Twilio Announces First Quarter 2021 Results
Twilio (NYSE: TWLO), the leading cloud communications platform, today reported financial results for its first quarter ended March 31, 2021.
“We delivered another quarter of outstanding growth in Q1, as companies across industries and around the world continue to turn to Twilio’s customer engagement platform to drive their digital transformation,” said Jeff Lawson, Twilio’s Co-Founder and CEO. “Over the last year, one thing has become extremely clear: we are in the midst of a massive shift in the way companies engage with their customers that is driving a generational opportunity for Twilio."
First Quarter 2021 Financial Highlights
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Revenue of
$590.0 million for the first quarter of 2021, up62% year-over-year, including$44.6 million from Twilio Segment.
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GAAP loss from operations of
$197.3 million for the first quarter of 2021, compared with GAAP loss from operations of$92.7 million for the first quarter of 2020.
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Non-GAAP income from operations of
$17.3 million for the first quarter of 2021 compared with non-GAAP income from operations of$6.1 million for the first quarter of 2020.
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GAAP net loss per share attributable to common stockholders, basic and diluted, of
$1.24 b ased on 167.2 million weighted average shares outstanding in the first quarter of 2021, compared with GAAP net loss per share attributable to common stockholders, basic and diluted, of$0.68 b ased on 139.2 million weighted average shares outstanding in the first quarter of 2020.
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Non-GAAP net income per share attributable to common stockholders, diluted, of
$0.05 b ased on 180.6 million non-GAAP weighted average shares outstanding in the first quarter of 2021, compared with non-GAAP net income per share attributable to common stockholders, diluted, of$0.06 b ased on 148.4 million weighted average shares outstanding in the first quarter of 2020.
Key Metrics and Recent Business Highlights
- More than 235,000 Active Customer Accounts as of March 31, 2021, compared to 190,000 Active Customer Accounts as of March 31, 2020. Active Customer Accounts as of March 31, 2021 include Twilio Segment customer accounts.
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Dollar-Based Net Expansion Rate was
133% for the first quarter of 2021, compared to143% for the first quarter of 2020. Twilio Segment results do not impact the calculation of this metric in either period. Excluding the January 2020 contribution from Twilio SendGrid, the acquisition of which closed February 1, 2019, the dollar-based net expansion rate would have been135% for the first quarter of 2020.
- 5,482 employees as of March 31, 2021.
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Completed a follow-on offering of Class A common stock for aggregate net proceeds of
$1.8 billion after offering expenses.
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Issued and sold
$1.0 billion aggregate principal amount of senior notes. The net proceeds from the debt offering were approximately$985.1 million .
- Announced a partnership with Syniverse to accelerate the next wave of innovation in mobile communications and drive long-term growth, with the associated transactions expected to close before the end of 2021.
R&D Organizational Changes
The Company announced that its R&D function will be split into three units, each reporting to the CEO: Twilio Communications Platform, Twilio Data Platform, and the Twilio Core Platform. The Company has promoted Simon Khalaf, SVP & GM Communications Platform, and he will have responsibility over Twilio's core communications products, including streamlining and simplifying the product experience for our customers into an integrated omni-channel experience. The Company has also expanded the role of Peter Reinhardt, CEO of Twilio Segment, where he will be responsible for Twilio’s Data Platform, which combines SendGrid Email, SendGrid Marketing Campaigns, and Segment as a whole into a single platform effort to serve marketing workloads. Chee Chew, who has served as Twilio’s Chief Product Officer since January 2019, has decided to leave the Company effective May 17, 2021. The Company will commence a search for a new leader for the Twilio Core Platform.
Outlook
Twilio is initiating guidance for the second quarter ending June 30, 2021. This guidance includes the revenue contribution from Twilio Segment.
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Q2 FY21
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Revenue (millions) |
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Y/Y Growth |
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47
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