- First Quarter Revenue of $590.0 million, up 62%
Year-Over-Year
- First Quarter Revenue Dollar-Based Net Expansion Rate of
133%
Twilio (NYSE: TWLO), the leading cloud communications platform,
today reported financial results for its first quarter ended March
31, 2021.
“We delivered another quarter of outstanding growth in Q1, as
companies across industries and around the world continue to turn
to Twilio’s customer engagement platform to drive their digital
transformation,” said Jeff Lawson, Twilio’s Co-Founder and CEO.
“Over the last year, one thing has become extremely clear: we are
in the midst of a massive shift in the way companies engage with
their customers that is driving a generational opportunity for
Twilio."
First Quarter 2021 Financial Highlights
- Revenue of $590.0 million for the first quarter of 2021, up 62%
year-over-year, including $44.6 million from Twilio Segment.
- GAAP loss from operations of $197.3 million for the first
quarter of 2021, compared with GAAP loss from operations of $92.7
million for the first quarter of 2020.
- Non-GAAP income from operations of $17.3 million for the first
quarter of 2021 compared with non-GAAP income from operations of
$6.1 million for the first quarter of 2020.
- GAAP net loss per share attributable to common stockholders,
basic and diluted, of $1.24 based on 167.2 million weighted average
shares outstanding in the first quarter of 2021, compared with GAAP
net loss per share attributable to common stockholders, basic and
diluted, of $0.68 based on 139.2 million weighted average shares
outstanding in the first quarter of 2020.
- Non-GAAP net income per share attributable to common
stockholders, diluted, of $0.05 based on 180.6 million non-GAAP
weighted average shares outstanding in the first quarter of 2021,
compared with non-GAAP net income per share attributable to common
stockholders, diluted, of $0.06 based on 148.4 million weighted
average shares outstanding in the first quarter of 2020.
Key Metrics and Recent Business Highlights
- More than 235,000 Active Customer Accounts as of March 31,
2021, compared to 190,000 Active Customer Accounts as of March 31,
2020. Active Customer Accounts as of March 31, 2021 include Twilio
Segment customer accounts.
- Dollar-Based Net Expansion Rate was 133% for the first quarter
of 2021, compared to 143% for the first quarter of 2020. Twilio
Segment results do not impact the calculation of this metric in
either period. Excluding the January 2020 contribution from Twilio
SendGrid, the acquisition of which closed February 1, 2019, the
dollar-based net expansion rate would have been 135% for the first
quarter of 2020.
- 5,482 employees as of March 31, 2021.
- Completed a follow-on offering of Class A common stock for
aggregate net proceeds of $1.8 billion after offering
expenses.
- Issued and sold $1.0 billion aggregate principal amount of
senior notes. The net proceeds from the debt offering were
approximately $985.1 million.
- Announced a partnership with Syniverse to accelerate the next
wave of innovation in mobile communications and drive long-term
growth, with the associated transactions expected to close before
the end of 2021.
R&D Organizational Changes
The Company announced that its R&D function will be split
into three units, each reporting to the CEO: Twilio Communications
Platform, Twilio Data Platform, and the Twilio Core Platform. The
Company has promoted Simon Khalaf, SVP & GM Communications
Platform, and he will have responsibility over Twilio's core
communications products, including streamlining and simplifying the
product experience for our customers into an integrated
omni-channel experience. The Company has also expanded the role of
Peter Reinhardt, CEO of Twilio Segment, where he will be
responsible for Twilio’s Data Platform, which combines SendGrid
Email, SendGrid Marketing Campaigns, and Segment as a whole into a
single platform effort to serve marketing workloads. Chee Chew, who
has served as Twilio’s Chief Product Officer since January 2019,
has decided to leave the Company effective May 17, 2021. The
Company will commence a search for a new leader for the Twilio Core
Platform.
Outlook
Twilio is initiating guidance for the second quarter ending June
30, 2021. This guidance includes the revenue contribution from
Twilio Segment.
Q2 FY21
Guidance
Revenue (millions)
$591 - $601
Y/Y Growth
47% - 50%
Non-GAAP loss from operations
(millions)
($27) - ($22)
Non-GAAP loss per share
($0.16) - ($0.13)
Non-GAAP basic shares outstanding
(millions)
174
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, May 5, 2021, at 2:00 p.m. (PT) / 5:00 p.m. (ET) to
discuss its first quarter 2021 financial results. Investors and
analysts should register for the call in advance by visiting
http://www.directeventreg.com/registration/event/4229332. 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 May 12, 2021, a
replay will be available by dialing (800) 585-8367 (United States)
or +1 (416) 621-4642 (non-U.S.) and entering passcode 4229332.
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 June 30, 2021, the impact on Twilio and its customers and
partners related to COVID-19, Twilio’s expectations regarding its
products and solutions, Twilio's expected business benefits and
financial impacts from the Segment and ValueFirst acquisitions, and
Twilio's expected business benefits and financial impacts from the
Syniverse partnership and 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 the Segment and ValueFirst acquisitions and
risks that the anticipated benefits of the acquisitions of Segment
and ValueFirst may not be fully realized or may take longer to
realize than expected; risks that the anticipated benefits of the
Syniverse partnership may not be fully realized and Twilio's
ability to close the transactions associated with such partnership;
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-K for the year ended December 31, 2020 filed on February
26, 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. The Company 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, the
Company used a projected non-GAAP tax rate of 25%. For fiscal 2021,
the Company 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 the Company’s geographic
earnings mix, or other changes to the Company’s strategy or
business operations. The Company will re-evaluate its long-term
rate as appropriate.
Non-GAAP Net Income Attributable to Common Stockholders
and Non-GAAP Net Income Per Share Attributable to Common
Stockholders, Basic and Diluted. For the periods presented,
Twilio defines non-GAAP net income attributable to common
stockholders and non-GAAP net 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 (loss) from operations to GAAP loss from operations or
non-GAAP net income (loss) 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. Effective December 31, 2019, we round down the number of
Active Customer Accounts to the nearest thousand.
Dollar-Based Net Expansion Rate. Twilio’s ability to
drive growth and generate incremental revenue depends, in part, on
the Company’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 the Company lowers
usage prices on a product. As our customers grow their businesses
and extend the use of our platform, they sometimes create multiple
customer accounts with us for operational or other reasons. As
such, when we identify 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 more meaningful
indication of the performance of the Company’s efforts to increase
revenue from existing customers.
For historical periods through December 31, 2019, Twilio’s
Dollar-Based Net Expansion Rate compared the revenue from Active
Customer Accounts, other than large Active Customer Accounts that
have never entered into 12-month minimum revenue commitment
contracts with the Company, in a quarter to the same quarter in the
prior year. For reporting periods starting with the three months
ended March 31, 2020, Twilio's Dollar-Based Net Expansion Rate
compares the total revenue from all Active Customer Accounts in a
quarter to the same quarter in the prior year. To calculate the
Dollar-Based Net Expansion Rate, the Company 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. As a result of the change in
calculation of Dollar-Based Net Expansion Rate, unless specifically
identified as being calculated based on total revenue, any
Dollar-Based Net Expansion Rates disclosed by our Company in SEC
filings, press releases and presentations prior to the date of our
press release for the three months ended March 31, 2020, will not
be directly comparable to our Dollar-Based Net Expansion Rates
going forward.
Source: Twilio Inc.
TWILIO INC.
Condensed
Consolidated Statements of Operations
(In thousands, except share and per
share amounts)
(Unaudited)
Three Months Ended March
31,
2021
2020
Revenue
$
589,988
$
364,868
Cost of revenue
291,684
171,333
Gross profit
298,304
193,535
Operating expenses:
Research and development
174,800
114,339
Sales and marketing
210,590
116,722
General and administrative
110,253
55,170
Total operating expenses
495,643
286,231
Loss from operations
(197,339
)
(92,696
)
Other expenses, net
(8,313
)
(1,118
)
Loss before provision for income taxes
(205,652
)
(93,814
)
Income tax provision
(890
)
(977
)
Net loss attributable to common
stockholders
$
(206,542
)
$
(94,791
)
Net loss per share attributable to common
stockholders, basic and diluted
$
(1.24
)
$
(0.68
)
Weighted-average shares used in computing
net loss per share attributable to common stockholders, basic and
diluted
167,160,458
139,231,594
TWILIO INC.
Condensed
Consolidated Balance Sheets
(In thousands)
(Unaudited)
As of March 31,
As of December 31,
2021
2020
ASSETS
Current assets:
Cash and cash equivalents
$
2,331,774
$
933,885
Short-term marketable securities
3,375,284
2,105,906
Accounts receivable, net
257,854
251,167
Prepaid expenses and other current
assets
129,063
81,377
Total current assets
6,093,975
3,372,335
Property and equipment, net
195,885
183,239
Operating right-of-use asset
241,328
258,610
Intangible assets, net
951,884
966,573
Goodwill
4,635,177
4,595,394
Other long-term assets
123,932
111,282
Total assets
$
12,242,181
$
9,487,433
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
66,511
$
60,042
Accrued expenses and other current
liabilities
293,658
252,895
Deferred revenue and customer deposits
93,516
87,031
Operating lease liability, current
46,239
48,338
Total current liabilities
499,924
448,306
Operating lease liability, noncurrent
214,456
229,905
Finance lease liability, noncurrent
19,933
17,856
Long-term debt
1,218,048
302,068
Other long-term liabilities
42,624
36,633
Total liabilities
1,994,985
1,034,768
Commitments and contingencies
Stockholders’ equity:
Preferred stock
—
—
Common stock
171
164
Additional paid-in capital
11,618,698
9,613,246
Accumulated other comprehensive income
4,660
9,046
Accumulated deficit
(1,376,333
)
(1,169,791
)
Total stockholders’ equity
10,247,196
8,452,665
Total liabilities and stockholders’
equity
$
12,242,181
$
9,487,433
TWILIO INC.
Condensed
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended March
31,
2021
2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss
$
(206,542
)
$
(94,791
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization
59,592
32,239
Non-cash reduction to the right-of-use
asset
11,711
8,023
Net amortization of investment premium and
discount
4,240
343
Amortization of debt discount and issuance
costs
3,373
6,178
Stock-based compensation
137,155
69,025
Amortization of deferred commissions
5,630
1,981
Allowance for credit losses
1,985
4,170
Value of donated common stock
9,405
2,701
Loss on extinguishment of debt
7,602
—
Other adjustments
3,089
1,866
Changes in operating assets and
liabilities:
Accounts receivable
5,565
(23,123
)
Prepaid expenses and other current
assets
(29,912
)
(8,130
)
Other long-term assets
(15,232
)
(5,759
)
Accounts payable
(10,275
)
(20,803
)
Accrued expenses and other current
liabilities
28,307
44,840
Deferred revenue and customer deposits
3,435
589
Operating lease liabilities
(12,053
)
(7,008
)
Other long-term liabilities
(2,570
)
3,194
Net cash provided by operating
activities
4,505
15,535
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions, net of cash acquired and
other related payments
(66,926
)
(2,377
)
Purchases of marketable securities and
other investments
(1,640,499
)
(228,025
)
Proceeds from sales and maturities of
marketable securities
356,824
316,992
Capitalized software development costs
(10,434
)
(8,626
)
Purchases of long-lived and intangible
assets
(4,986
)
(6,319
)
Net cash (used in) provided by investing
activities
(1,366,021
)
71,645
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from a public equity offering
1,766,400
—
Payments of costs related to public
offerings
(360
)
—
Proceeds from issuance of senior notes
987,500
—
Payments of debt issuance costs
(130
)
—
Principal payments on debt and finance
leases
(2,751
)
(1,954
)
Proceeds from exercises of stock
options
11,564
8,231
Value of equity awards withheld for tax
liabilities
(2,774
)
(1,674
)
Net cash provided by financing
activities
2,759,449
4,603
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
(44
)
—
NET INCREASE IN CASH, CASH EQUIVALENTS AND
RESTRICTED CASH
1,397,889
91,783
CASH, CASH EQUIVALENTS AND RESTRICTED
CASH—Beginning of period
933,885
253,735
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
—End of period
$
2,331,774
$
345,518
TWILIO INC.
Reconciliation to
Non-GAAP Financial Measures
(In thousands, except shares, per share
amounts and percentages)
(Unaudited)
Three Months Ended March
31,
2021
2020
Gross profit
$
298,304
$
193,535
Non-GAAP adjustments:
Stock-based compensation
2,717
1,837
Amortization of acquired intangibles
26,342
12,381
Non-GAAP gross profit
$
327,363
$
207,753
Non-GAAP gross margin
55
%
57
%
Research and development
$
174,800
$
114,339
Non-GAAP adjustments:
Stock-based compensation
(56,959
)
(33,209
)
Payroll taxes related to stock-based
compensation
(10,729
)
(3,791
)
Non-GAAP research and development
$
107,112
$
77,339
Non-GAAP research and development as a %
of revenue
18
%
21
%
Sales and marketing
$
210,590
$
116,722
Non-GAAP adjustments:
Stock-based compensation
(41,636
)
(19,943
)
Amortization of acquired intangibles
(18,694
)
(7,864
)
Payroll taxes related to stock-based
compensation
(7,349
)
(1,844
)
Non-GAAP sales and marketing
$
142,911
$
87,071
Non-GAAP sales and marketing as a % of
revenue
24
%
24
%
General and administrative
$
110,253
$
55,170
Non-GAAP adjustments:
Stock-based compensation
(35,843
)
(14,036
)
Amortization of acquired intangibles
(115
)
(47
)
Acquisition-related expenses
(2,764
)
(302
)
Charitable contributions
(9,405
)
(2,701
)
Payroll taxes related to stock-based
compensation
(2,093
)
(818
)
Non-GAAP general and administrative
$
60,033
$
37,266
Non-GAAP general and administrative as a %
of revenue
10
%
10
%
Loss from operations
$
(197,339
)
$
(92,696
)
Non-GAAP adjustments:
Stock-based compensation
137,155
69,025
Amortization of acquired intangibles
45,151
20,292
Acquisition-related expenses
2,764
302
Charitable contributions
9,405
2,701
Payroll taxes related to stock-based
compensation
20,171
6,453
Non-GAAP income from operations
$
17,307
$
6,077
Non-GAAP operating margin
3
%
2
%
TWILIO INC.
Reconciliation to
Non-GAAP Financial Measures
(In thousands, except shares, per share
amounts and percentages)
(Unaudited)
Three Months Ended March
31,
2021
2020
Net loss attributable to common
stockholders
$
(206,542
)
$
(94,791
)
Non-GAAP adjustments:
Stock-based compensation
137,155
69,025
Amortization of acquired intangibles
45,151
20,292
Acquisition-related expenses
2,764
302
Charitable contributions
9,405
2,701
Payroll taxes related to stock-based
compensation
20,171
6,453
Amortization of debt discount and issuance
costs
3,373
6,178
Income tax benefit related to
acquisition
(366
)
(162
)
Provision for income tax effects related
to Non-GAAP adjustments **
(1,465
)
(1,645
)
Non-GAAP net income attributable to common
stockholders
$
9,646
$
8,353
Non-GAAP net income attributable to common
stockholders as a % of revenue
2
%
2
%
Net loss per share attributable to
common stockholders, basic and diluted*
$
(1.24
)
$
(0.68
)
Non-GAAP adjustments:
Stock-based compensation
0.76
0.47
Amortization of acquired intangibles
0.25
0.14
Acquisition-related expenses
0.02
—
Charitable contributions
0.05
0.02
Payroll taxes related to stock-based
compensation
0.11
0.04
Amortization of debt discount and issuance
costs
0.02
0.04
Income tax benefit related to
acquisition
—
—
Provision for income tax effects related
to Non-GAAP adjustments **
(0.01
)
(0.01
)
Dilutive securities
0.09
0.04
Non-GAAP net income per share attributable
to common stockholders, diluted
$
0.05
$
0.06
GAAP weighted-average shares used to
compute net loss per share attributable to common stockholders,
basic
167,160,458
139,231,594
Effect of dilutive securities (stock
options, restricted stock awards, convertible debt and other
activity)
13,442,439
9,171,167
Non-GAAP weighted-average shares used
to compute Non-GAAP net income per share attributable to common
stockholders, diluted
180,602,897
148,402,761
* Some columns may not add due to rounding
** Represents the tax effect of the non-GAAP adjustments. For
fiscal 2020, the Company used an estimated non-GAAP tax rate of
25%, and for fiscal 2021, the Company is using an estimated
non-GAAP tax rate of 22%.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210505005957/en/
Investor Contact: Andrew Zilli ir@Twilio.com
or
Media Contact: Carolyn Bos press@Twilio.com
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