson (@jeffiel), as a means of disclosing material
non-public information and for complying with its disclosure
obligations under Regulation FD.
About Twilio Inc.
Millions of developers around the world have used Twilio to
unlock the magic of communications to improve any human experience.
Twilio has democratized communications channels like voice, text,
chat, video and email by virtualizing the world’s communications
infrastructure through APIs that are simple enough for any
developer to use, yet robust enough to power the world’s most
demanding applications. By making communications a part of every
software developer's toolkit, Twilio is enabling innovators across
every industry — from emerging leaders to the world’s largest
organizations — to reinvent how companies engage with their
customers.
Forward-Looking Statements
This press release and the accompanying conference call contain
forward-looking statements within the meaning of the federal
securities laws, which statements involve substantial risks and
uncertainties. Forward-looking statements generally relate to
future events or our future financial or operating performance. In
some cases, you can identify forward-looking statements because
they contain words such as “may,” “can,” “will,” “would,” “should,”
“expects,” “plans,” “anticipates,” “could,” “intends,” “target,”
“projects,” “contemplates,” “believes,” “estimates,” “predicts,”
“forecasts,” “potential” or “continue” or the negative of these
words or other similar terms or expressions that concern our
expectations, strategy, plans or intentions. Forward-looking
statements contained in this press release include, but are not
limited to, statements about: Twilio’s outlook for the quarter
ending December 31, 2021, Twilio’s expectations regarding its
products and solutions, including but not limited to Twilio Engage,
Twilio Live, and Twilio Messaging X, Twilio's expected business
benefits and financial impacts from its acquisitions, including
Segment and Zipwhip, and Twilio's expected business benefits and
financial impacts from its partnerships and investments, including
the associated transactions. You should not rely upon
forward-looking statements as predictions of future events.
The outcome of the events described in these forward-looking
statements is subject to known and unknown risks, uncertainties,
and other factors that may cause Twilio’s actual results,
performance, or achievements to differ materially from those
described in the forward-looking statements, including, among other
things: adverse changes in general economic or market conditions;
changes in the market for communications; the impact of COVID-19 on
Twilio and its customers and partners; Twilio’s ability to adapt
its products to meet evolving market and customer demands and rapid
technological change; Twilio’s ability to comply with modified or
new industry standards, laws and regulations applying to its
business; Twilio’s ability to generate sufficient revenues to
achieve or sustain profitability; Twilio’s ability to retain
customers and attract new customers; Twilio’s ability to
effectively manage its growth; Twilio’s ability to compete
effectively in an intensely competitive market; Twilio's ability to
successfully integrate its acquisitions and risks that the
anticipated benefits of such acquisitions may not be fully realized
or may take longer to realize than expected; risks that the
anticipated benefits of Twilio's partnerships and investments may
not be fully realized and Twilio's ability to close the
transactions associated with such partnerships and investments; the
impact of recent and future privacy changes on certain third party
platforms on the Company and its customers; and our ability to
manage changes in network service provider fees that we pay in
connection with the delivery of communications on our platform and
the impact of those fees on our gross margin.
The forward-looking statements contained in this press release
are also subject to additional risks, uncertainties, and factors,
including those more fully described in Twilio’s most recent
filings with the Securities and Exchange Commission, including its
Form 10-Q for the quarter ended June 30, 2021 filed on July 30,
2021. Further information on potential risks that could affect
actual results will be included in the subsequent periodic and
current reports and other filings that Twilio makes with the
Securities and Exchange Commission from time to time. Moreover,
Twilio operates in a very competitive and rapidly changing
environment, and new risks and uncertainties may emerge that could
have an impact on the forward-looking statements contained in this
press release.
Forward-looking statements represent Twilio’s management’s
beliefs and assumptions only as of the date such statements are
made. Twilio undertakes no obligation to update any forward-looking
statements made in this press release to reflect events or
circumstances after the date of this press release or to reflect
new information or the occurrence of unanticipated events, except
as required by law.
Use of Non-GAAP Financial Measures
To provide investors and others with additional information
regarding Twilio’s results, the following non-GAAP financial
measures are disclosed:
Non-GAAP Gross Profit and Non-GAAP Gross Margin.
For the periods presented, Twilio defines non-GAAP gross profit and
non-GAAP gross margin as GAAP gross profit and GAAP gross margin,
respectively, adjusted to exclude, as applicable, certain expenses
as presented in the table below.
Non-GAAP Operating Expenses. For the periods presented,
Twilio defines non-GAAP operating expenses (including categories of
operating expenses) as GAAP operating expenses (and categories of
operating expenses) adjusted to exclude, as applicable, certain
expenses as presented in the table below.
Non-GAAP Income from Operations and Non-GAAP Operating
Margin. For the periods presented, Twilio defines non-GAAP
income from operations and non-GAAP operating margin as GAAP loss
from operations and GAAP operating margin, respectively, adjusted
to exclude, as applicable, certain expenses as presented in the
table below.
Non-GAAP Tax Rate. Twilio utilizes a fixed long-term
projected non-GAAP tax rate in order to provide better consistency
across the interim reporting periods by eliminating the effects of
items that can vary in size and frequency. For fiscal 2020, Twilio
used a projected non-GAAP tax rate of 25%. For fiscal 2021, Twilio
uses a projected non-GAAP tax rate of 22%, which reflects currently
available information, as well as other factors and assumptions.
The non-GAAP tax rate could be subject to change for a variety of
reasons, including changes in tax laws and regulations, significant
changes in Twilio's geographic earnings mix, or other changes to
Twilio's strategy or business operations. Twilio will re-evaluate
its long-term rate as appropriate.
Non-GAAP Net (Loss) Income Attributable to Common
Stockholders and Non-GAAP Net (Loss) Income Per Share
Attributable to Common Stockholders, Basic and Diluted. For the
periods presented, Twilio defines non-GAAP net (loss) income
attributable to common stockholders and non-GAAP net (loss) income
per share attributable to common stockholders, basic and diluted,
as GAAP net loss attributable to common stockholders and GAAP net
loss per share attributable to common stockholders, basic and
diluted, respectively, adjusted to exclude, as applicable, certain
expenses presented in the table below.
Twilio’s management uses the foregoing non-GAAP financial
information, collectively, to evaluate its ongoing operations and
for internal planning and forecasting purposes. Twilio’s management
believes that non-GAAP financial information, when taken
collectively, may be helpful to investors because it provides
consistency and comparability with past financial performance,
facilitates period-to-period comparisons of results of operations,
and assists in comparisons with other companies, many of which use
similar non-GAAP financial information to supplement their GAAP
results. Non-GAAP financial information is presented for
supplemental informational purposes only, should not be considered
a substitute for financial information presented in accordance with
generally accepted accounting principles, and may be different from
similarly-titled non-GAAP measures used by other companies.
Whenever Twilio uses a non-GAAP financial measure, a reconciliation
is provided to the most closely applicable financial measure stated
in accordance with GAAP. Investors are encouraged to review the
related GAAP financial measures and the reconciliation of these
non-GAAP financial measures to their most directly comparable GAAP
financial measures.
With respect to Twilio’s guidance as provided under “Outlook”
above, Twilio has not reconciled its expectations as to non-GAAP
income from operations to GAAP loss from operations or non-GAAP net
(loss) income per share to GAAP net loss per share because
stock-based compensation expense cannot be reasonably calculated or
predicted at this time. Accordingly, a reconciliation is not
available without unreasonable effort.
Operating Metrics
Twilio reviews a number of operating metrics to evaluate its
business, measure performance, identify trends, formulate business
plans, and make strategic decisions. These include the number of
Active Customer Accounts and Dollar-Based Net Expansion Rate.
Number of Active Customer Accounts. Twilio believes that
the number of Active Customer Accounts is an important indicator of
the growth of its business, the market acceptance of its platform
and future revenue trends. Twilio defines an "Active Customer
Account" at the end of any period as an individual account, as
identified by a unique account identifier, for which Twilio has
recognized at least $5 of revenue in the last month of the period.
Twilio believes that use of its platform by customers at or above
the $5 per month threshold is a stronger indicator of potential
future engagement than trial usage of its platform or usage at
levels below $5 per month. A single organization may constitute
multiple unique Active Customer Accounts if it has multiple account
identifiers, each of which is treated as a separate Active Customer
Account.
Dollar-Based Net Expansion Rate. Twilio’s ability to
drive growth and generate incremental revenue depends, in part, on
the Twilio's ability to maintain and grow its relationships with
existing Active Customer Accounts and to increase their use of the
platform. An important way in which Twilio has historically tracked
performance in this area is by measuring the Dollar-Based Net
Expansion Rate for Active Customer Accounts. Twilio’s Dollar-Based
Net Expansion Rate increases when such Active Customer Accounts
increase their usage of a product, extend their usage of a product
to new applications or adopt a new product. Twilio’s Dollar-Based
Net Expansion Rate decreases when such Active Customer Accounts
cease or reduce their usage of a product or when Twilio lowers
usage prices on a product. As Twilio's customers grow their
businesses and extend the use of its platform, they sometimes
create multiple customer accounts with Twilio for operational or
other reasons. As such, when Twilio identifies a significant
customer organization (defined as a single customer organization
generating more than 1% of revenue in a quarterly reporting period)
that has created a new Active Customer Account, this new Active
Customer Account is tied to, and revenue from this new Active
Customer Account is included with, the original Active Customer
Account for the purposes of calculating this metric. Twilio
believes that measuring Dollar-Based Net Expansion Rate provides a
meaningful indication of the performance of the Company’s efforts
to increase revenue from existing customers.
To calculate the Dollar-Based Net Expansion Rate, Twilio first
identifies the cohort of Active Customer Accounts that were Active
Customer Accounts in the same quarter of the prior year. The
Dollar-Based Net Expansion Rate is the quotient obtained by
dividing the revenue generated from that cohort in a quarter, by
the revenue generated from that same cohort in the corresponding
quarter in the prior year. When Twilio calculates Dollar-Based Net
Expansion Rate for periods longer than one quarter, it uses the
average of the applicable quarterly Dollar-Based Net Expansion
Rates for each of the quarters in such period.
Source: Twilio Inc.
TWILIO INC.
Condensed
Consolidated Statements of Operations
(In thousands, except share and per share amounts)
(Unaudited)
Three Months Ended
September 30,
2021
2020
Revenue
$
740,176
$
447,969
Cost of revenue
375,561
217,095
Gross profit
364,615
230,874
Operating expenses:
Research and development
209,890
136,652
Sales and marketing
264,548
140,875
General and administrative
122,522
65,617
Total operating expenses
596,960
343,144
Loss from operations
(232,345
)
(112,270
)
Other expenses, net
(6,613
)
(3,996
)
Loss before benefit (provision) for income
taxes
(238,958
)
(116,266
)
Benefit (provision) for income taxes
14,849
(648
)
Net loss attributable to common
stockholders
$
(224,109
)
$
(116,914
)
Net loss per share attributable to common
stockholders, basic and diluted
$
(1.26
)
$
(0.79
)
Weighted-average shares used in computing
net loss per share attributable to common stockholders, basic and
diluted
177,231,285
147,501,075
TWILIO INC.
Condensed
Consolidated Balance Sheets
(In thousands)
(Unaudited)
As of
September 30,
As of
December 31,
2021
2020
ASSETS
Current assets:
Cash and cash equivalents
$
1,497,498
$
933,885
Short-term marketable securities
3,896,754
2,105,906
Accounts receivable, net
345,793
251,167
Prepaid expenses and other current
assets
165,760
81,377
Total current assets
5,905,805
3,372,335
Property and equipment, net
237,241
183,239
Operating right-of-use asset
248,582
258,610
Intangible assets, net
1,102,599
966,573
Goodwill
5,263,051
4,595,394
Other long-term assets
219,569
111,282
Total assets
$
12,976,847
$
9,487,433
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
76,293
$
60,042
Accrued expenses and other current
liabilities
368,683
252,895
Deferred revenue and customer deposits
121,337
87,031
Operating lease liability, current
50,760
48,338
Total current liabilities
617,073
448,306
Operating lease liability, noncurrent
223,033
229,905
Finance lease liability, noncurrent
20,254
17,856
Long-term debt
985,547
302,068
Other long-term liabilities
49,191
36,633
Total liabilities
1,895,098
1,034,768
Commitments and contingencies
Stockholders’ equity:
Preferred stock
—
—
Class A and Class B common stock
178
164
Additional paid-in capital
12,910,271
9,613,246
Accumulated other comprehensive income
(405
)
9,046
Accumulated deficit
(1,828,295
)
(1,169,791
)
Total stockholders’ equity
11,081,749
8,452,665
Total liabilities and stockholders’
equity
$
12,976,847
$
9,487,433
TWILIO INC.
Condensed
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Nine Months Ended
September 30,
2021
2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss
$
(658,504
)
$
(311,628
)
Adjustments to reconcile net loss to net
cash (used in) provided by operating activities:
Depreciation and amortization
189,669
98,070
Non-cash reduction to the right-of-use
asset
36,249
27,240
Net amortization of investment premium and
discount
24,880
2,909
Amortization of debt discount and issuance
costs
5,457
18,432
Stock-based compensation
445,366
237,822
Amortization of deferred commissions
20,798
8,556
Tax benefit related to release of
valuation allowance
(15,569
)
(716
)
Allowance for credit losses
11,371
8,417
Value of donated common stock
24,583
12,430
Loss on extinguishment of debt
28,965
3,155
Other adjustments
8,626
(142
)
Changes in operating assets and
liabilities:
Accounts receivable
(81,186
)
(58,340
)
Prepaid expenses and other current
assets
(59,929
)
(8,733
)
Other long-term assets
(66,501
)
(64,777
)
Accounts payable
(8,665
)
86
Accrued expenses and other current
liabilities
84,730
59,594
Deferred revenue and customer deposits
27,004
7,799
Operating lease liabilities
(36,274
)
(25,161
)
Other long-term liabilities
(1,019
)
2,740
Net cash (used in) provided by operating
activities
(19,949
)
17,753
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions, net of cash acquired and
other related payments
(490,880
)
(2,786
)
Purchases of marketable securities and
other investments
(3,225,799
)
(1,465,158
)
Proceeds from sales and maturities of
marketable securities
1,334,444
892,365
Capitalized software development costs
(35,926
)
(26,114
)
Purchases of long-lived and intangible
assets
(33,575
)
(19,252
)
Net cash used in investing activities
(2,451,736
)
(620,945
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from a public equity offering
1,766,400
1,408,750
Payments of costs related to public
offerings
(464
)
(433
)
Proceeds from issuance of senior notes
987,500
—
Payments of debt issuance costs
(2,751
)
—
Proceeds from settlement of capped call,
net of settlement costs
228,412
—
Principal payments on debt and finance
leases
(4,852
)
(6,688
)
Proceeds from exercises of stock options
and shares issued in ESPP
71,607
79,157
Value of equity awards withheld for tax
liabilities
(6,552
)
(4,227
)
Net cash provided by financing
activities
3,039,300
1,476,559
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
(157
)
—
NET INCREASE IN CASH, CASH EQUIVALENTS AND
RESTRICTED CASH
567,458
873,367
CASH, CASH EQUIVALENTS AND RESTRICTED
CASH—Beginning of period
933,885
253,735
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
—End of period
$
1,501,343
$
1,127,102
Nine Months Ended
September 30,
2021
2020
RECONCILIATION OF CASH, CASH EQUIVALENTS
AND RESTRICTED CASH TO THE CONDENSED CONSOLIDATED BALANCE
SHEETS
Cash and cash equivalents
$
1,497,498
$
1,127,102
Restricted cash in other current
assets
2,733
—
Restricted cash in other long-term
assets
1,112
—
Total cash, cash equivalents and
restricted cash
$
1,501,343
$
1,127,102
TWILIO INC.
Reconciliation to
Non-GAAP Financial Measures
(In thousands, except shares, per share
amounts and percentages)
(Unaudited)
Three Months Ended
September 30,
2021
2020
Gross profit
$
364,615
$
230,874
Gross margin
49
%
52
%
Non-GAAP adjustments:
Stock-based compensation
3,720
2,237
Amortization of acquired intangibles
31,558
12,540
Non-GAAP gross profit
$
399,893
$
245,651
Non-GAAP gross margin
54
%
55
%
Research and development
$
209,890
$
136,652
Non-GAAP adjustments:
Stock-based compensation
(69,242
)
(46,294
)
Amortization of acquired intangibles
(462
)
—
Payroll taxes related to stock-based
compensation
(6,035
)
(2,827
)
Non-GAAP research and development
$
134,151
$
87,531
Non-GAAP research and development as a %
of revenue
18
%
20
%
Sales and marketing
$
264,548
$
140,875
Non-GAAP adjustments:
Stock-based compensation
(53,843
)
(26,573
)
Amortization of acquired intangibles
(23,741
)
(7,876
)
Payroll taxes related to stock-based
compensation
(3,721
)
(1,728
)
Non-GAAP sales and marketing
$
183,243
$
104,698
Non-GAAP sales and marketing as a % of
revenue
25
%
23
%
General and administrative
$
122,522
$
65,617
Non-GAAP adjustments:
Stock-based compensation
(37,238
)
(14,306
)
Amortization of acquired intangibles
—
(10
)
Acquisition-related expenses
(1,620
)
(791
)
Charitable contributions
(8,389
)
(5,757
)
Payroll taxes related to stock-based
compensation
(978
)
1,376
Non-GAAP general and administrative
$
74,297
$
46,129
Non-GAAP general and administrative as a %
of revenue
10
%
10
%
Loss from operations
$
(232,345
)
$
(112,270
)
Operating margin
(31
)%
(25
)%
Non-GAAP adjustments:
Stock-based compensation
164,043
89,410
Amortization of acquired intangibles
55,761
20,426
Acquisition-related expenses
1,620
791
Charitable contributions
8,389
5,757
Payroll taxes related to stock-based
compensation
10,734
3,179
Non-GAAP income from operations
$
8,202
$
7,293
Non-GAAP operating margin
1
%
2
%
TWILIO INC.
Reconciliation to
Non-GAAP Financial Measures
(In thousands, except shares, per share
amounts and percentages)
(Unaudited)
Three Months Ended
September 30,
2021
2020
Net loss attributable to common
stockholders
$
(224,109
)
$
(116,914
)
Non-GAAP adjustments:
Stock-based compensation
164,043
89,410
Amortization of acquired intangibles
55,761
20,426
Acquisition-related expenses
1,620
791
Charitable contributions
8,389
5,757
Payroll taxes related to stock-based
compensation
10,734
3,179
Amortization of debt discount and issuance
costs
376
6,076
Income tax benefit related to
acquisition
(15,060
)
(359
)
Benefit (provision) for income tax effects
related to Non-GAAP adjustments **
—
(1,336
)
Non-GAAP net (loss) income attributable to
common stockholders
$
1,754
$
7,030
Non-GAAP net (loss) income attributable to
common stockholders as a % of revenue
—
%
2
%
Net loss per share attributable to
common stockholders, diluted*
$
(1.26
)
$
(0.79
)
Non-GAAP adjustments:
Stock-based compensation
0.89
0.55
Amortization of acquired intangibles
0.30
0.13
Acquisition-related expenses
0.01
—
Charitable contributions
0.05
0.04
Payroll taxes related to stock-based
compensation
0.06
0.02
Amortization of debt discount and issuance
costs
—
0.04
Income tax benefit related to
acquisition
(0.08
)
—
Benefit (provision) for income tax effects
related to Non-GAAP adjustments **
—
(0.01
)
Dilutive securities
0.04
0.06
Non-GAAP net (loss) income per share
attributable to common stockholders, diluted
$
0.01
$
0.04
GAAP weighted-average shares used to
compute net loss per share attributable to common stockholders,
basic
177,231,285
147,501,075
Effect of dilutive securities (stock
options, restricted stock awards, convertible debt and other
activity)
7,720,226
13,798,963
Non-GAAP weighted-average shares used
to compute Non-GAAP net (loss) income per share attributable to
common stockholders, diluted
184,951,511
161,300,038
* Some columns may not add due to
rounding
** Represents the tax effect of the
non-GAAP adjustments. For fiscal 2020, Twilio used an estimated
non-GAAP tax rate of 25%, and for fiscal 2021, Twilio is using an
estimated non-GAAP tax rate of 22%.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211027006005/en/
Investor Contact: Andrew Zilli ir@Twilio.com
or
Media Contact: Carolyn Bos press@Twilio.com
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