Melco Resorts & Entertainment Ltd
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Consumer Discretionary : Hotels, Restaurants & Leisure |
Based in Hong Kong
Company profile

Melco Resorts & Entertainment Limited, formerly Melco Crown Entertainment Limited, is a holding company. The Company, through its subsidiaries, develops, owns and operates casino gaming and entertainment casino resort facilities in Asia. It is principally engaged in the gaming and hospitality business in Asia and its principal operating and developmental activities occur in over two geographic areas, which include Macau and the Philippines. Its segments include City of Dreams, Altira Macau, Studio City, Mocha Clubs, City of Dreams Manila, and Corporate and Others. It has over three casino based operations in Macau, namely, City of Dreams, Altira Macau and Studio City, and non-casino based operations in Macau at its Mocha Clubs. It also has a casino based operation in the Philippines, City of Dreams Manila. It is developing the fifth hotel tower at City of Dreams in Cotai, Macau. Its other operations also include Taipa Square Casino, Macau operating within Hotel Taipa Square.

This security is an American depositary receipt
ADR Fees
American Depositary Receipt (ADR) Fee

ADR fees charged by custodial banks normally average from 1 to 3 cents per share. Other country fees might apply. To read more, see the Exception Fees tab at Brokerage Fees

Closing Price
$14.94
Day's Change
0.31 (2.12%)
Bid
--
Ask
--
B/A Size
--
Day's High
15.14
Day's Low
14.57
Volume
(Average)
Volume:
3,032,350

10-day average volume:
3,145,804
3,032,350

Twilio Announces Second Quarter 2020 Results

4:05 pm ET August 4, 2020 (BusinessWire) Print

Twilio (NYSE: TWLO), the leading cloud communications platform, today reported financial results for its second quarter ended June 30, 2020.

"Organizations in nearly every industry are turning to Twilio as they identify new ways to communicate with their customers and stakeholders," said Jeff Lawson, Twilio's co-founder and CEO. "We are just scratching the surface of this huge opportunity, and we believe the solutions being built today using our customer engagement platform will be the standard for digital engagement in the future."

Second Quarter 2020 Financial Highlights

Total revenue of $400.8 million for the second quarter of 2020, up 46% year-over-year. GAAP loss from operations of $102.6 million for the second quarter of 2020, compared to $93.7 million for the second quarter of 2019. Non-GAAP income from operations of $9.5 million for the second quarter of 2020, compared to $1.5 million for the second quarter of 2019. GAAP net loss per share attributable to common stockholders of $0.71 for the second quarter of 2020, based on 141.6 million weighted average shares outstanding, compared to a net loss per share of $0.72 for the second quarter of 2019. Non-GAAP diluted net income per share attributable to common stockholders of $0.09 based on 153.7 million non-GAAP weighted average shares outstanding, compared to net income per share of $0.03 for the second quarter of 2019.

Key Metrics and Recent Business Highlights

More than 200,000 Active Customer Accounts as of June 30, 2020, up 24% year-over-year. Dollar-Based Net Expansion Rate, calculated using total revenue, was 132% for the second quarter of 2020, compared to 141% for the second quarter of 2019. 3,284 employees as of June 30, 2020. Welcomed Michelle Grover as the company's first Chief Information Officer. Twilio SendGrid crossed a new milestone, surpassing three trillion processed emails since inception. Twilio was named to Fast Company's second annual list of the 100 Best Workplaces for Innovators.

Outlook

Twilio is initiating the following guidance for the third quarter ending September 30, 2020.

                              Q3 FY20
                                                                   Guidance
                                                              -----------------
Revenue (millions)                             $401 - $406
Y/Y Growth                                      36% - 38%
Non-GAAP loss from operations (millions)      ($15) - ($10)
Non-GAAP loss per share                     ($0.09) - ($0.05)

Conference Call Information

Twilio will host a conference call today, August 4, 2020, to discuss its second quarter 2020 financial results at 2:00 p.m. (PT) / 5:00 p.m. (ET). Investors and analysts should register for the call in advance by visiting http://www.directeventreg.com/registration/event/9891389. A live webcast of the conference call, as well as a replay of the call, will be available at https://investors.twilio.com. Following the completion of the call through 11:59 p.m. (ET) on August 11, 2020, a replay will be available by dialing (800) 585-8367 (United States) or +1 (416) 621-4642 (non-U.S.) and entering passcode 9891389.

Twilio intends to use 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 September 30, 2020, the impact on Twilio and its customers and partners related to COVID-19 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; 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; 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, 2020 filed on May 7, 2020. 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 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 from operations to GAAP loss from operations or non-GAAP net 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. 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
                                                                                                                                                                                    June 30,
                                                                                                                                         ----------------------------------------------------------------------------------------
                                                                                                                   2020                                   2019
                                                                                                                                         ----------------------------------                        ----------------------------------
Revenue                                                                                                               $       400,849     $       275,039  
Cost of revenue                                                                                                               191,718             125,024  
                                                                                                                                         --------------  --------------------                      --------------  --------------------
                                                                                                                              209,131             150,015  
      Gross profit
                                                                                                                                         --------------  --------------------                      --------------  --------------------
Operating expenses:                                                                                                                        
                                                                                                                              120,701              98,783  
   Research and development
                                                                                                                              129,823              90,421  
   Sales and marketing
                                                                                                                               61,251              54,543  
   General and administrative
                                                                                                                                         --------------  --------------------                      --------------  --------------------
                                                                                                                              311,775             243,747  
      Total operating expenses
                                                                                                                                         --------------  --------------------                      --------------  --------------------
Loss from operations                                                                                                        (102,644)            (93,732)  
Other income (expenses), net                                                                                                    3,015               (880)  
                                                                                                                                         --------------  --------------------                      --------------  --------------------
                                                                                                                             (99,629)            (94,612)  
      Loss before (provision) benefit for income taxes
(Provision) benefit for income taxes                                                                                            (294)               2,033  
                                                                                                                                         --------------  --------------------                      --------------  --------------------
                                                                                                                      $      (99,923)     $      (92,579)  
      Net loss attributable to common stockholders
                                                                                                                                         ====== ======== ====================                      ====== ======== ====================
                                                                                                                        
Net loss per share attributable to common stockholders, basic and diluted                                             $        (0.71)     $        (0.72)  
                                                                                                                                         ====== ======== ====================                      ====== ======== ====================
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted       141,618,541         129,310,641  
                                                                                                                                         ==============  ====================                      ==============  ====================
TWILIO INC.
Condensed Consolidated Balance Sheets
---------------------------------------------------------------------------
(In thousands)
(Unaudited)
                                                                                  
                                                                            As of                                    As of
                                                                          June 30,                               December 31,
                                                                            2020                                     2019
                                                                                                 ------------------------------------                        ------------------------------------
ASSETS                                                                                               
Current assets:                                                                                      
                                                                              $         475,700     $         253,660  
   Cash and cash equivalents
                                                                                      1,427,619             1,599,033  
   Short-term marketable securities
                                                                                        194,563               154,067  
   Accounts receivable, net
                                                                                         62,800                54,571  
   Prepaid expenses and other current assets
                                                                                                 ----------------  --------------------                      ----------------  --------------------
                                                                                      2,160,682             2,061,331  
      Total current assets
Restricted cash                                                                  --                    75  
Property and equipment, net                                                             161,413               141,256  
Operating right-of-use asset                                                            196,647               156,741  
Intangible assets, net                                                                  424,739               460,849  
Goodwill                                                                              2,291,616             2,296,784  
Other long-term assets                                                                   55,472                33,480  
                                                                                                 ----------------  --------------------                      ----------------  --------------------
                                                                              $       5,290,569     $       5,150,516  
      Total assets
                                                                                                 ======= ========= ====================                      ======= ========= ====================
                                                                                  
LIABILITIES AND STOCKHOLDERS' EQUITY                                      
Current liabilities:                                                                                 
                                                                              $          27,531     $          39,099  
   Accounts payable
                                                                                        197,303               147,681  
   Accrued expenses and other current liabilities
                                                                                         29,111                26,362  
   Deferred revenue and customer deposits
                                                                                         35,287                27,156  
   Operating lease liability, current
                                                                                          7,134                 6,924  
   Finance lease liability, current
                                                                                                 ----------------  --------------------                      ----------------  --------------------
                                                                                        296,366               247,222  
      Total current liabilities
Operating lease liability, noncurrent                                                   172,408               139,200  
Finance lease liability, noncurrent                                                      10,116                 8,746  
Convertible senior notes, net                                                           470,545               458,190  
Other long-term liabilities                                                              19,544                17,747  
                                                                                                 ----------------  --------------------                      ----------------  --------------------
                                                                                        968,979               871,105  
      Total liabilities
                                                                                                 ----------------  --------------------                      ----------------  --------------------
Commitments and contingencies                                                                        
Stockholders' equity:                                                     
                                                                                 --        --  
   Preferred stock
                                                                                            142                   138  
   Common stock
                                                                                      5,181,368             4,952,999  
   Additional paid-in capital
                                                                                         13,606                 5,086  
   Accumulated other comprehensive income
                                                                                      (873,526)             (678,812)  
   Accumulated deficit
                                                                                                 ----------------  --------------------                      ----------------  --------------------
                                                                                      4,321,590             4,279,411  
      Total stockholders' equity
                                                                                                 ----------------  --------------------                      ----------------  --------------------
                                                                              $       5,290,569     $       5,150,516  
      Total liabilities and stockholders' equity
                                                                                                 ======= ========= ====================                      ======= ========= ====================
TWILIO INC.
Condensed Consolidated Statements of Cash Flows
-----------------------------------------------------------------------------------------
(In thousands)
(Unaudited)
                                                                          
                                                                                                                  Six Months Ended
                                                                                                                                                            June 30,
                                                                                                               --------------------------------------------------------------------------------------------
                                                                                          2020                                     2019
                                                                                                               ------------------------------------                        ------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:                                                                              
Net loss                                                                                    $       (194,714)     $       (129,082)  
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:                          
                                                                                                       64,772                49,610  
   Depreciation and amortization
                                                                                                       17,804                10,707  
   Non-cash reduction to the right-of-use asset
                                                                                                       12,356                11,682  
   Amortization of debt discount and issuance costs
                                                                                                      148,412               129,064  
   Stock-based compensation
                                                                                                        (357)              (53,502)  
   Tax benefit related to release of valuation allowance
                                                                                                        7,115                   697  
   Allowance for credit losses
                                                                                                        6,673        --  
   Value of donated common stock
                                                                                                        6,857               (1,286)  
   Other adjustments
                                                                                                                   
   Changes in operating assets and liabilities:
                                                                                                     (47,766)              (22,523)  
      Accounts receivable
                                                                                                     (12,001)              (15,688)  
      Prepaid expenses and other current assets
                                                                                                     (19,774)               (5,969)  
      Other long-term assets
                                                                                                     (11,523)                 8,306  
      Accounts payable
                                                                                                       47,435                13,976  
      Accrued expenses and other current liabilities
                                                                                                        2,994                 1,927  
      Deferred revenue and customer deposits
                                                                                                     (16,340)               (9,367)  
      Operating lease liability
                                                                                                        1,968               (2,371)  
      Long-term liabilities
                                                                                                               ----------------  --------------------                      ----------------  --------------------
                                                                                                       13,911              (13,819)  
         Net cash provided by (used in) operating activities
                                                                                                               ----------------  --------------------                      ----------------  --------------------
CASH FLOWS FROM INVESTING ACTIVITIES:                                                                              
                                                                                                      (2,725)               146,957  
   Acquisitions, net of cash acquired, and other related payments
                                                                                                    (443,816)           (1,377,072)  
   Purchases of marketable securities and other investments
                                                                                                      621,754               286,653  
   Proceeds from sales and maturities of marketable securities
                                                                                                     (17,651)              (10,520)  
   Capitalized software development costs
                                                                                                     (12,797)               (7,882)  
   Purchases of long-lived assets
                                                                                                               ----------------  --------------------                      ----------------  --------------------
                                                                                                      144,765             (961,864)  
         Net cash provided by (used in) investing activities
                                                                                                               ----------------  --------------------                      ----------------  --------------------
CASH FLOWS FROM FINANCING ACTIVITIES:                                                                              
                                                                                               --               980,000  
   Proceeds from a public offering, net of underwriting discount
                                                                                               --                 (347)  
   Payments of costs related to public offerings
                                                                                                      (3,829)               (3,460)  
   Principal payments on finance leases and notes payable
                                                                                                       69,936                33,509  
   Proceeds from exercises of stock options and shares issued under ESPP
                                                                                                      (2,818)               (2,580)  
   Value of equity awards withheld for tax liabilities
                                                                                                               ----------------  --------------------                      ----------------  --------------------
                                                                                                       63,289             1,007,122  
         Net cash provided by financing activities
                                                                                                               ----------------  --------------------                      ----------------  --------------------
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH                                            221,965                31,439  
CASH, CASH EQUIVALENTS AND RESTRICTED CASH--Beginning of period                           253,735               505,334  
                                                                                                               ----------------  --------------------                      ----------------  --------------------
CASH, CASH EQUIVALENTS AND RESTRICTED CASH --End of period                      $         475,700     $         536,773  
                                                                                                               ======= ========= ====================                      ======= ========= ====================
TWILIO INC.
Reconciliation to Non-GAAP Financial Measures
----------------------------------------------------------------
(In thousands, except shares, per share amounts and percentages)
(Unaudited)
                                                 
                                                                                                                Three Months Ended
                                                                                                                                                           June 30,
                                                                                      --------------------------------------------------------------------------------------------------------------------------------------------
                                                                             2020                                                             2019
                                                                                      ------------------------------------------------------------                        ------------------------------------------------------------
Gross profit                                                       $                                 209,131     $                                 150,015  
                                                                                             
   Non-GAAP adjustments:
                                                                                                       2,143                                         1,623  
      Stock-based compensation
                                                                                                      12,695                                        11,857  
      Amortization of acquired intangibles
                                                                                              --                                            58  
      Payroll taxes related to stock-based compensation
                                                                                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------
                                                                   $                                 223,969     $                                 163,553  
         Non-GAAP gross profit
                                                                                      ==================== ==================== ====================                      ==================== ==================== ====================
                                                                                                          56 %                                        59                   59 %
         Non-GAAP gross margin
                                                             
Research and development                                           $                                 120,701     $                                  98,783  
                                                                                                                  
   Non-GAAP adjustments:
                                                                                                    (39,841)                                      (33,701)  
      Stock-based compensation
                                                                                                     (2,983)                                       (2,186)  
      Payroll taxes related to stock-based compensation
                                                                                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------
                                                                   $                                  77,877     $                                  62,896  
         Non-GAAP research and development
                                                                                      ==================== ==================== ====================                      ==================== ==================== ====================
                                                                                                          19 %                                          23 %
         Non-GAAP research and development as a % of revenue
                                                                                               
Sales and marketing                                                $                                 129,823     $                                  90,421  
                                                                                                                  
   Non-GAAP adjustments:
                                                                                                    (23,086)                                      (14,564)  
      Stock-based compensation
                                                                                                     (7,889)                                       (7,329)  
      Amortization of acquired intangibles
                                                                                                     (2,957)                                         (990)  
      Payroll taxes related to stock-based compensation
                                                                                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------
                                                                   $                                  95,891     $                                  67,538  
         Non-GAAP sales and marketing
                                                                                      ==================== ==================== ====================                      ==================== ==================== ====================
                                                                                                          24 %                                          25 %
         Non-GAAP sales and marketing as a % of revenue
                                                                                               
General and administrative                                         $                                  61,251     $                                  54,543  
                                                                                                                  
   Non-GAAP adjustments:
                                                                                                    (14,317)                                      (20,852)  
      Stock-based compensation
                                                                                                        (11)                                          (62)  
      Amortization of acquired intangibles
                                                                                                        (21)                                       (1,274)  
      Acquisition-related expenses
                                                                                                     (3,972)                                --  
      Charitable contributions
                                                                                                     (2,238)                                         (746)  
      Payroll taxes related to stock-based compensation
                                                                                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------
                                                                   $                                  40,692     $                                  31,609  
         Non-GAAP general and administrative
                                                                                      ==================== ==================== ====================                      ==================== ==================== ====================
                                                                                                          10 %                                          11 %
         Non-GAAP general and administrative as a % of revenue
                                                             
Loss from operations                                               $                               (102,644)     $                                (93,732)  
                                                                                                                  
   Non-GAAP adjustments:
                                                                                                      79,387                                        70,740  
      Stock-based compensation
                                                                                                      20,595                                        19,248  
      Amortization of acquired intangibles
                                                                                                          21                                         1,274  
      Acquisition-related expenses
                                                                                                       3,972                                --  
      Charitable contributions
                                                                                                       8,178                                         3,980  
      Payroll taxes related to stock-based compensation
                                                                                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------
                                                                   $                                   9,509     $                                   1,510  
         Non-GAAP income from operations
                                                                                      ==================== ==================== ====================                      ==================== ==================== ====================
                                                                                                           2 %                                           1 %
         Non-GAAP operating margin
TWILIO INC.
Reconciliation to Non-GAAP Financial Measures
---------------------------------------------------------------------------------------------------------------------------
(In thousands, except shares, per share amounts and percentages)
(Unaudited)
                                                                                                            
                                                                                                                                                  Three Months Ended
                                                                                                                                                                                             June 30,
                                                                                                                                                 ------------------------------------------------------------------------------------------
                                                                                                                            2020                                    2019
                                                                                                                                                 -----------------------------------                        -----------------------------------
Net loss attributable to common stockholders                                                                                  $       (99,923)     $       (92,579)  
Non-GAAP adjustments:                                                                                                                               
                                                                                                                                        79,387               70,740  
   Stock-based compensation
                                                                                                                                        20,595               19,248  
   Amortization of acquired intangibles
                                                                                                                                            21                1,274  
   Acquisition-related expenses
                                                                                                                                         3,972       --  
   Charitable contributions
                                                                                                                                         8,178                3,980  
   Payroll taxes related to stock-based compensation
                                                                                                                                         6,178                5,841  
   Amortization of debt discount and issuance costs
                                                                                                                                         (195)                 (63)  
   Income tax benefit related to acquisition
                                                                                                                                       (4,187)              (3,588)  
   Provision for income tax effects related to Non-GAAP adjustments **
                                                                                                                                                 ---------------  --------------------                      ---------------  --------------------
                                                                                                                              $         14,026     $          4,853  
      Non-GAAP net income attributable to common stockholders
                                                                                                                                                 ======= ======== ====================                      ======= ======== ====================
                                                                                                                                             3 %                                     2 %
      Non-GAAP net income attributable to common stockholders as a % of revenue
                                                                                                                                 
Net loss per share attributable to common stockholders, basic and diluted*                                                    $         (0.71)     $         (0.72)  
Non-GAAP adjustments:                                                                                                                               
                                                                                                                                          0.52                 0.49  
   Stock-based compensation
                                                                                                                                          0.13                 0.13  
   Amortization of acquired intangibles
                                                                                                                                --                 0.01  
   Acquisition-related expenses
                                                                                                                                          0.03       --  
   Charitable contributions
                                                                                                                                          0.05                 0.03  
   Payroll taxes related to stock-based compensation
                                                                                                                                          0.04                 0.04  
   Amortization of debt discount and issuance costs
                                                                                                                                --       --  
   Income tax benefit related to acquisition
                                                                                                                                        (0.03)               (0.02)  
   Provision for income tax effects related to Non-GAAP adjustments **
                                                                                                                                          0.06                 0.07  
   Dilutive securities
                                                                                                                                                 ---------------  --------------------                      ---------------  --------------------
                                                                                                                              $           0.09     $           0.03  
      Non-GAAP net income per share attributable to common stockholders, diluted
                                                                                                                                                 ======= ======== ====================                      ======= ======== ====================
                                                                                                                                 
GAAP weighted-average shares used to compute net loss per share attributable to common stockholders, basic                                              141,618,541                             129,310,641
                                                                                                                                                 ===================================                        ===================================
                                                                                                                                 
Effect of dilutive securities (stock options and restricted stock units)                                                                                 12,116,189                              14,349,437
                                                                                                                                 
Non-GAAP weighted-average shares used to compute Non-GAAP net income per share attributable to common stockholders, diluted                             153,734,730                             143,660,078
                                                                                                                                                 ===================================                        ===================================

* Some columns may not add due to rounding

** Represents the tax effect of the non-GAAP adjustments based on the estimated annual effective tax rate of 25%

               
TWILIO INC.
Key Metrics
------------------------------
(Unaudited)
               
                                                                                                                                                                                                                                                   Three Months Ended
                                                    ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                             Jun 30,                               Sep 30,                               Dec 31,                               Mar 31,                               Jun 30,                               Sep 30,                               Dec 31,                               Mar 31,                                 Jun 30,
                                                                    2018                                                     2018                                                     2018                                                     2019                                                     2019                                                     2019                                                     2019                                                     2020                                                                          2020
                                                    ---------------------------------                        ---------------------------------                        ---------------------------------                        ---------------------------------                        ---------------------------------                        ---------------------------------                        ---------------------------------                        ---------------------------------                                             ---------------------------------
Number of Active Customers (1)                                57,350                                61,153                                64,286                               154,797                               161,869                               172,092                               179,000                               190,000                                 200,000
(as of period end date)
                                                                                                                                                                         
Dollar-Based                                138 %                                 147 %                                 150 %                                 142 %                                 141 %                                 132 %                                 125 %                                 143 %                                     (3)                  (3)            132 %
Net Expansion Rate (2)
                                                                                                                                                                         
Total Revenue                    $      147,754     $      168,895     $      204,302     $      233,139     $      275,039     $      295,066     $      331,224     $      364,868       $      400,849  
                                                                                                                                                                         
Total Revenue Growth Rate,                   54 %                                  68 %                                  77 %                                  81 %                                  86 %                                  75 %                                  62 %                                  57 %                                    46 %
Year over Year

(1) Effective December 31, 2019, we round down the number of active customer accounts to the nearest thousand. Commencing with the three month period ended March 31, 2019, Active Customer Accounts include the contribution from Twilio SendGrid customer accounts from February 1, 2019 (the date of the acquisition).

(2) As previously announced in our Annual Report on Form 10-K filed with the SEC on March 2, 2020, commencing with the three-month period ended March 31, 2020, we calculate our Dollar-Based Net Expansion Rate by comparing total revenue from a cohort of Active Customer Accounts in a period to the same period in the prior year (the "New DBNE Definition"). To facilitate comparison between the periods presented, Dollar-Based Net Expansion Rate as presented in the table above, has been calculated as if the New DBNE Definition had been in effect during that period. As a result of the New DBNE Definition, unless specifically identified as being calculated using 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. Commencing with the three month period ended March 31, 2020, Dollar-Based Net Expansion Rate includes the contribution from Twilio SendGrid from February 1, 2019 (the date of the acquisition).

(3) After adjusting for the extra month of revenue from Twilio SendGrid in January 2020, Dollar-Based Net Expansion Rate was 135%.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200804005794/en/

SOURCE: Twilio Inc.

Investor Contact:
Andrew Zilli
ir@Twilio.com 


or


Media Contact:
Caitlin Epstein
press@Twilio.com
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