Twilio(TWLO) - 2024 Q1 - Quarterly Results

Financial Performance - First quarter 2024 revenue reached $1.05 billion, representing a 4% year-over-year increase and a 7% organic growth[6] - GAAP loss from operations improved to $44 million, an 84% reduction compared to the same quarter last year[6] - Non-GAAP income from operations was $160 million, with full year guidance raised to $585 to $635 million[6] - Free cash flow for Q1 2024 was $177.3 million, a significant improvement from a negative $114.5 million in Q1 2023[7] - The net loss attributable to common stockholders narrowed to $55,349 in Q1 2024 from $342,139 in Q1 2023, indicating improved financial performance[35] - GAAP revenue for Q1 2024 was $1,047,050, representing a year-over-year growth of 4%[44] - GAAP net loss attributable to common stockholders for Q1 2024 was $55,349, compared to a net loss of $342,139 in Q1 2023[40] - Non-GAAP net income attributable to common stockholders for Q1 2024 was $146,335, with a non-GAAP net income margin of 14.0%[40] - Free cash flow for Q1 2024 was $177,298, with a free cash flow margin of 17%[46] - Total loss before provision for income taxes was $45,161, reflecting ongoing financial pressures[48] Customer Metrics - Active customer accounts increased to over 313,000, up from more than 300,000 a year ago[7] - Dollar-Based Net Expansion Rate for Q1 2024 was 102%, down from 106% in Q1 2023[7] - Active Customer Accounts at the end of the reporting period are defined as accounts generating at least $5 of revenue in the last month, but the current number is less informative for future revenue trends[30][31] - The Dollar-Based Net Expansion Rate is calculated by comparing revenue from Active Customer Accounts quarter-over-quarter, excluding contributions from acquisitions made after January 1, 2023[32][33] Revenue Guidance - The company initiated guidance for Q2 2024 revenue between $1.05 billion and $1.06 billion, with year-over-year growth expected at 1% to 2%[11] - Full year 2024 organic revenue growth is reaffirmed at 5% to 10%[10] Operational Efficiency - Total operating expenses decreased significantly from $754,774 in Q1 2023 to $587,545 in Q1 2024, a reduction of about 22%[35] - Loss from operations was reported at $43,504, indicating challenges in operational efficiency[48] - The company incurred restructuring costs of $9,946, suggesting strategic adjustments in operations[48] Cash and Assets - Cash and cash equivalents as of March 31, 2024, were $672,595, up from $655,931 as of December 31, 2023[36] - Total assets decreased from $11,609,707 as of December 31, 2023, to $11,289,289 as of March 31, 2024[36] Profitability Metrics - Gross profit for Q1 2024 increased to $544,041 from $490,690 in Q1 2023, representing a gross margin improvement[35] - GAAP gross profit for Q1 2024 was $544,041, with a gross margin of 52.0%[38] - Non-GAAP gross profit for Q1 2024 was $565,959, with a non-GAAP gross margin of 54.1%[38] - Non-GAAP income from operations was $159,610, while the Communications segment reported $249,010[48] Employee Metrics - The company had 5,582 employees as of March 31, 2024[7] Shareholder Actions - Twilio's Board authorized an additional $2.0 billion for share repurchases, targeting completion of $1.5 billion by the end of 2024[9] Other Expenses - Stock-based compensation for Q1 2024 amounted to $156,158, compared to $160,466 in Q1 2023[40] - Non-GAAP research and development expenses for Q1 2024 were $165,209, representing 15.8% of revenue[38] - Corporate costs amounted to $68,406, impacting overall profitability[48] - Payroll taxes related to stock-based compensation were $6,776, adding to the financial burden[48] - Charitable contributions amounted to $1,295, indicating the company's commitment to social responsibility[48]