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Twilio Tops Forecasts - Sales Surge 57%

May 7, 2020

Twilio reported financial results for its first quarter ended March 31, 2020. The firm noted earnings of 6 cents per share, adjusted with revenue of $364.9 million. Wall Street was expecting a loss of 11 cents per share on an adjusted basis and $331.25 million in revenue.

Twilio guided Q2 at a loss of 11 cents to 8 cents per share on an adjusted basis, and $367 million to $370 million in revenue. Investors were looking for an adjusted loss of 13 cents per share on $336.9 million in revenue.

“We delivered strong first quarter revenue growth of 57% year-over-year, as customers across industries turned to Twilio’s customer engagement platform to accelerate their digital transformation efforts,” said Jeff Lawson, Twilio’s co-founder and CEO. “Our platform provides three things the world needs right now: digital engagement, software agility and cloud scale.”

First Quarter 2020 Financial Highlights

  • Total revenue of $364.9 million for the first quarter of 2020, up 57% year-over-year.
  • GAAP loss from operations of $92.7 million for the first quarter of 2020, compared to $87.6 million for the first quarter of 2019.
  • Non-GAAP income from operations of $6.1 million for the first quarter of 2020, compared to $3.4 million for the first quarter of 2019.
  • GAAP net loss per share attributable to common stockholders of $0.68 for the first quarter of 2020, based on 139.2 million weighted average shares outstanding, compared to $0.31 for the first quarter of 2019.
  • Non-GAAP diluted net income per share attributable to common stockholders of $0.06 based on 148.4 million non-GAAP weighted average shares outstanding, compared to $0.05 for the first quarter of 2019.

Key Metrics and Recent Business Highlights

  • More than 190,000 Active Customer Accounts as of March 31, 2020, up 23% year-over-year.
  • Dollar-Based Net Expansion Rate, calculated using total revenue, was 143% for the first quarter of 2020, compared to 142% for the first quarter of 2019. Excluding the January 2020 contribution from Twilio SendGrid, the acquisition of which closed February 1, 2019, the dollar-based net expansion rate would have been 135% for the first quarter of 2020.
  • 3,060 employees as of March 31, 2020.
  • Application-to-person fees benefited total revenue by approximately $4 million and negatively impacted non-GAAP gross margin by approximately 70 basis points.
  • Welcomed Christy Lake as Chief People Officer and Steve Pugh as Chief Security Officer.
  • Joined state attorneys' general anti-robocalling coalition and started signing enterprise calls using SHAKEN/STIR protocols to help combat illegal robocalling.

Outlook

Twilio is initiating guidance for the second quarter ending June 30, 2020. With the uncertainty surrounding the ongoing impact of COVID-19, Twilio is withdrawing its full year 2020 guidance.

 

 

Q2 FY20
Guidance

Revenue (millions)

 

$365 - $370

Y/Y Growth

 

33% - 35%

Non-GAAP loss from operations (millions)

 

($20) - ($15)

Non-GAAP loss per share

 

($0.11) - ($0.08)

Non-GAAP basic shares outstanding (millions)

 

141

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