Market Overview

Twilio Announces Second Quarter 2018 Results

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Q2 Total Revenue of $147.8 million, up 54% year-over-year

Q2 Base Revenue of $135.0 million, up 54% year-over-year

Q2 Dollar-Based Net Expansion Rate of 137%

Twilio (NYSE:TWLO), the leading cloud communications platform, today
reported financial results for its second quarter ended June 30, 2018.

"Our core voice and messaging products grew rapidly once again, and the
positive customer response to Flex further reinforces our Engagement
Cloud strategy," said Jeff Lawson, Twilio's Co-Founder and Chief
Executive Officer. "Our go-to-market investments are driving growth in
companies of all shapes and sizes, and we're excited to unveil our
newest set of innovations and gather our customers at our upcoming
SIGNAL conference in October."

Second Quarter 2018 Financial Highlights

  • Total revenue of $147.8 million for the second quarter of 2018, up 54%
    from the second quarter of 2017 and 14% sequentially from the first
    quarter of 2018.
  • Base revenue of $135.0 million for the second quarter of 2018, up 54%
    from the second quarter of 2017 and 15% sequentially from the first
    quarter of 2018.
  • GAAP loss from operations of $22.0 million for the second quarter of
    2018, compared with GAAP loss from operations of $7.1 million for the
    second quarter of 2017. Non-GAAP income from operations of $2.2
    million for the second quarter of 2018, compared with non-GAAP loss
    from operations of $4.7 million for the second quarter of 2017.
  • GAAP net loss per share attributable to common stockholders of $0.25
    based on 96.3 million weighted average shares outstanding in the
    second quarter of 2018, compared with GAAP net loss per share
    attributable to common stockholders of $0.08 based on 90.9 million
    weighted average shares outstanding in the second quarter of 2017.
  • Non-GAAP net income per share attributable to common stockholders of
    $0.03 based on 106.6 million non-GAAP weighted average shares
    outstanding in the second quarter of 2018, compared with non-GAAP net
    loss per share attributable to common stockholders of $0.05 based on
    90.9 million weighted average shares outstanding in the second quarter
    of 2017.

Key Metrics and Recent Business Highlights

  • 57,350 Active Customer Accounts as of June 30, 2018, compared to
    43,431 Active Customer Accounts as of June 30, 2017.
  • Dollar-Based Net Expansion Rate was 137% for the second quarter of
    2018, compared to 131% for the second quarter of 2017.
  • Launched the Twilio API for WhatsApp, allowing our customers to easily
    add one of the most important global messaging channels to their
    applications through the same API they use for SMS, MMS, RCS, Facebook
    Messenger, and LINE.
  • Collaborated with Google to integrate Google Cloud Contact Center AI
    into Twilio Flex, the first fully programmable cloud contact center
    platform.
  • Announced Twilio Build, a new partner program to support Twilio's
    growing ecosystem of technology and consulting partners as they work
    with Twilio to innovate for their customers, grow their businesses,
    and transform the communications industry through the power of
    software.
  • Received approval from EU data protection authorities of our Binding
    Corporate Rules, furthering our commitment to maintaining the highest
    standard of data protection.
  • Expanded our presence on the East Coast of the United States with the
    launch of our new Atlanta office, with plans to add more than 50
    employees over the next few years, including sales, human resources,
    and engineering roles.
  • Issued $550 million in aggregate principal amount of 0.25% Convertible
    Senior Notes due 2023.

Outlook

Twilio is providing guidance for the third quarter ending September 30,
2018 and full year ending December 31, 2018 as follows:

Quarter ending September 30, 2018:            
Total Revenue (millions)   $ 150.0   to   $ 152.0
Base Revenue (millions) $ 142.0 to $ 143.0
Non-GAAP income from operations (millions) $ 1.0 to $ 2.0
Non-GAAP net income per share $ 0.02 to $ 0.03
Non-GAAP weighted average shares outstanding (millions) 109.5
 
 
Full year ending December 31, 2018:            
Total Revenue (millions) $ 585.5 to $ 589.5
Base Revenue (millions) $ 546.5 to $ 548.5
Non-GAAP income (loss) from operations (millions) ($1.5 ) to $ 0.5
Non-GAAP net income per share $ 0.02 to $ 0.04
Non-GAAP weighted average shares outstanding (millions) 108.0
 

Conference Call Information

Twilio will host a conference call today, August 6, 2018, to discuss
second quarter 2018 financial results, as well as the third quarter and
full year 2018 outlook, at 2 p.m. Pacific Time, 5 p.m. Eastern Time. A
live webcast of the conference call, as well as a replay of the call,
will be available at https://investors.twilio.com.
The conference call can also be accessed by dialing (844) 453-4207, or
+1 (647) 253-8638 (outside the U.S. and Canada). The conference ID is
8399585. Following the completion of the call through 11:59 p.m. Eastern
Time on August 13, 2018, a replay will be available by dialing (800)
585-8367 or +1 (416) 621-4642 (outside the U.S. and Canada) and entering
passcode 8399585. Twilio has used, and intends to continue to use, its
investor relations website as a means of disclosing material non-public
information and for complying with its disclosure obligations under
Regulation FD.

About Twilio Inc.

More than 2 million 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, and video by virtualizing the world's telecommunications
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," "will," "should," "expects," "plans," "anticipates," "could,"
"intends," "target," "projects," "contemplates," "believes,"
"estimates," "predicts," "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 September 30,
2018 and full year ending December 31, 2018 and Twilio's expectations
regarding its products and solutions. 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;
Twilio's ability to adapt its products to meet evolving market and
customer demands and rapid technological change; Twilio's ability to
generate sufficient revenues to achieve or sustain profitability;
Twilio's ability to retain customers and attract new customers; Twilio's
limited operating history, which makes it difficult to evaluate its
prospects and future operating results; Twilio's ability to effectively
manage its growth; and Twilio's ability to compete effectively in an
intensely competitive market.

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
March 31, 2018 filed on May 10, 2018. 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 gross margin, non-GAAP operating
expenses, non-GAAP income (loss) from operations and operating margin,
non-GAAP net income (loss) attributable to common stockholders, and
non-GAAP net income (loss) per share attributable to common
stockholders, basic and diluted.

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 stock-based compensation and
amortization of acquired intangibles.

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, stock-based compensation,
amortization of acquired intangibles, acquisition-related expenses,
release of tax liability upon obligation settlement and estimate
revisions, and payroll taxes related to stock-based compensation.

Non-GAAP Income (Loss) from Operations and Non-GAAP Operating
Margin.
For the periods presented, Twilio defines
non-GAAP income (loss) from operations and non-GAAP operating margin as
GAAP loss from operations and GAAP operating margin, respectively,
adjusted to exclude stock-based compensation, amortization of acquired
intangibles, acquisition-related expenses, release of tax liability upon
obligation settlement and estimate revisions, and payroll taxes related
to stock-based compensation.

Non-GAAP Net Income (Loss) Attributable to Common Stockholders and
Non-GAAP Net Income (Loss) Per Share Attributable to Common
Stockholders, Basic and Diluted.
For the periods presented, Twilio
defines non-GAAP net income (loss) attributable to common stockholders
and non-GAAP net income (loss) 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
stock-based compensation, amortization of acquired intangibles,
acquisition-related expenses, release of tax liability upon obligation
settlement and estimate revisions, payroll taxes related to stock-based
compensation, and amortization of debt discount and issuance costs.

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, and should not be considered a
substitute for financial information presented in accordance with GAAP,
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 directly comparable 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, Base Revenue, 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.

Base Revenue. Twilio monitors Base Revenue as one of the
more reliable indicators of future revenue trends. Base Revenue consists
of all revenue other than revenue from large Active Customer Accounts
that have never entered into 12-month minimum revenue commitment
contracts with Twilio, which the Company refers to as Variable Customer
Accounts. While almost all of Twilio's customers exhibit some level of
variability in the usage of its products, based on the experience of
Twilio's management, Twilio believes that Variable Customer Accounts are
more likely to have significant fluctuations in usage of its products
from period to period, and therefore that revenue from Variable Customer
Accounts may also fluctuate significantly from period to period. This
behavior is best evidenced by the decision of such customers not to
enter into contracts with Twilio that contain minimum revenue
commitments, even though they may spend significant amounts on the use
of the Company's products and they may be foregoing more favorable terms
often available to customers that enter into committed contracts with
Twilio. This variability adversely affects Twilio's ability to rely upon
revenue from Variable Customer Accounts when analyzing expected trends
in future revenue.

For historical periods through March 31, 2016, Twilio defined a Variable
Customer Account as an Active Customer Account that (i) had never signed
a minimum revenue commitment contract with the Company for a term of at
least 12 months and (ii) has met or exceeded 1% of the Company's revenue
in any quarter in the periods presented through March 31, 2016. To allow
for consistent period-to-period comparisons, in the event a customer
account qualified as a Variable Customer Account as of March 31, 2016,
or a previously Variable Customer Account ceased to be an Active
Customer Account as of such date, Twilio included such customer account
as a Variable Customer Account in all periods presented. For reporting
periods starting with the three months ended June 30, 2016, Twilio
defines a Variable Customer Account as a customer account that (a) has
been categorized as a Variable Customer Account in any prior quarter, as
well as (b) any new customer account that (i) is with a customer that
has never signed a minimum revenue commitment contract with Twilio for a
term of at least 12 months and (ii) meets or exceeds 1% of the Company's
revenue in a quarter. Once a customer account is deemed to be a Variable
Customer Account in any period, they remain a Variable Customer Account
in subsequent periods unless they enter into a minimum revenue
commitment contract with Twilio for a term of at least 12 months.

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 tracks its performance in this area is by
measuring the Dollar-Based Net Expansion Rate for Active Customer
Accounts, other than Variable 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, for reporting periods starting
with the three months ended December 31, 2016, 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 on revenue generated from Active
Customer Accounts, other than Variable Customer Accounts, provides a
more meaningful indication of the performance of the Company's efforts
to increase revenue from existing customers.

Twilio's Dollar-Based Net Expansion Rate compares the revenue from
Active Customer Accounts, other than Variable 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, other than Variable 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
June 30,
2018   2017
Revenue $ 147,754 $ 95,870
Cost of revenue 67,940   42,333  
Gross profit 79,814   53,537  
Operating expenses:
Research and development 39,811 29,714
Sales and marketing 37,749 26,153
General and administrative 24,212   4,740  
Total operating expenses 101,772   60,607  
Loss from operations (21,958 ) (7,070 )
Other income (expense), net (1,898 ) 471  
Loss before provision for income taxes (23,856 ) (6,599 )
Provision for income taxes (150 ) (510 )
Net loss attributable to common stockholders $ (24,006 ) $ (7,109 )
 
Net loss per share attributable to common stockholders, basic and
diluted
$ (0.25 ) $ (0.08 )
Weighted-average shares used in computing net loss per share
attributable to common stockholders, basic and diluted
96,348,356   90,873,305  

 
TWILIO INC.
Condensed Consolidated Balance Sheets    
(In thousands)
(Unaudited)
As of As of

    June 30,    

December 31,

Assets 2018 2017
Current assets:
Cash and cash equivalents $ 493,510 $ 115,286
Short-term marketable securities 301,136 175,587
Accounts receivable, net 67,572 43,113
Prepaid expenses and other current assets 21,812   19,279  
Total current assets 884,030 353,265
Restricted cash 5,505 5,502
Property and equipment, net 56,721 50,541
Intangible assets, net 17,108 20,064
Goodwill 17,506 17,851
Other long-term assets 4,978   2,559  
Total assets $ 985,848   $ 449,782  
 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 23,765 $ 11,116
Accrued expenses and other current liabilities 82,171 53,614
Customer deposits 7,843 -
Deferred revenue 9,056   13,797  
Total current liabilities 122,835 78,527
Convertible senior notes, net 423,099 -
Other long-term liabilities 10,243   11,409  
Total liabilities 556,177   89,936  
Commitments and contingencies
Stockholders' equity:
Preferred stock - -
Common stock 96 94
Additional paid-in capital 725,073 608,165
Accumulated other comprehensive income 1,962 2,025
Accumulated deficit (297,460 ) (250,438 )
Total stockholders' equity 429,671   359,846  
Total liabilities and stockholders' equity $ 985,848   $ 449,782  

 
TWILIO INC.
Condensed Consolidated Statements of Cash Flow    
(In thousands)
(Unaudited)
Six Months Ended
June 30,
2018 2017
Operating Activities:

As Adjusted

Net loss $ (47,735 ) $ (21,336 )
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities:
Depreciation and amortization 11,392 8,480
Net amortization of investment premium and discount (237 ) 107
Amortization of debt issuance costs 211 -
Accretion of debt discount 2,484 -
Stock-based compensation 38,546 21,785
Amortization of deferred commissions 478 140
Provision for doubtful accounts 1,515 282
Write-off of internally developed software 515 96
Gain on lease termination - (295 )
Changes in assets and liabilities:
Accounts receivable (26,048 ) (9,365 )
Prepaid expenses and other current assets (2,847 ) 1,933
Other long-term assets (1,908 ) (932 )
Accounts payable 12,566 (1,282 )
Accrued expenses and other current liabilities 28,040 (6,311 )
Deferred revenue (4,542 ) 2,353
Customer deposits 7,842 -
Other long-term liabilities (1,047 ) 296  
Net cash provided by (used in) operating activities $ 19,225   $ (4,049 )
 
Investing Activities:
Purchases of marketable securities (184,364 ) (220,914 )
Maturities of marketable securities 58,520 23,000
Capitalized software development costs (9,958 ) (8,000 )
Purchases of property and equipment (2,066 ) (6,772 )
Purchases of intangible assets (249 ) (154 )
Acquisition, net of cash acquired -   (22,621 )
Net cash used in investing activities $ (138,117 ) $ (235,461 )
 
Financing Activities:
Proceeds from issuance of convertible senior notes 550,000 -
Payments of debt issuance costs (12,513 ) -
Purchase of capped call (58,465 ) -
Payments of costs related to public offerings - (430 )
Proceeds from exercises of stock options 13,715 18,154
Proceeds from shares issued in ESPP 4,474 7,404
Value of equity awards withheld for tax liabilities (910 ) (311 )
Net cash provided by financing activities $ 496,301   $ 24,817  
 
Effect of exchange rate changes on cash, cash equivalents, and
restricted cash
818 42
 
Net increase (decrease) in cash, cash equivalents, and restricted
cash
378,227 (214,651 )
Cash, cash equivalents, and restricted cash at beginning of period 120,788   314,280  
Cash, cash equivalents, and restricted cash at end of period $ 499,015   $ 99,629  

 
TWILIO INC.
Reconciliation to Non-GAAP Financial Measures  
(In thousands, except shares, per share amounts, and percentages)
(Unaudited)
Three Months Ended
June 30,
2018   2017
Gross profit $ 79,814 $ 53,537
Non-GAAP adjustments:
Stock-based compensation 266 142
Amortization of acquired intangibles 1,125   1,182  
Non-GAAP gross profit $ 81,205   $ 54,861  
 
Non-GAAP gross margin 55 % 57 %
 
Research and development $ 39,811 $ 29,714
Non-GAAP adjustments:
Stock-based compensation (9,749 ) (5,710 )
Amortization of acquired intangibles - (38 )
Payroll taxes related to stock-based compensation (1,215 ) (223 )
Non-GAAP research and development $ 28,847   $ 23,743  
 
Non-GAAP research and development as % of revenue 20 % 25 %
 
Sales and marketing $ 37,749 $ 26,153
Non-GAAP adjustments:
Stock-based compensation (5,049 ) (2,363 )
Amortization of acquired intangibles (206 ) (202 )
Payroll taxes related to stock-based compensation (349 ) (128 )
Non-GAAP sales and marketing $ 32,145   $ 23,460  
 
Non-GAAP sales and marketing as % of revenue 22 % 24 %
 
General and administrative $ 24,212 $ 4,740
Non-GAAP adjustments:
Stock-based compensation (5,942 ) (4,185 )
Amortization of acquired intangibles (20 ) (20 )
Acquisition-related expenses - (58 )
Release of tax liability upon obligation settlement and estimate
revisions
- 12,161
Payroll taxes related to stock-based compensation (247 ) (253 )
Non-GAAP general and administrative $ 18,003   $ 12,385  
 
Non-GAAP general and administrative as % of revenue 12 % 13 %
 
Loss from operations and margin $ (21,958 ) $ (7,070 )
Non-GAAP adjustments:
Stock-based compensation 21,006 12,400
Amortization of acquired intangibles 1,351 1,442
Acquisition-related expenses - 58
Release of tax liability upon obligation settlement and estimate
revisions
- (12,161 )
Payroll taxes related to stock-based compensation 1,811   604  
Non-GAAP income (loss) from operations $ 2,210   $ (4,727 )
 
Non-GAAP operating margin 1 % (5 %)

 
TWILIO INC.
Reconciliation to Non-GAAP Financial Measures    
(In thousands, except shares, per share amounts, and percentages)
(Unaudited)
Three Months Ended
June 30,
2018 2017
Net loss attributable to common stockholders $ (24,006 ) $ (7,109 )
Non-GAAP adjustments:
Stock-based compensation 21,006 12,400
Amortization of acquired intangibles 1,351 1,442
Acquisition-related expenses - 58
Release of tax liability upon obligation settlement and estimate
revisions
- (12,161 )
Payroll taxes related to stock-based compensation 1,811 604
Amortization of debt discount and issuance costs 2,695   -  
Non-GAAP net income (loss) attributable to common stockholders $ 2,857   $ (4,766 )
 
Non-GAAP net income (loss) attributable to common stockholders as %
of revenue
2 % (5 %)
 
 
Net loss per share attributable to common stockholders, basic* $ (0.25 ) $ (0.08 )
Non-GAAP adjustments:
Stock-based compensation 0.20 0.14
Amortization of acquired intangibles 0.01 0.02
Acquisition-related expenses - 0.00
Release of tax liability upon obligation settlement and estimate
revisions
- (0.13 )
Payroll taxes related to stock-based compensation 0.02 0.01
Amortization of debt discount and issuance costs 0.03 -
Dilutive securities 0.02   -  
Non-GAAP net income (loss) per share attributable to common
stockholders, diluted
$ 0.03   $ (0.05 )
 
 

GAAP weighted-average shares used to compute net income (loss)
per share attributable to common stockholders, basic

96,348,356 90,873,305

 

 
Effect of dilutive securities (stock options and restricted stock
units)
10,255,515 -
 
Non-GAAP weighted-average shares used to compute Non-GAAP net
income (loss) per share attributable to common stockholders, diluted
106,603,871   90,873,305  
 
 
* Some columns may not add due to rounding

 
TWILIO INC.
Key Metrics  
(Unaudited)
 
March 31,   June 30,   Sept. 30,   Dec. 31,   March 31,   June 30,
  2017       2017       2017       2017       2018       2018  
 
Number of Active Customers (as of period end date) 40,696 43,431 46,489 48,979 53,985 57,350
Base Revenue (in thousands) $ 80,643 $ 87,583 $ 91,965 $ 105,299 $ 117,507 $ 135,004
Base Revenue Growth Rate 62 % 55 % 43 % 40 % 46 % 54 %
Dollar-Based Net Expansion Rate 141 % 131 % 122 % 118 % 132 % 137 %

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