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Twilio Announces Fourth Quarter and Full Year 2018 Results

Nachrichtenquelle: Business Wire (engl.)
12.02.2019, 22:15  |  331   |   |   

Twilio (NYSE: TWLO), the leading cloud communications platform, today reported financial results for its fourth quarter and full year ended December 31, 2018.

“The power of our platform model was evident in our results once again, as Q4’s exceptional results capped off an incredible 2018,” said Jeff Lawson, Twilio’s Co-Founder and Chief Executive Officer. “We are excited to add email to our platform through the acquisition of SendGrid and look forward to helping our customers drive their customer engagement strategies across all of the important communication channels - voice, messaging, video, and, now email.”

Fourth Quarter 2018 Financial Highlights

  • Total revenue of $204.3 million for the fourth quarter of 2018, up 77% from the fourth quarter of 2017 and 21% sequentially from the third quarter of 2018.
  • Base revenue of $186.2 million for the fourth quarter of 2018, up 77% from the fourth quarter of 2017 and 21% sequentially from the third quarter of 2018.
  • GAAP loss from operations of $44.0 million for the fourth quarter of 2018, compared with GAAP loss from operations of $20.2 million for the fourth quarter of 2017. Non-GAAP income from operations of $2.4 million for the fourth quarter of 2018, compared with non-GAAP loss from operations of $3.9 million for the fourth quarter of 2017.
  • GAAP net loss per share attributable to common stockholders, basic and diluted, of $0.47 based on 99.4 million weighted average shares outstanding in the fourth quarter of 2018, compared with GAAP net loss per share attributable to common stockholders, basic and diluted, of $0.20 based on 93.2 million weighted average shares outstanding in the fourth quarter of 2017.
  • Non-GAAP net income per share attributable to common stockholders, diluted, of $0.04 based on 110.6 million non-GAAP weighted average shares outstanding in the fourth quarter of 2018, compared with non-GAAP net loss per share attributable to common stockholders, diluted, of $0.03 based on 93.2 million weighted average shares outstanding in the fourth quarter of 2017.

Full Year 2018 Financial Highlights

  • Total revenue of $650.1 million for the full year 2018, up 63% from the full year 2017.
  • Base revenue of $593.0 million for the full year 2018, up 62% from the full year 2017.
  • GAAP loss from operations of $115.2 million for the full year 2018, compared with GAAP loss from operations of $66.1 million for the full year 2017. Non-GAAP income from operations of $4.1 million for the full year 2018, compared with non-GAAP loss from operations of $20.1 million for the full year 2017.
  • GAAP net loss per share attributable to common stockholders, basic and diluted, of $1.26 based on 97.1 million weighted average shares outstanding in the full year 2018, compared with GAAP net loss per share attributable to common stockholders, basic and diluted, of $0.70 based on 91.2 million weighted average shares outstanding in the full year 2017.
  • Non-GAAP net income per share attributable to common stockholders, diluted, of $0.11 based on 108.3 million non-GAAP weighted average shares outstanding in the full year 2018, compared with non-GAAP net loss per share attributable to common stockholders, diluted, of $0.19 based on 91.2 million weighted average shares outstanding in the full year 2017.

Key Metrics and Recent Business Highlights

  • 64,286 Active Customer Accounts as of December 31, 2018, compared to 48,979 Active Customer Accounts as of December 31, 2017.
  • Dollar-Based Net Expansion Rate was 147% for the fourth quarter of 2018, compared to 118% for the fourth quarter of 2017.
  • 1,440 employees as of December 31, 2018.
  • Announced Chee Chew as Chief Product Officer.
  • Added to the leadership in our go-to-market organization by naming Chetan Chaudhary as Global Vice President of Partners and adding David Parry-Jones as Regional Vice President of EMEA Sales.
  • Welcomed technology pioneer Donna Dubinsky to the Board of Directors.
  • Closed the acquisition of SendGrid, the leading email API platform, expanding the reach of our platform.

Outlook

Twilio is providing guidance for the first quarter ending March 31, 2019 and full year ending December 31, 2019 as follows (guidance includes outlook for SendGrid from February 1, 2019, the date of acquisition):

Quarter ending March 31, 2019:            
Total Revenue (millions)   $ 222.0   to   $ 225.0
Base Revenue (millions) $ 212.0 to $ 214.0
Non-GAAP loss from operations (millions) $ (2.0 ) to $ (1.0 )
Non-GAAP net income per share $ - to $ 0.01
Non-GAAP weighted average shares outstanding (millions) 130
Non-GAAP income tax rate 25 %
 
Full year ending December 31, 2019:            
Total Revenue (millions) $ 1,065.0 to $ 1,077.0
Base Revenue (millions) $ 1,028.0 to $ 1,036.0
Non-GAAP income from operations (millions) $ 4.0 to $ 8.0
Non-GAAP net income per share $ 0.08 to $ 0.11
Non-GAAP weighted average shares outstanding (millions) 141
Non-GAAP income tax rate 25 %
 

Conference Call Information

Twilio will host a conference call today, February 12, 2019, to discuss fourth quarter and full year 2018 financial results, as well as the first quarter and full year 2019 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 5393688. Following the completion of the call through 11:59 p.m. Eastern Time on February 19, 2019, a replay will be available by dialing (800) 585-8367 or +1 (416) 621-4642 (outside the U.S. and Canada) and entering passcode 5393688. 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.

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,” “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 March 31, 2019 and full year ending December 31, 2019, Twilio’s expectations regarding its products and solutions, and Twilio’s acquisition of SendGrid. 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; Twilio’s ability to compete effectively in an intensely competitive market, and risks that the anticipated benefits of the acquisition of SendGrid may not be fully realized or may take longer to realize than expected.

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 September 30, 2018 filed on November 8, 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.

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