Twilio (TWLO) 10-Q 1 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Jul. 23, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-37806
Entity Registrant Name	TWILIO INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-2574840
Entity Address, Address Line One	101 Spear Street
Entity Address, Address Line Two	Fifth Floor
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94105
City Area Code	415
Local Phone Number	390-2337
Title of 12(b) Security	Class A Common Stock, par value $0.001 per share
Trading Symbol	TWLO
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding (in shares)		160,599,847
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001447669
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 755,065	$ 655,931
Short-term marketable securities	2,361,063	3,356,064
Accounts receivable, net	537,313	562,773
Prepaid expenses and other current assets	310,260	329,204
Total current assets	3,963,701	4,903,972
Property and equipment, net	198,562	209,639
Operating right-of-use assets	63,898	73,959
Equity method investment	541,120	593,582
Intangible assets, net	293,328	350,490
Goodwill	5,243,266	5,243,266
Other long-term assets	203,777	234,799
Total assets	10,507,652	11,609,707
Current liabilities:
Accounts payable	61,831	119,615
Accrued expenses and other current liabilities	467,472	424,311
Deferred revenue and customer deposits	138,745	144,499
Operating lease liability, current	43,451	49,872
Total current liabilities	711,499	738,297
Operating lease liability, noncurrent	102,562	120,770
Finance lease liability, noncurrent	4,964	9,191
Long-term debt, net	989,762	988,953
Other long-term liabilities	19,392	19,944
Total liabilities	1,828,179	1,877,155
Commitments and contingencies (Note 11)
Stockholders' equity:
Preferred stock	0	0
Class A common stock	164	182
Additional paid-in capital	15,136,786	14,797,723
Accumulated other comprehensive (loss) income	(10,671)	619
Accumulated deficit	(6,446,806)	(5,065,972)
Total stockholders’ equity	8,679,473	9,732,552
Total liabilities and stockholders’ equity	$ 10,507,652	$ 11,609,707

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 1,082,502	$ 1,037,761	$ 2,129,552	$ 2,044,325
Cost of revenue	526,657	532,006	1,029,666	1,047,880
Gross profit	555,845	505,755	1,099,886	996,445
Operating expenses:
Research and development	243,652	226,896	495,267	465,491
Sales and marketing	217,556	261,600	431,574	521,485
General and administrative	113,984	134,852	225,950	247,420
Restructuring costs	(310)	14,902	9,636	136,844
Impairment of long-lived assets	0	9,332	0	31,116
Total operating expenses	574,882	647,582	1,162,427	1,402,356
Loss from operations	(19,037)	(141,827)	(62,541)	(405,911)
Other expenses, net:
Share of losses from equity method investment	(23,940)	(32,361)	(53,515)	(62,780)
Impairment of strategic investments	(667)	0	(667)	(46,154)
Other income, net	17,401	8,745	45,319	17,730
Total other expenses, net	(7,206)	(23,616)	(8,863)	(91,204)
Loss before provision for income taxes	(26,243)	(165,443)	(71,404)	(497,115)
Provision for income taxes	(5,615)	(744)	(15,803)	(11,211)
Net loss attributable to common stockholders	$ (31,858)	$ (166,187)	$ (87,207)	$ (508,326)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.19)	$ (0.91)	$ (0.50)	$ (2.75)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.19)	$ (0.91)	$ (0.50)	$ (2.75)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	170,222,104	183,490,982	175,613,672	184,926,875
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	170,222,104	183,490,982	175,613,672	184,926,875

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (31,858)	$ (166,187)	$ (87,207)	$ (508,326)
Other comprehensive (loss) income:
Unrealized (loss) gain on marketable securities	(1,821)	8,605	(7,014)	39,355
Foreign currency translation	0	86	0	569
Net change in market value of effective foreign currency forward exchange contracts	(823)	(2,167)	(5,328)	1,168
Share of other comprehensive (loss) income from equity method investment	(3,086)	5,146	1,052	19,794
Total other comprehensive (loss) income	(5,730)	11,670	(11,290)	60,886
Comprehensive loss attributable to common stockholders	$ (37,588)	$ (154,517)	$ (98,497)	$ (447,440)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock Class A	Common Stock Class B	Common Stock Common Stock Class A	Common Stock Common Stock Class B	Additional Paid-In Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022				176,358,104	9,617,605
Beginning balance at Dec. 31, 2022	$ 10,559,042			$ 174	$ 12	$ 14,055,853	$ (121,161)	$ (3,375,836)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(508,326)							(508,326)
Exercises of vested stock options (in shares)				100,406	127,982
Exercises of vested stock options	4,741					4,741
Vesting of restricted stock units (in shares)				2,660,746
Vesting of restricted stock units	0			$ 3		(3)
Value of equity awards withheld for tax liability (in shares)				(37,837)
Value of equity awards withheld for tax liability	(2,509)					(2,509)
Conversion of shares of Class B common stock into shares of Class A common stock (in shares)				9,745,587	(9,745,587)
Conversion of shares of Class B common stock into shares of Class A common stock	0			$ 12	$ (12)
Shares issued under ESPP (in shares)				579,857
Shares issued under ESPP	23,337					23,337
Shares of Class A common stock issued and donated to charity (in shares)				44,204
Shares of Class A common stock issued and donated to charity	2,646					2,646
Unrealized (loss) gain on marketable securities	$ 39,355						39,355
Repurchases of shares of Class A common stock including related costs (in shares)	(8,300,000)			(8,276,451)
Repurchases of shares of Class A common stock including related costs	$ (498,139)			$ (8)				(498,131)
Foreign currency translation	569						569
Net change in market value of effective foreign currency forward exchange contracts	1,168						1,168
Share of other comprehensive income from equity method investment	19,794						19,794
Stock-based compensation	324,252					324,252
Stock-based compensation - restructuring	10,629					10,629
Ending balance (in shares) at Jun. 30, 2023				181,174,616	0
Ending balance at Jun. 30, 2023	9,976,559			$ 181	$ 0	14,418,946	(60,275)	(4,382,293)
Beginning balance (in shares) at Mar. 31, 2023				176,121,918	9,617,605
Beginning balance at Mar. 31, 2023	10,318,866			$ 174	$ 12	14,233,590	(71,945)	(3,842,965)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(166,187)							(166,187)
Exercises of vested stock options (in shares)				33,438	30,783
Exercises of vested stock options	1,477					1,477
Vesting of restricted stock units (in shares)				1,144,112
Vesting of restricted stock units	0			$ 1		(1)
Value of equity awards withheld for tax liability (in shares)				(872)
Value of equity awards withheld for tax liability	(53)					(53)
Conversion of shares of Class B common stock into shares of Class A common stock (in shares)				9,648,388	(9,648,388)
Conversion of shares of Class B common stock into shares of Class A common stock	0			$ 12	$ (12)
Shares issued under ESPP (in shares)				579,857
Shares issued under ESPP	23,337					23,337
Shares of Class A common stock issued and donated to charity (in shares)				22,102
Shares of Class A common stock issued and donated to charity	1,047					1,047
Unrealized (loss) gain on marketable securities	$ 8,605						8,605
Repurchases of shares of Class A common stock including related costs (in shares)	(6,400,000)			(6,374,327)
Repurchases of shares of Class A common stock including related costs	$ (373,147)			$ (6)				(373,141)
Foreign currency translation	86						86
Net change in market value of effective foreign currency forward exchange contracts	(2,167)						(2,167)
Share of other comprehensive income from equity method investment	5,146						5,146
Stock-based compensation	159,253					159,253
Stock-based compensation - restructuring	296					296
Ending balance (in shares) at Jun. 30, 2023				181,174,616	0
Ending balance at Jun. 30, 2023	9,976,559			$ 181	$ 0	14,418,946	(60,275)	(4,382,293)
Beginning balance (in shares) at Dec. 31, 2023		181,945,771	0	181,945,771
Beginning balance at Dec. 31, 2023	9,732,552			$ 182		14,797,723	619	(5,065,972)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(87,207)							(87,207)
Exercises of vested stock options (in shares)				71,433
Exercises of vested stock options	1,099					1,099
Vesting of restricted stock units (in shares)				3,080,464
Vesting of restricted stock units	0			$ 2		(2)
Value of equity awards withheld for tax liability (in shares)				(27,537)
Value of equity awards withheld for tax liability	(1,963)					(1,963)
Shares issued under ESPP (in shares)				394,479
Shares issued under ESPP	20,601					20,601
Shares of Class A common stock issued and donated to charity (in shares)				44,204
Shares of Class A common stock issued and donated to charity	2,610					2,610
Shares returned from escrow (in shares)				(696)
Shares returned from escrow	(192)					(192)
Unrealized (loss) gain on marketable securities	$ (7,014)						(7,014)
Repurchases of shares of Class A common stock including related costs (in shares)	(21,400,000)			(21,358,029)
Repurchases of shares of Class A common stock including related costs	$ (1,293,647)			$ (20)				(1,293,627)
Foreign currency translation	0
Net change in market value of effective foreign currency forward exchange contracts	(5,328)						(5,328)
Share of other comprehensive income from equity method investment	1,052						1,052
Stock-based compensation	314,462					314,462
Stock-based compensation - restructuring	2,448					2,448
Ending balance (in shares) at Jun. 30, 2024		164,150,089	0	164,150,089
Ending balance at Jun. 30, 2024	8,679,473			$ 164		15,136,786	(10,671)	(6,446,806)
Beginning balance (in shares) at Mar. 31, 2024				177,471,887
Beginning balance at Mar. 31, 2024	9,447,730			$ 177		14,960,837	(4,941)	(5,508,343)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(31,858)							(31,858)
Exercises of vested stock options (in shares)				27,598
Exercises of vested stock options	678					678
Vesting of restricted stock units (in shares)				1,464,534
Vesting of restricted stock units	0			$ 1		(1)
Value of equity awards withheld for tax liability (in shares)				(780)
Value of equity awards withheld for tax liability	(45)					(45)
Shares issued under ESPP (in shares)				394,479
Shares issued under ESPP						20,601
Shares of Class A common stock issued and donated to charity (in shares)				22,102
Shares of Class A common stock issued and donated to charity	1,315					1,315
Unrealized (loss) gain on marketable securities	$ (1,821)						(1,821)
Repurchases of shares of Class A common stock including related costs (in shares)	(15,200,000)			(15,229,731)
Repurchases of shares of Class A common stock including related costs	$ (906,619)			$ (14)				(906,605)
Foreign currency translation	0
Net change in market value of effective foreign currency forward exchange contracts	(823)						(823)
Share of other comprehensive income from equity method investment	(3,086)						(3,086)
Stock-based compensation	153,401					153,401
Ending balance (in shares) at Jun. 30, 2024		164,150,089	0	164,150,089
Ending balance at Jun. 30, 2024	$ 8,679,473			$ 164		$ 15,136,786	$ (10,671)	$ (6,446,806)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (87,207)	$ (508,326)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	105,383	146,388
Non-cash reduction to the right-of-use asset	10,064	16,074
Net amortization of investment premium and discount	(12,572)	5,392
Impairment of long-lived assets	0	31,116
Stock-based compensation including restructuring	306,263	323,893
Amortization of deferred commissions	37,788	36,067
Provision for doubtful accounts	14,365	21,864
Share of losses from equity method investment	53,515	62,780
Loss on net assets divested	0	32,277
Impairment of strategic investments	667	46,154
Other adjustments	7,924	13,275
Changes in operating assets and liabilities:
Accounts receivable	11,094	(92,130)
Prepaid expenses and other current assets	19,752	(45,116)
Other long-term assets	2,396	(19,180)
Accounts payable	(59,027)	(13,582)
Accrued expenses and other current liabilities	23,655	(44,365)
Deferred revenue and customer deposits	(5,755)	306
Operating lease liabilities	(24,177)	(27,864)
Other long-term liabilities	(662)	757
Net cash provided by (used in) operating activities	403,466	(14,220)
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions, net of cash acquired and payments related to prior period acquisitions	0	(170)
Purchases of marketable securities and other investments	(589,995)	(511,734)
Proceeds from sales and maturities of marketable securities	1,592,970	1,050,010
Capitalized software development costs	(25,835)	(20,075)
Purchases of long-lived and intangible assets	(2,756)	(8,254)
Net cash provided by investing activities	974,384	509,777
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on debt and finance leases	(7,060)	(9,804)
Value of equity awards withheld for tax liabilities	(1,963)	(2,509)
Repurchases of shares of Class A common stock and related costs	(1,273,699)	(485,121)
Proceeds from exercises of stock options and shares of Class A common stock issued under ESPP	21,700	28,078
Net cash used in financing activities	(1,261,022)	(469,356)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0	108
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH, including cash classified as held for sale	116,828	26,309
CASH, CASH EQUIVALENTS AND RESTRICTED CASH CLASSIFIED AS HELD FOR SALE	0	(7,306)
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	116,828	19,003
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—Beginning of period	655,931	656,078
CASH, CASH EQUIVALENTS AND RESTRICTED CASH —End of period	772,759	675,081
Cash paid for income taxes, net	19,473	17,578
Cash paid for interest	19,007	19,261
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONDENSED CONSOLIDATED BALANCE SHEETS
Cash and cash equivalents	755,065	675,081
Restricted cash in other current assets	7,554	0
Restricted cash in other long-term assets	10,140	0
Total cash, cash equivalents and restricted cash	$ 772,759	$ 675,081

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Twilio Inc. (the “Company”) was incorporated in the state of Delaware on March 13, 2008. Today's leading companies trust Twilio's Customer Engagement Platform to build direct, personalized relationships with their customers everywhere in the world. Twilio enables companies to use communications and data to add intelligence and security to every step of their customers’ journey, from sales to marketing to growth, customer service and many more engagement use cases in a flexible, programmatic way. The Company’s headquarters are located in San Francisco, California, and the Company has subsidiaries across North America, South America, Europe, Asia and Australia.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies (a) Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K filed with the SEC on February 27, 2024 (“Annual Report”). The condensed consolidated balance sheet as of December 31, 2023, included herein, was derived from the audited financial statements as of that date, but may not include all disclosures including certain notes required by U.S. GAAP on an annual reporting basis. In the opinion of management, the accompanying condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss, stockholders’ equity and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full year 2024 or any future period. (b) Principles of Consolidation The condensed consolidated financial statements include the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated. (c) Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are used for, but not limited to, revenue allowances and sales credit reserves; recoverability of long-lived and intangible assets; allocation of goodwill to reporting units; impairment assessments of goodwill and indefinite-lived intangible assets; capitalization and useful life of the Company’s capitalized internal-use software development costs; fair value of acquired intangible assets and goodwill; accruals and contingencies. Estimates are based on historical experience and on various assumptions that the Company believes are reasonable under then current circumstances. However, future events are subject to change and best estimates and judgments may require further adjustments, therefore, actual results could differ materially from those estimates. Management periodically evaluates such estimates and they are adjusted prospectively based upon such periodic evaluation. (d) Remaining Performance Obligations Revenue allocated to remaining performance obligations for contracts with durations of more than one year was $152.6 million as of June 30, 2024, of which 64% is expected to be recognized over the next 12 months and 93% is expected to be recognized over the next 24 months. (e) Deferred Revenue and Customer Deposits As of June 30, 2024, and December 31, 2023, the Company recorded $138.7 million and $144.5 million as its deferred revenue and customer deposits, respectively. During the three months ended June 30, 2024 and 2023, the Company recognized $32.1 million and $27.2 million of revenue, respectively, that was included in the deferred revenue and customer deposits balances as of the end of the previous year. During the six months ended June 30, 2024 and 2023, the Company recognized $97.4 million and $98.6 million of revenue, respectively, that was included in the deferred revenue and customer deposits balances as of the end of the previous year. (f) Concentration of Credit Risk Financial instruments that potentially expose the Company to a concentration of credit risk consist primarily of cash, cash equivalents, restricted cash, marketable securities and accounts receivable. The Company maintains cash, cash equivalents, restricted cash and marketable securities with financial institutions. Certain balances held by such financial institutions exceed insured limits. The Company sells its services to a wide variety of customers. If the financial condition or results of operations of any significant customer deteriorates substantially, operating results could be adversely affected. To reduce credit risk, management performs credit evaluations of the financial condition of significant customers and periodic re-evaluations, as needed, of existing customers. The Company does not require collateral from its credit customers and maintains reserves for estimated credit losses on customer accounts when considered necessary. Actual credit losses may differ from the Company’s estimates. As of June 30, 2024, and December 31, 2023, the allowance for doubtful accounts was $37.2 million and $42.0 million, respectively, and is recorded in accounts receivable, net, in the accompanying condensed consolidated balance sheets. In the three and six months ended June 30, 2024 and 2023, no customer organization accounted for more than 10% of the Company’s total revenue. As of June 30, 2024 and December 31, 2023, no customer organization represented more than 10% of the Company’s gross accounts receivable. (g) Restructuring Costs The Company records restructuring expenses when (i) management commits to a restructuring plan, (ii) the restructuring plan identifies all significant actions, (iii) the period of time to complete the restructuring plan indicates that significant changes to the plan are not likely, and (iv) employees who are impacted have been notified of the pending involuntary termination. The Company enacted workforce reduction plans in February 2023, December 2023 and March 2024. In the six months ended June 30, 2024, restructuring charges incurred and cash paid related to these plans were not significant. The estimated remaining expenses related to these plans are not expected to be significant. (h) Recently Issued Accounting Guidance, Not yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. (“ASU”) 2023-07, “ Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ,” which is intended to improve reportable segment disclosures. The ASU expands segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of segment profit or loss. It also requires disclosure of the amount and description of the composition of other segment items and interim disclosures of a reportable segment's profit or loss and assets. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with retrospective application required. Early adoption is permitted. The Company expects to adopt ASU 2023-07 upon its effective date. The adoption will require certain additional disclosure in the notes to the Company’s consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, “ Income Taxes (Topic 740): Improvements to Income Tax Disclosures, ” which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation and modifies other income tax related disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 and may be applied on a prospective basis. Early adoption is permitted. The Company expects to adopt ASU 2023-09 upon its effective date. The adoption will require certain additional disclosure in the notes to the Company’s consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Financial Assets The following tables provide the financial assets measured at fair value on a recurring basis: Amortized Gross Gross Gross Fair Value Hierarchy as of Aggregate Level 1 Level 2 Level 3 Financial Assets: (In thousands) Cash and cash equivalents: Money market funds $ 483,904 $ — $ — $ — $ 483,904 $ — $ — $ 483,904 Commercial paper 15,287 — — — — 15,287 — 15,287 U.S. Treasury bills 68,383 — — — 68,383 — — 68,383 Total included in cash 567,574 — — — 552,287 15,287 — 567,574 Marketable securities: Debt securities: U.S. Treasury securities 433,012 60 (1,234) (198) 431,640 — — 431,640 Non-U.S. government securities 8,787 12 — (16) 8,783 — — 8,783 Corporate debt securities and commercial paper 1,926,309 2,102 (7,858) (2,031) 10,810 1,907,712 — 1,918,522 Total debt securities 2,368,108 2,174 (9,092) (2,245) 451,233 1,907,712 — 2,358,945 Equity securities 2,118 — — — 2,118 — — 2,118 Total marketable 2,370,226 2,174 (9,092) (2,245) 453,351 1,907,712 — 2,361,063 Total financial assets $ 2,937,800 $ 2,174 $ (9,092) $ (2,245) $ 1,005,638 $ 1,922,999 $ — $ 2,928,637 Amortized Gross Gross Gross Fair Value Hierarchy as of Aggregate Level 1 Level 2 Level 3 Financial Assets: (In thousands) Cash and cash equivalents: Money market funds $ 408,696 $ — $ — $ — $ 408,696 $ — $ — $ 408,696 Total included in cash 408,696 — — — 408,696 — — 408,696 Marketable securities: Debt securities: U.S. Treasury securities 410,665 2,162 (7) (1,665) 411,155 — — 411,155 Non-U.S. government securities 83,576 55 (111) (1,209) 82,311 — — 82,311 Corporate debt securities and commercial paper 2,859,071 15,366 (10,818) (5,922) 16,690 2,841,007 — 2,857,697 Total debt securities 3,353,312 17,583 (10,936) (8,796) 510,156 2,841,007 — 3,351,163 Equity securities 4,901 — — — 4,901 — — 4,901 Total marketable 3,358,213 17,583 (10,936) (8,796) 515,057 2,841,007 — 3,356,064 Total financial assets $ 3,766,909 $ 17,583 $ (10,936) $ (8,796) $ 923,753 $ 2,841,007 $ — $ 3,764,760 The Company’s primary objective when investing excess cash is preservation of capital, hence the Company’s debt securities primarily consist of U.S. Treasury Securities, non-U.S government securities, high credit quality corporate debt securities and commercial paper. Because the Company views its debt securities as available to support current operations, it has classified all available for sale securities as short-term. Interest earned on debt securities was $23.5 million and $50.6 million in the three and six months ended June 30, 2024, respectively, and $16.7 million and $33.9 million in the three and six months ended June 30, 2023, respectively. The interest is recorded as other income, net, in the accompanying condensed consolidated statements of operations. The following table summarizes the contractual maturities of debt securities: As of June 30, As of December 31, 2024 2023 Amortized Aggregate Amortized Aggregate Financial Assets: (In thousands) Less than one year $ 807,283 $ 802,685 $ 1,448,256 $ 1,434,149 One to three years 1,560,825 1,556,260 1,905,056 1,917,014 Total $ 2,368,108 $ 2,358,945 $ 3,353,312 $ 3,351,163 Strategic Investments As of June 30, 2024 and December 31, 2023, the Company held strategic investments with a carrying value of $31.1 million and $30.7 million, respectively, recorded as other long-term assets in the accompanying condensed consolidated balance sheets. The carrying value of these securities is determined under the measurement alternative on a non-recurring basis and adjusted for observable changes in fair value or impairment. There were no significant impairments or adjustments recorded in the six months ended June 30, 2024 related to these investments. During the six months ended June 30, 2023, the Company recorded an impairment loss of $46.2 million related to one of these investments in other expenses, net, in the accompanying condensed consolidated statement of operations. Financial Liabilities The Company’s financial liabilities that are measured at fair value on a recurring basis consist of foreign currency derivative liabilities and are classified as Level 2 financial instruments in the fair value hierarchy. As of June 30, 2024 and December 31, 2023, the aggregate fair value of these liabilities and the associated unrealized losses were not significant.

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment consisted of the following: As of June 30, As of December 31, 2024 2023 (In thousands) Capitalized internal-use software developments costs $ 330,978 $ 297,655 Data center equipment (1) 104,883 104,543 Leasehold improvements 92,155 92,315 Office equipment 57,317 60,905 Furniture and fixtures 14,562 14,558 Software 14,639 14,639 Total property and equipment 614,534 584,615 Less: accumulated depreciation and amortization (1) (415,972) (374,976) Total property and equipment, net $ 198,562 $ 209,639 ____________________________________ ( 1 ) Data center equipment contains $72.4 million in assets held under finance leases as of June 30, 2024 and December 31, 2023. Accumulated depreciation and amortization includes $62.7 million and $55.9 million of accumulated depreciation for assets held under finance leases as of June 30, 2024, and December 31, 2023, respectively. Depreciation and amortization expense was $23.3 million and $24.3 million in the three months ended June 30, 2024 and 2023, respectively, and $47.2 million and $44.3 million in the six months ended June 30, 2024 and 2023, respectively. The Company capitalized $20.4 million and $14.8 million in internal‑use software development costs in the three months ended June 30, 2024 and 2023, respectively, and $36.5 million and $29.0 million in the six months ended June 30, 2024 and 2023, respectively.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting As of June 30, 2024, the Company had two operating and reportable segments: Twilio Communications (“Communications”) and Twilio Segment (“Segment”). Twilio Communications : The Communications reportable segment consists of a variety of application programming interfaces (“APIs”) and software solutions to optimize communications between Twilio customers and their end users. The key products from which the segment derives its revenue are Messaging, Voice, and Email and Marketing Campaigns. Twilio Segment : The Segment reportable segment consists of software products that enable businesses to achieve more effective customer engagement by providing the tools necessary for customers to build direct, personalized relationships with their end users. The key product from which the segment derives its revenue is Segment. Presented below is the discrete financial information by reportable segment for the three and six months ended June 30, 2024 and 2023, that is regularly reviewed by the CODM for performance assessment and resource allocation decisions. Prior period amounts were reclassified to conform to the current period’s presentation. Asset information is not presented below since it is not reviewed by the CODM on a segment by segment basis. Revenue, costs of revenue and operating expenses are generally directly attributable to each segment. Certain costs of revenue and operating expenses are allocated based on methodologies that best reflect the patterns of consumption of these costs. Corporate costs consist of costs that support company-wide processes and are managed on the company-wide level, and include costs related to corporate governance and communication, global brand awareness, information security, and certain legal, human resources, finance and accounting expenses. Three Months Ended Six Months Ended 2024 2023 2024 2023 (In thousands) Revenue: Communications $ 1,007,302 $ 964,535 $ 1,979,308 $ 1,897,483 Segment 75,200 73,226 150,244 146,842 Total $ 1,082,502 $ 1,037,761 $ 2,129,552 $ 2,044,325 Non-GAAP income (loss) from operations: Communications $ 249,930 $ 192,524 $ 498,940 $ 372,988 Segment (15,815) (18,979) (36,809) (36,196) Corporate costs (58,796) (53,398) (127,202) (112,858) Total $ 175,319 $ 120,147 $ 334,929 $ 223,934 Reconciliation of non-GAAP income (loss) from operations to loss from operations: Total non-GAAP income from operations $ 175,319 $ 120,147 $ 334,929 $ 223,934 Stock-based compensation (147,657) (152,798) (303,815) (313,264) Amortization of acquired intangibles (28,184) (50,190) (57,123) (100,964) Acquisition and divestiture related expenses — (3,097) — (5,332) Loss on net assets held for sale — (28,453) — (32,277) Payroll taxes related to stock-based compensation (3,510) (2,155) (10,286) (7,402) Charitable contributions (15,315) (1,047) (16,610) (2,646) Restructuring costs 310 (14,902) (9,636) (136,844) Impairment of long-lived assets — (9,332) — (31,116) Loss from operations (19,037) (141,827) (62,541) (405,911) Other expenses, net (7,206) (23,616) (8,863) (91,204) Loss before provision for income taxes $ (26,243) $ (165,443) $ (71,404) $ (497,115)

Derivatives and Hedging

Derivatives and Hedging	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging	Derivatives and Hedging As of June 30, 2024, the Company had outstanding foreign currency forward contracts designated as cash flow hedges with a total sell notional value of $186.1 million. The notional value represents the amount that will be sold upon maturity of the forward contract. As of June 30, 2024, these contracts had maturities of up to 17 months. Gains and losses associated with these foreign currency forward contracts were not significant.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill As of June 30, 2024 and December 31, 2023, the balance of the Company’s goodwill was $5.2 billion, of which $4.9 billion relates to the Communications reportable segment and $306.1 million relates to the Segment reportable segment. There was no goodwill activity during the six months ended June 30, 2024. Intangible assets Intangible assets consisted of the following: As of June 30, 2024 Cost Accumulated Amortization Net Amortizable intangible assets: (In thousands) Developed technology $ 397,473 $ (288,369) $ 109,104 Customer relationships 349,074 (193,460) 155,614 Supplier relationships 49,756 (30,823) 18,933 Trade names 25,968 (24,474) 1,494 Order backlog 10,000 (10,000) — Patent 3,968 (1,000) 2,968 Total amortizable intangible assets 836,239 (548,126) 288,113 Non-amortizable intangible assets: Telecommunication licenses 4,920 — 4,920 Trademarks and other 295 — 295 Total $ 841,454 $ (548,126) $ 293,328 As of December 31, 2023 Cost Accumulated Amortization Net Amortizable intangible assets: (In thousands) Developed technology $ 397,473 $ (259,635) $ 137,838 Customer relationships 349,074 (170,511) 178,563 Supplier relationships 49,756 (26,316) 23,440 Trade names 25,968 (23,600) 2,368 Order backlog 10,000 (10,000) — Patent 3,968 (902) 3,066 Total amortizable intangible assets 836,239 (490,964) 345,275 Non-amortizable intangible assets: Telecommunication licenses 4,920 — 4,920 Trademarks and other 295 — 295 Total $ 841,454 $ (490,964) $ 350,490 Amortization expense was $28.2 million and $50.2 million for the three months ended June 30, 2024 and 2023, respectively, and $57.2 million and $101.1 million for the six months ended June 30, 2024 and 2023, respectively. Total estimated future amortization expense is as follows: As of June 30, 2024 Year Ended December 31, (In thousands) 2024 (remaining six months) $ 54,880 2025 107,862 2026 42,149 2027 25,330 2028 19,055 Thereafter 38,837 Total $ 288,113

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2024
Accrued Liabilities and Other Liabilities [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: As of June 30, As of December 31, 2024 2023 (In thousands) Accrued payroll and related $ 69,341 $ 77,593 Accrued bonus and commission 67,549 17,345 Accrued cost of revenue 172,162 155,721 Sales and other taxes payable 74,111 70,913 ESPP contributions 4,343 6,130 Finance lease liability 4,439 8,489 Restructuring liability 2,750 29,086 Share repurchase costs payable 13,003 3,526 Accrued other expense 59,774 55,508 Total accrued expenses and other current liabilities $ 467,472 $ 424,311

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt, net, consisted of the following: As of June 30, As of December 31, 2024 2023 (In thousands) 2029 Senior Notes Principal $ 500,000 $ 500,000 Unamortized discount (3,900) (4,274) Unamortized issuance costs (878) (962) Net carrying amount 495,222 494,764 2031 Senior Notes Principal 500,000 500,000 Unamortized discount (4,457) (4,744) Unamortized issuance costs (1,003) (1,067) Net carrying amount 494,540 494,189 Total long-term debt, net $ 989,762 $ 988,953 As of June 30, 2024, the Company was in compliance with all of its covenants under the related indentures.

Revenue by Geographic Area

Revenue by Geographic Area	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue by Geographic Area	Revenue by Geographic Area Revenue by geographic area is based on the IP address or the mailing address of the customer at the time of registration. The following table sets forth revenue by geographic area: Three Months Ended Six Months Ended 2024 2023 2024 2023 Revenue by geographic area: (In thousands) United States $ 706,451 $ 692,646 $ 1,392,978 $ 1,354,736 International 376,051 345,115 736,574 689,589 Total $ 1,082,502 $ 1,037,761 $ 2,129,552 $ 2,044,325 Percentage of revenue by geographic area: United States 65 % 67 % 65 % 66 % International 35 % 33 % 35 % 34 %

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Lease and Other Commitments The Company has entered into various non-cancelable operating lease agreements for its facilities. In the three and six months ended June 30, 2024, the Company did not enter into any significant new lease agreements. The Company has non-cancelable contractual commitments with its cloud infrastructure provider, network service providers and other vendors. In the three and six months ended June 30, 2024, the Company entered into several such agreements with terms up to three years for a total purchase commitment of $25.6 million and $40.8 million, respectively. Legal Matters From time to time, the Company may be subject to legal actions, claims, and government investigations or inquiries arising in the ordinary course of business. These matters may include, but are not limited to, matters involving privacy, data protection, data security, intellectual property, competition, telecommunications, consumer protection, taxation, securities, employment, and contractual rights. While the Company currently believes that the final outcomes of these matters will not have a material adverse effect on its business, the results of any current or future litigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors. The Company accrues for contingencies when the Company believes that a loss is probable and that it can reasonably estimate the amount of any such loss. To the extent there is a reasonable possibility that a loss exceeding amounts already recognized may be incurred and the amount of such additional loss would be material, the Company will either disclose the estimated additional loss or state that such an estimate cannot be made. Significant judgment is required to determine the probability of a loss and to estimate the amount of any probable loss. Legal fees and other costs related to litigation and other legal proceedings are expensed as incurred and are included in general and administrative expenses in the accompanying condensed consolidated statements of operations. Indemnification Agreements In the ordinary course of business and in connection with its financing and business combination transactions, the Company enters into contractual arrangements under which it agrees to provide indemnification of varying scope and terms to business partners, customers and other parties with respect to certain matters, including, but not limited to, losses arising out of the breach of such agreements, intellectual property infringement claims made by third parties and other liabilities relating to or arising from the Company’s products or its acts or omissions. The Company has also signed indemnification agreements with all of its board members and executive officers and certain employees that may require the Company to indemnify them for certain events in connection with their services to the Company or its direct or indirect subsidiaries. As of June 30, 2024, and December 31, 2023, no amounts were accrued related to any outstanding indemnification agreements. Other Taxes The Company conducts operations in multiple tax jurisdictions within and outside of the United States. In many of these jurisdictions, non-income-based taxes, such as sales, use, telecommunications and other local taxes are assessed on the Company’s operations. The Company carries reserves for certain of its non-income-based tax exposures in certain jurisdictions when it is both probable that a liability was incurred and the amount of the exposure could be reasonably estimated. These reserves are based on estimates which include several key assumptions including, but not limited to, the taxability of the Company’s services, the jurisdictions in which its management believes it had nexus and the sourcing of revenues to those jurisdictions. The Company continues to remain in discussions with certain jurisdictions regarding its prior sales and other taxes that it may owe. In the event any of these jurisdictions disagree with management’s assumptions and analysis, the assessment of the Company’s tax exposure could differ materially from management’s current estimates. As of June 30, 2024, the liabilities recorded for the non-income-based taxes were $18.6 million for domestic jurisdictions and $20.2 million for jurisdictions outside of the United States. As of December 31, 2023, these liabilities were $18.0 million and $22.2 million, respectively.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders' Equity Preferred Stock As of June 30, 2024, and December 31, 2023, the Company had authorized 100,000,000 shares of preferred stock, par value $0.001, of which no shares were issued and outstanding. Common Stock As of June 30, 2024, the Company had authorized 1,000,000,000 shares of Class A common stock and 3,170,181 shares of Class B common stock, each with a par value of $0.001 per share. As of June 30, 2024, 164,150,089 shares of Class A common stock and no shares of Class B common stock were issued and outstanding. As of December 31, 2023, the Company had authorized 1,000,000,000 shares of Class A common stock and 3,170,181 shares of Class B common stock, each with a par value of $0.001 per share. As of December 31, 2023, 181,945,771 shares of Class A common stock and no shares of Class B common stock were issued and outstanding. The Company had reserved shares of common stock for issuance as follows: As of June 30, As of December 31, 2024 2023 Stock options issued and outstanding 1,529,641 1,722,861 Unvested restricted stock units issued and outstanding 22,542,340 18,755,538 Shares of Class A common stock reserved for Twilio.org 397,837 442,041 Stock-based awards available for grant under 2016 Plan 22,580,783 19,869,260 Shares of Class A common stock reserved for issuance pursuant to ESPP 9,947,222 8,541,701 Total 56,997,823 49,331,401 Share Repurchase Programs In February 2023, the board of directors of the Company authorized a repurchase of up to $1.0 billion in aggregate value of its outstanding Class A common stock through a share repurchase program. In March 2024, the board of directors of the Company authorized a second share repurchase program for an additional $2.0 billion in aggregate value of its outstanding Class A common stock. Repurchases under these programs can be made through open market, private transactions or other means, in compliance with applicable federal securities laws, and could include repurchases pursuant to Rule 10b5-1 trading plans. The Company has discretion in determining the conditions under which shares may be repurchased from time to time. Both programs expire on December 31, 2024. In the three months ended June 30, 2024 and 2023, the Company repurchased 15.2 million and 6.4 million shares of its Class A common stock, respectively, for an aggregate purchase price of $898.6 million and $370.0 million, respectively. In the six months ended June 30, 2024 and 2023, the Company repurchased 21.4 million and 8.3 million shares of its Class A common stock, respectively, for an aggregate purchase price of $1.3 billion and $495.0 million, respectively. As of June 30, 2024, approximately $1.0 billion of the aggregate amount authorized under the stock repurchase programs remained available for future repurchases.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company’s 2016 Stock Option and Incentive Plan (the “2016 Plan”) provides for granting stock options, restricted stock units, restricted stock awards, stock appreciation rights, unrestricted stock awards, performance share awards, dividend equivalent rights and cash-based awards to its employees, directors and consultants. Certain of the Company’s outstanding equity awards were granted under equity incentive plans that are no longer active but continue to govern the outstanding equity awards granted thereunder. In the second quarter of 2024, the Company granted performance-based restricted stock units (“PSUs”) covering 516,626 shares that had an aggregate grant date fair value of $34.5 million to certain of its executive employees. The PSUs will vest if certain operational performance or market conditions, as defined in the grant agreements, are met during the performance achievement period, which expires on December 31, 2026. The fair value of the portion of the PSUs with an operational performance target equals the closing price of the Company’s Class A common stock on the date of grant. The expense is recognized on a straight-line basis and only if it is probable that the performance target will be achieved during the performance period. The probability of achievement is assessed each reporting period and adjustments are recorded accordingly. The fair value of the portion of the PSUs with market conditions was determined using a Monte-Carlo simulation model and the expense is recognized on a straight-line basis over the performance achievement period. At the end of the vesting period the number of shares actually issued may range from 0% to 200% of the target based on levels of performance. In addition, pursuant to the Company’s 2016 Employee Stock Purchase Plan (“ESPP”), eligible employees may purchase shares of the Company’s Class A common stock at a discount of 15% through payroll deductions of their eligible compensation. The ESPP provides for separate six-month offering periods beginning in May and November of each year. As of June 30, 2024, total unrecognized compensation cost related to unvested restricted stock units was $1.5 billion which will be amortized over a weighted-average period of 2.9 years. As of June 30, 2024, total unrecognized compensation cost related to unvested stock options, the ESPP, and shares of Class A common stock in escrow subject to future vesting was not significant. Stock-Based Compensation Expense The Company recorded total stock-based compensation expense as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (In thousands) Cost of revenue $ 5,503 $ 6,334 $ 11,394 $ 11,624 Research and development 80,790 74,576 162,139 152,669 Sales and marketing 33,449 42,869 68,104 90,998 General and administrative 27,915 29,019 62,178 57,973 Restructuring costs — 296 2,448 10,629 Total $ 147,657 $ 153,094 $ 306,263 $ 323,893

Net Loss Per Share Attributable

Net Loss Per Share Attributable to Common Stockholders	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Net Loss Per Share Attributable to Common Stockholders	Net Loss Per Share Attributable to Common Stockholders The following table sets forth the calculation of basic and diluted net loss per share attributable to common stockholders during the periods presented: Three Months Ended Six Months Ended 2024 2023 2024 2023 Net loss attributable to common stockholders (in thousands) $ (31,858) $ (166,187) $ (87,207) $ (508,326) Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted 170,222,104 183,490,982 175,613,672 184,926,875 Net loss per share attributable to common stockholders, basic and diluted $ (0.19) $ (0.91) $ (0.50) $ (2.75) The following outstanding shares of common stock equivalents were excluded from the calculation of the diluted net loss per share attributable to common stockholders because their effect would have been anti-dilutive: As of June 30, 2024 2023 Stock options issued and outstanding 1,529,641 1,907,102 Unvested restricted stock units issued and outstanding 22,542,340 22,092,462 Shares of Class A common stock reserved for Twilio.org 397,837 486,245 Shares of Class A common stock committed under ESPP 251,810 396,717 Shares of Class A common stock in escrow — 31,503 Shares of Class A common stock in escrow and restricted stock awards subject to future vesting 3,771 15,936 Total 24,725,399 24,929,965

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company has historically computed its provision for income taxes for interim periods using an estimated annual effective tax rate (“AETR”) based on anticipated annual pretax income or loss, which was adjusted for discrete items recorded in the period. However, due to the level of forecasted provision for income taxes relative to the forecasted pre-tax income used in computing the effective tax rate, the effective tax rate is highly sensitive to fluctuations in pre-tax income and does not provide a reasonable estimate for income taxes in the interim period. As such, the Company computed its provision for income taxes based on the year-to-date actual effective tax rate for the three and six months ended June 30, 2024. The Company plans to revert to applying a forecasted annual effective tax rate to year-to-date earnings and adjusting for discrete items once that method produces more reasonable results. The primary difference between the Company’s effective tax rate and the federal statutory rate is the full valuation allowance the Company has established on its federal, state and certain foreign net operating losses and credits. The provision for income taxes recorded in the three months ended June 30, 2024 consists primarily of federal, state and foreign income taxes and withholding taxes in foreign jurisdictions in which the Company conducts business. The provision for income taxes recorded in the six months ended June 30, 2024 consists primarily of the same factors and also income tax expense from a foreign audit settlement. The provision for income taxes recorded in the three and six months ended June 30, 2023 consists primarily of income taxes and withholding taxes, partially offset by an income tax benefit from the release of tax liabilities related to uncertain tax positions for which the statute of limitation had lapsed. The Company is subject to taxation in the U.S. and various other state and foreign jurisdictions. Because the Company has net operating loss carryforwards for U.S. federal and state jurisdictions, the statute of limitations is open for all tax years.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions In May 2022, the Company and Syniverse Corporation (“Syniverse”), an equity method investee, entered into a wholesale agreement pursuant to which Syniverse would process, route and deliver application-to-person messages originating and/or terminating between the Company’s customers and mobile network operators. For the three and six months ended June 30, 2024, the value of the transactions that occurred between the Company and Syniverse were $35.2 million and $69.2 million, respectively. For the three and six months ended June 30, 2023, the value of the transactions that occurred between the Company and Syniverse were $37.3 million and $70.3 million, respectively. These transactions were recorded as cost of revenue in the accompanying condensed consolidated statements of operations.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (31,858)	$ (166,187)	$ (87,207)	$ (508,326)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2024 shares	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Dana Wagner [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On May 21, 2024, Dana Wagner our Chief Legal Officer, adopted a Rule 10b5-1 trading plan providing for the sale of up to an aggregate of 104,525 shares of common stock held by Mr. Wagner, plus any shares acquired pursuant to equity awards granted after the adoption of the plan or purchased under our employee stock purchase plan prior to the termination of the plan. The number of shares listed above for Mr. Wagner includes performance-based awards presented at their target amounts and
Name	Dana Wagner
Title	Chief Legal Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 21, 2024
Expiration Date	August 15, 2025
Arrangement Duration	451 days
Aggregate Available	104,525	104,525

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K filed with the SEC on February 27, 2024 (“Annual Report”). The condensed consolidated balance sheet as of December 31, 2023, included herein, was derived from the audited financial statements as of that date, but may not include all disclosures including certain notes required by U.S. GAAP on an annual reporting basis. In the opinion of management, the accompanying condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss, stockholders’ equity and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full year 2024 or any future period.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are used for, but not limited to, revenue allowances and sales credit reserves; recoverability of long-lived and intangible assets; allocation of goodwill to reporting units; impairment assessments of goodwill and indefinite-lived intangible assets; capitalization and useful life of the Company’s capitalized internal-use software development costs; fair value of acquired intangible assets and goodwill; accruals and contingencies. Estimates are based on historical experience and on various assumptions that the Company believes are reasonable under then current circumstances. However, future events are subject to change and best estimates and judgments may require further adjustments, therefore, actual results could differ materially from those estimates. Management periodically evaluates such estimates and they are adjusted prospectively based upon such periodic evaluation.
Deferred Revenue and Customer Deposits	Deferred Revenue and Customer Deposits As of June 30, 2024, and December 31, 2023, the Company recorded $138.7 million and $144.5 million as its deferred revenue and customer deposits, respectively. During the three months ended June 30, 2024 and 2023, the Company recognized $32.1 million and $27.2 million of revenue, respectively, that was included in the deferred revenue and customer deposits balances as of the end of the previous year. During the six months ended June 30, 2024 and 2023, the Company recognized $97.4 million and $98.6 million of revenue, respectively, that was included in the deferred revenue and customer deposits balances as of the end of the previous year.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially expose the Company to a concentration of credit risk consist primarily of cash, cash equivalents, restricted cash, marketable securities and accounts receivable. The Company maintains cash, cash equivalents, restricted cash and marketable securities with financial institutions. Certain balances held by such financial institutions exceed insured limits.
Restructuring Costs	Restructuring Costs
Recently Issued Accounting Guidance, Not yet Adopted	(h) Recently Issued Accounting Guidance, Not yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. (“ASU”) 2023-07, “ Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ,” which is intended to improve reportable segment disclosures. The ASU expands segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of segment profit or loss. It also requires disclosure of the amount and description of the composition of other segment items and interim disclosures of a reportable segment's profit or loss and assets. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with retrospective application required. Early adoption is permitted. The Company expects to adopt ASU 2023-07 upon its effective date. The adoption will require certain additional disclosure in the notes to the Company’s consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, “ Income Taxes (Topic 740): Improvements to Income Tax Disclosures, ” which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation and modifies other income tax related disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 and may be applied on a prospective basis. Early adoption is permitted. The Company expects to adopt ASU 2023-09 upon its effective date. The adoption will require certain additional disclosure in the notes to the Company’s consolidated financial statements.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of financial assets measured at fair value on a recurring basis	The following tables provide the financial assets measured at fair value on a recurring basis: Amortized Gross Gross Gross Fair Value Hierarchy as of Aggregate Level 1 Level 2 Level 3 Financial Assets: (In thousands) Cash and cash equivalents: Money market funds $ 483,904 $ — $ — $ — $ 483,904 $ — $ — $ 483,904 Commercial paper 15,287 — — — — 15,287 — 15,287 U.S. Treasury bills 68,383 — — — 68,383 — — 68,383 Total included in cash 567,574 — — — 552,287 15,287 — 567,574 Marketable securities: Debt securities: U.S. Treasury securities 433,012 60 (1,234) (198) 431,640 — — 431,640 Non-U.S. government securities 8,787 12 — (16) 8,783 — — 8,783 Corporate debt securities and commercial paper 1,926,309 2,102 (7,858) (2,031) 10,810 1,907,712 — 1,918,522 Total debt securities 2,368,108 2,174 (9,092) (2,245) 451,233 1,907,712 — 2,358,945 Equity securities 2,118 — — — 2,118 — — 2,118 Total marketable 2,370,226 2,174 (9,092) (2,245) 453,351 1,907,712 — 2,361,063 Total financial assets $ 2,937,800 $ 2,174 $ (9,092) $ (2,245) $ 1,005,638 $ 1,922,999 $ — $ 2,928,637 Amortized Gross Gross Gross Fair Value Hierarchy as of Aggregate Level 1 Level 2 Level 3 Financial Assets: (In thousands) Cash and cash equivalents: Money market funds $ 408,696 $ — $ — $ — $ 408,696 $ — $ — $ 408,696 Total included in cash 408,696 — — — 408,696 — — 408,696 Marketable securities: Debt securities: U.S. Treasury securities 410,665 2,162 (7) (1,665) 411,155 — — 411,155 Non-U.S. government securities 83,576 55 (111) (1,209) 82,311 — — 82,311 Corporate debt securities and commercial paper 2,859,071 15,366 (10,818) (5,922) 16,690 2,841,007 — 2,857,697 Total debt securities 3,353,312 17,583 (10,936) (8,796) 510,156 2,841,007 — 3,351,163 Equity securities 4,901 — — — 4,901 — — 4,901 Total marketable 3,358,213 17,583 (10,936) (8,796) 515,057 2,841,007 — 3,356,064 Total financial assets $ 3,766,909 $ 17,583 $ (10,936) $ (8,796) $ 923,753 $ 2,841,007 $ — $ 3,764,760
Schedule of contractual maturities of marketable securities	The following table summarizes the contractual maturities of debt securities: As of June 30, As of December 31, 2024 2023 Amortized Aggregate Amortized Aggregate Financial Assets: (In thousands) Less than one year $ 807,283 $ 802,685 $ 1,448,256 $ 1,434,149 One to three years 1,560,825 1,556,260 1,905,056 1,917,014 Total $ 2,368,108 $ 2,358,945 $ 3,353,312 $ 3,351,163

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	Property and equipment consisted of the following: As of June 30, As of December 31, 2024 2023 (In thousands) Capitalized internal-use software developments costs $ 330,978 $ 297,655 Data center equipment (1) 104,883 104,543 Leasehold improvements 92,155 92,315 Office equipment 57,317 60,905 Furniture and fixtures 14,562 14,558 Software 14,639 14,639 Total property and equipment 614,534 584,615 Less: accumulated depreciation and amortization (1) (415,972) (374,976) Total property and equipment, net $ 198,562 $ 209,639 ____________________________________ ( 1 ) Data center equipment contains $72.4 million in assets held under finance leases as of June 30, 2024 and December 31, 2023. Accumulated depreciation and amortization includes $62.7 million and $55.9 million of accumulated depreciation for assets held under finance leases as of June 30, 2024, and December 31, 2023, respectively.

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of financial information	Presented below is the discrete financial information by reportable segment for the three and six months ended June 30, 2024 and 2023, that is regularly reviewed by the CODM for performance assessment and resource allocation decisions. Prior period amounts were reclassified to conform to the current period’s presentation. Asset information is not presented below since it is not reviewed by the CODM on a segment by segment basis. Revenue, costs of revenue and operating expenses are generally directly attributable to each segment. Certain costs of revenue and operating expenses are allocated based on methodologies that best reflect the patterns of consumption of these costs. Corporate costs consist of costs that support company-wide processes and are managed on the company-wide level, and include costs related to corporate governance and communication, global brand awareness, information security, and certain legal, human resources, finance and accounting expenses. Three Months Ended Six Months Ended 2024 2023 2024 2023 (In thousands) Revenue: Communications $ 1,007,302 $ 964,535 $ 1,979,308 $ 1,897,483 Segment 75,200 73,226 150,244 146,842 Total $ 1,082,502 $ 1,037,761 $ 2,129,552 $ 2,044,325 Non-GAAP income (loss) from operations: Communications $ 249,930 $ 192,524 $ 498,940 $ 372,988 Segment (15,815) (18,979) (36,809) (36,196) Corporate costs (58,796) (53,398) (127,202) (112,858) Total $ 175,319 $ 120,147 $ 334,929 $ 223,934 Reconciliation of non-GAAP income (loss) from operations to loss from operations: Total non-GAAP income from operations $ 175,319 $ 120,147 $ 334,929 $ 223,934 Stock-based compensation (147,657) (152,798) (303,815) (313,264) Amortization of acquired intangibles (28,184) (50,190) (57,123) (100,964) Acquisition and divestiture related expenses — (3,097) — (5,332) Loss on net assets held for sale — (28,453) — (32,277) Payroll taxes related to stock-based compensation (3,510) (2,155) (10,286) (7,402) Charitable contributions (15,315) (1,047) (16,610) (2,646) Restructuring costs 310 (14,902) (9,636) (136,844) Impairment of long-lived assets — (9,332) — (31,116) Loss from operations (19,037) (141,827) (62,541) (405,911) Other expenses, net (7,206) (23,616) (8,863) (91,204) Loss before provision for income taxes $ (26,243) $ (165,443) $ (71,404) $ (497,115)

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets	Intangible assets consisted of the following: As of June 30, 2024 Cost Accumulated Amortization Net Amortizable intangible assets: (In thousands) Developed technology $ 397,473 $ (288,369) $ 109,104 Customer relationships 349,074 (193,460) 155,614 Supplier relationships 49,756 (30,823) 18,933 Trade names 25,968 (24,474) 1,494 Order backlog 10,000 (10,000) — Patent 3,968 (1,000) 2,968 Total amortizable intangible assets 836,239 (548,126) 288,113 Non-amortizable intangible assets: Telecommunication licenses 4,920 — 4,920 Trademarks and other 295 — 295 Total $ 841,454 $ (548,126) $ 293,328 As of December 31, 2023 Cost Accumulated Amortization Net Amortizable intangible assets: (In thousands) Developed technology $ 397,473 $ (259,635) $ 137,838 Customer relationships 349,074 (170,511) 178,563 Supplier relationships 49,756 (26,316) 23,440 Trade names 25,968 (23,600) 2,368 Order backlog 10,000 (10,000) — Patent 3,968 (902) 3,066 Total amortizable intangible assets 836,239 (490,964) 345,275 Non-amortizable intangible assets: Telecommunication licenses 4,920 — 4,920 Trademarks and other 295 — 295 Total $ 841,454 $ (490,964) $ 350,490
Schedule of total estimated future amortization expense	Total estimated future amortization expense is as follows: As of June 30, 2024 Year Ended December 31, (In thousands) 2024 (remaining six months) $ 54,880 2025 107,862 2026 42,149 2027 25,330 2028 19,055 Thereafter 38,837 Total $ 288,113

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Accrued Liabilities and Other Liabilities [Abstract]
Schedule of accrued expenses and other current liabilities	Accrued expenses and other current liabilities consisted of the following: As of June 30, As of December 31, 2024 2023 (In thousands) Accrued payroll and related $ 69,341 $ 77,593 Accrued bonus and commission 67,549 17,345 Accrued cost of revenue 172,162 155,721 Sales and other taxes payable 74,111 70,913 ESPP contributions 4,343 6,130 Finance lease liability 4,439 8,489 Restructuring liability 2,750 29,086 Share repurchase costs payable 13,003 3,526 Accrued other expense 59,774 55,508 Total accrued expenses and other current liabilities $ 467,472 $ 424,311

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of long-term debt, net	Long-term debt, net, consisted of the following: As of June 30, As of December 31, 2024 2023 (In thousands) 2029 Senior Notes Principal $ 500,000 $ 500,000 Unamortized discount (3,900) (4,274) Unamortized issuance costs (878) (962) Net carrying amount 495,222 494,764 2031 Senior Notes Principal 500,000 500,000 Unamortized discount (4,457) (4,744) Unamortized issuance costs (1,003) (1,067) Net carrying amount 494,540 494,189 Total long-term debt, net $ 989,762 $ 988,953

Revenue by Geographic Area (Tab

Revenue by Geographic Area (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of revenue by geographic area	Revenue by geographic area is based on the IP address or the mailing address of the customer at the time of registration. The following table sets forth revenue by geographic area: Three Months Ended Six Months Ended 2024 2023 2024 2023 Revenue by geographic area: (In thousands) United States $ 706,451 $ 692,646 $ 1,392,978 $ 1,354,736 International 376,051 345,115 736,574 689,589 Total $ 1,082,502 $ 1,037,761 $ 2,129,552 $ 2,044,325 Percentage of revenue by geographic area: United States 65 % 67 % 65 % 66 % International 35 % 33 % 35 % 34 %

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
Schedule of reserved shares of common stock for issuance	The Company had reserved shares of common stock for issuance as follows: As of June 30, As of December 31, 2024 2023 Stock options issued and outstanding 1,529,641 1,722,861 Unvested restricted stock units issued and outstanding 22,542,340 18,755,538 Shares of Class A common stock reserved for Twilio.org 397,837 442,041 Stock-based awards available for grant under 2016 Plan 22,580,783 19,869,260 Shares of Class A common stock reserved for issuance pursuant to ESPP 9,947,222 8,541,701 Total 56,997,823 49,331,401

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of stock based compensation expense	The Company recorded total stock-based compensation expense as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (In thousands) Cost of revenue $ 5,503 $ 6,334 $ 11,394 $ 11,624 Research and development 80,790 74,576 162,139 152,669 Sales and marketing 33,449 42,869 68,104 90,998 General and administrative 27,915 29,019 62,178 57,973 Restructuring costs — 296 2,448 10,629 Total $ 147,657 $ 153,094 $ 306,263 $ 323,893

Net Loss Per Share Attributab_2

Net Loss Per Share Attributable to Common Stockholders (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of the calculation of basic and diluted net loss per share attributable to common stockholders	The following table sets forth the calculation of basic and diluted net loss per share attributable to common stockholders during the periods presented: Three Months Ended Six Months Ended 2024 2023 2024 2023 Net loss attributable to common stockholders (in thousands) $ (31,858) $ (166,187) $ (87,207) $ (508,326) Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted 170,222,104 183,490,982 175,613,672 184,926,875 Net loss per share attributable to common stockholders, basic and diluted $ (0.19) $ (0.91) $ (0.50) $ (2.75)
Schedule of common stock equivalents excluded from the calculation of the diluted net loss per share attributable to common stockholders	The following outstanding shares of common stock equivalents were excluded from the calculation of the diluted net loss per share attributable to common stockholders because their effect would have been anti-dilutive: As of June 30, 2024 2023 Stock options issued and outstanding 1,529,641 1,907,102 Unvested restricted stock units issued and outstanding 22,542,340 22,092,462 Shares of Class A common stock reserved for Twilio.org 397,837 486,245 Shares of Class A common stock committed under ESPP 251,810 396,717 Shares of Class A common stock in escrow — 31,503 Shares of Class A common stock in escrow and restricted stock awards subject to future vesting 3,771 15,936 Total 24,725,399 24,929,965

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, amount	$ 152.6		$ 152.6
Deferred revenue	138.7		138.7		$ 144.5
Revenue recognized out of adjusted deferred revenue balance	32.1	$ 27.2	97.4	$ 98.6
Allowance for doubtful accounts	$ 37.2		$ 37.2		$ 42
Next 12 Months | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, percentage	64%		64%
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months		12 months
Next 24 Months | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, percentage	93%		93%
Revenue, remaining performance obligation, expected timing of satisfaction, period	24 months		24 months

Fair Value Measurements - Asset

Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Financial Assets:
Cash and cash equivalents:	$ 567,574	$ 408,696
Amortized Cost or Carrying Value	2,368,108	3,353,312
Amortized Cost or Carrying Value	2,118	4,901
Amortized Cost or Carrying Value	2,370,226	3,358,213
Total financial assets	2,937,800	3,766,909
Gross Unrealized Gains	2,174	17,583
Gross Unrealized Losses Less Than 12 Months	(9,092)	(10,936)
Gross Unrealized Losses More Than 12 Months	(2,245)	(8,796)
Marketable securities, aggregate fair value	2,358,945	3,351,163
Equity securities, aggregate fair value	2,118	4,901
Investments, aggregate fair value	2,361,063	3,356,064
Total financial assets	2,928,637	3,764,760
Level 1
Financial Assets:
Cash and cash equivalents:	552,287	408,696
Marketable securities, aggregate fair value	451,233	510,156
Equity securities, aggregate fair value	2,118	4,901
Investments, aggregate fair value	453,351	515,057
Total financial assets	1,005,638	923,753
Level 2
Financial Assets:
Cash and cash equivalents:	15,287	0
Marketable securities, aggregate fair value	1,907,712	2,841,007
Equity securities, aggregate fair value	0	0
Investments, aggregate fair value	1,907,712	2,841,007
Total financial assets	1,922,999	2,841,007
Level 3
Financial Assets:
Cash and cash equivalents:	0	0
Marketable securities, aggregate fair value	0	0
Equity securities, aggregate fair value	0	0
Investments, aggregate fair value	0	0
Total financial assets	0	0
U.S. Treasury securities
Financial Assets:
Amortized Cost or Carrying Value	433,012	410,665
Gross Unrealized Gains	60	2,162
Gross Unrealized Losses Less Than 12 Months	(1,234)	(7)
Gross Unrealized Losses More Than 12 Months	(198)	(1,665)
Marketable securities, aggregate fair value	431,640	411,155
U.S. Treasury securities | Level 1
Financial Assets:
Marketable securities, aggregate fair value	431,640	411,155
U.S. Treasury securities | Level 2
Financial Assets:
Marketable securities, aggregate fair value	0	0
U.S. Treasury securities | Level 3
Financial Assets:
Marketable securities, aggregate fair value	0	0
Non-U.S. government securities
Financial Assets:
Amortized Cost or Carrying Value	8,787	83,576
Gross Unrealized Gains	12	55
Gross Unrealized Losses Less Than 12 Months	0	(111)
Gross Unrealized Losses More Than 12 Months	(16)	(1,209)
Marketable securities, aggregate fair value	8,783	82,311
Non-U.S. government securities | Level 1
Financial Assets:
Marketable securities, aggregate fair value	8,783	82,311
Non-U.S. government securities | Level 2
Financial Assets:
Marketable securities, aggregate fair value	0	0
Non-U.S. government securities | Level 3
Financial Assets:
Marketable securities, aggregate fair value	0	0
Corporate debt securities and commercial paper
Financial Assets:
Amortized Cost or Carrying Value	1,926,309	2,859,071
Gross Unrealized Gains	2,102	15,366
Gross Unrealized Losses Less Than 12 Months	(7,858)	(10,818)
Gross Unrealized Losses More Than 12 Months	(2,031)	(5,922)
Marketable securities, aggregate fair value	1,918,522	2,857,697
Corporate debt securities and commercial paper | Level 1
Financial Assets:
Marketable securities, aggregate fair value	10,810	16,690
Corporate debt securities and commercial paper | Level 2
Financial Assets:
Marketable securities, aggregate fair value	1,907,712	2,841,007
Corporate debt securities and commercial paper | Level 3
Financial Assets:
Marketable securities, aggregate fair value	0	0
Money market funds
Financial Assets:
Cash and cash equivalents:	483,904	408,696
Money market funds | Level 1
Financial Assets:
Cash and cash equivalents:	483,904	408,696
Money market funds | Level 2
Financial Assets:
Cash and cash equivalents:	0	0
Money market funds | Level 3
Financial Assets:
Cash and cash equivalents:	0	$ 0
Commercial paper
Financial Assets:
Cash and cash equivalents:	15,287
Commercial paper | Level 1
Financial Assets:
Cash and cash equivalents:	0
Commercial paper | Level 2
Financial Assets:
Cash and cash equivalents:	15,287
Commercial paper | Level 3
Financial Assets:
Cash and cash equivalents:	0
U.S. Treasury securities
Financial Assets:
Cash and cash equivalents:	68,383
U.S. Treasury securities | Level 1
Financial Assets:
Cash and cash equivalents:	68,383
U.S. Treasury securities | Level 2
Financial Assets:
Cash and cash equivalents:	0
U.S. Treasury securities | Level 3
Financial Assets:
Cash and cash equivalents:	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest earned on marketable securities	$ 23,500	$ 16,700	$ 50,600	$ 33,900
Investment in equity securities, carrying value	31,100		31,100		$ 30,700
Impairment of strategic investments	667	$ 0	667	$ 46,154
2029 Senior Notes | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of the notes	453,500		453,500		462,400
2031 Senior Notes | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of the notes	$ 443,300		$ 443,300		$ 452,300

Fair Value Measurements - Contr

Fair Value Measurements - Contractual Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Less than one year, amortized cost	$ 807,283	$ 1,448,256
One to three years, amortized cost	1,560,825	1,905,056
Amortized Cost or Carrying Value	2,368,108	3,353,312
Less than one year, aggregate fair value	802,685	1,434,149
One to three years, aggregate fair value	1,556,260	1,917,014
Total aggregate fair value	$ 2,358,945	$ 3,351,163

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property and Equipment
Total property and equipment	$ 614,534	$ 584,615
Less: accumulated depreciation and amortization	(415,972)	(374,976)
Total property and equipment, net	198,562	209,639
Capitalized internal-use software developments costs
Property and Equipment
Total property and equipment	330,978	297,655
Data center equipment
Property and Equipment
Total property and equipment	104,883	104,543
Finance lease asset	72,400	72,400
Finance lease asset, accumulated amortization	62,700	55,900
Leasehold improvements
Property and Equipment
Total property and equipment	92,155	92,315
Office equipment
Property and Equipment
Total property and equipment	57,317	60,905
Furniture and fixtures
Property and Equipment
Total property and equipment	14,562	14,558
Software
Property and Equipment
Total property and equipment	$ 14,639	$ 14,639

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 23.3	$ 24.3	$ 47.2	$ 44.3
Capitalized internal use software development costs	$ 20.4	$ 14.8	$ 36.5	$ 29

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	6 Months Ended
	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	2
Number of operating segments	2

Segment Reporting - Schedule of

Segment Reporting - Schedule of Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenue	$ 1,082,502	$ 1,037,761	$ 2,129,552	$ 2,044,325
Loss from operations	(19,037)	(141,827)	(62,541)	(405,911)
Amortization of acquired intangibles	(28,200)	(50,200)	(57,200)	(101,100)
Loss on net assets divested			0	(32,277)
Restructuring costs	310	(14,902)	(9,636)	(136,844)
Other expenses, net	(7,206)	(23,616)	(8,863)	(91,204)
Loss before provision for income taxes	(26,243)	(165,443)	(71,404)	(497,115)
Corporate costs
Segment Reporting Information [Line Items]
Loss from operations	(58,796)	(53,398)	(127,202)	(112,858)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Loss from operations	175,319	120,147	334,929	223,934
Stock-based compensation	(147,657)	(152,798)	(303,815)	(313,264)
Amortization of acquired intangibles	(28,184)	(50,190)	(57,123)	(100,964)
Acquisition and divestiture related expenses	0	(3,097)	0	(5,332)
Loss on net assets divested	0	(28,453)	0	(32,277)
Payroll taxes related to stock-based compensation	(3,510)	(2,155)	(10,286)	(7,402)
Charitable contributions	(15,315)	(1,047)	(16,610)	(2,646)
Restructuring costs	310	(14,902)	(9,636)	(136,844)
Impairment of long-lived assets	0	(9,332)	0	(31,116)
Communications | Operating Segments
Segment Reporting Information [Line Items]
Revenue	1,007,302	964,535	1,979,308	1,897,483
Loss from operations	249,930	192,524	498,940	372,988
Segment | Operating Segments
Segment Reporting Information [Line Items]
Revenue	75,200	73,226	150,244	146,842
Loss from operations	$ (15,815)	$ (18,979)	$ (36,809)	$ (36,196)

Derivatives and Hedging (Detail

Derivatives and Hedging (Details) - Net change in market value of effective foreign currency forward exchange contracts - Designated as Cash Flow Hedges - Cash Flow Hedge $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Maximum
Foreign Currency Fair Value Hedge Derivative [Line Items]
Derivative, term of contract	17 months
Buy
Foreign Currency Fair Value Hedge Derivative [Line Items]
Derivative, notional amount	$ 186.1

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Goodwill [Line Items]
Goodwill	$ 5,243,266		$ 5,243,266		$ 5,243,266
Amortization expense	28,200	$ 50,200	57,200	$ 101,100
Communications
Goodwill [Line Items]
Goodwill	4,900,000		4,900,000		4,900,000
Segment
Goodwill [Line Items]
Goodwill	$ 306,100		$ 306,100		$ 306,100

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets, Net [Abstract]
Cost	$ 836,239	$ 836,239
Accumulated Amortization	(548,126)	(490,964)
Total	288,113	345,275
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Cost	841,454	841,454
Accumulated Amortization	(548,126)	(490,964)
Total	293,328	350,490
Telecommunication licenses
Indefinite-Lived Intangible Assets [Line Items]
Non-amortizable intangible assets:	4,920	4,920
Trademarks and other
Indefinite-Lived Intangible Assets [Line Items]
Non-amortizable intangible assets:	295	295
Developed technology
Finite-Lived Intangible Assets, Net [Abstract]
Cost	397,473	397,473
Accumulated Amortization	(288,369)	(259,635)
Total	109,104	137,838
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(288,369)	(259,635)
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Cost	349,074	349,074
Accumulated Amortization	(193,460)	(170,511)
Total	155,614	178,563
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(193,460)	(170,511)
Supplier relationships
Finite-Lived Intangible Assets, Net [Abstract]
Cost	49,756	49,756
Accumulated Amortization	(30,823)	(26,316)
Total	18,933	23,440
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(30,823)	(26,316)
Trade names
Finite-Lived Intangible Assets, Net [Abstract]
Cost	25,968	25,968
Accumulated Amortization	(24,474)	(23,600)
Total	1,494	2,368
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(24,474)	(23,600)
Order backlog
Finite-Lived Intangible Assets, Net [Abstract]
Cost	10,000	10,000
Accumulated Amortization	(10,000)	(10,000)
Total	0	0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(10,000)	(10,000)
Patent
Finite-Lived Intangible Assets, Net [Abstract]
Cost	3,968	3,968
Accumulated Amortization	(1,000)	(902)
Total	2,968	3,066
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (1,000)	$ (902)

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Total Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Intangible Assets
2024 (remaining six months)	$ 54,880
2025	107,862
2026	42,149
2027	25,330
2028	19,055
Thereafter	38,837
Total	$ 288,113	$ 345,275

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accrued Liabilities and Other Liabilities [Abstract]
Accrued payroll and related	$ 69,341	$ 77,593
Accrued bonus and commission	67,549	17,345
Accrued cost of revenue	172,162	155,721
Sales and other taxes payable	74,111	70,913
ESPP contributions	4,343	6,130
Finance lease liability	4,439	8,489
Restructuring liability	2,750	29,086
Share repurchase costs payable	13,003	3,526
Accrued other expense	59,774	55,508
Total accrued expenses and other current liabilities	$ 467,472	$ 424,311
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total accrued expenses and other current liabilities	Total accrued expenses and other current liabilities

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total long-term debt, net	$ 989,762	$ 988,953
2029 Senior Notes
Debt Instrument [Line Items]
Principal	500,000	500,000
Unamortized discount	(3,900)	(4,274)
Unamortized issuance costs	(878)	(962)
Total long-term debt, net	495,222	494,764
2031 Senior Notes
Debt Instrument [Line Items]
Principal	500,000	500,000
Unamortized discount	(4,457)	(4,744)
Unamortized issuance costs	(1,003)	(1,067)
Total long-term debt, net	$ 494,540	$ 494,189

Revenue by Geographic Area (Det

Revenue by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue by geographic area:
Revenue	$ 1,082,502	$ 1,037,761	$ 2,129,552	$ 2,044,325
United States
Revenue by geographic area:
Revenue	$ 706,451	$ 692,646	$ 1,392,978	$ 1,354,736
United States | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk
Percentage of revenue by geographic area:
Percentage of revenue	65%	67%	65%	66%
International
Revenue by geographic area:
Revenue	$ 376,051	$ 345,115	$ 736,574	$ 689,589
International | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk
Percentage of revenue by geographic area:
Percentage of revenue	35%	33%	35%	34%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Term of total purchase commitment	3 years	3 years
Purchase commitment	$ 25,600,000	$ 40,800,000
Domestic Tax Authority
Loss Contingencies [Line Items]
Taxes payable	18,600,000	18,600,000	$ 18,000,000
Foreign net operating loss carryforwards
Loss Contingencies [Line Items]
Taxes payable	20,200,000	20,200,000	22,200,000
Indemnification Agreement
Loss Contingencies [Line Items]
Loss contingency accrual	$ 0	$ 0	$ 0

Stockholders' Equity - Preferre

Stockholders' Equity - Preferred Stock (Details) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Preferred Stock
Preferred stock, authorized (in shares)	100,000,000	100,000,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock (Details) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Common Stock Class A
Common Stock
Common stock, authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, issued (in shares)	164,150,089	181,945,771
Common stock, outstanding (in shares)	164,150,089	181,945,771
Common Stock Class B
Common Stock
Common stock, authorized (in shares)	3,170,181	3,170,181
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, issued (in shares)	0	0
Common stock, outstanding (in shares)	0	0

Stockholders' Equity - Common_2

Stockholders' Equity - Common Stock Shares Reserved (Details) - shares	Jun. 30, 2024	Dec. 31, 2023
Stockholders' Equity
Total (in shares)	56,997,823	49,331,401
Stock-based awards available for grant under 2016 Plan
Stockholders' Equity
Stock-based awards available for grant under 2016 Plan / Shares of Class A common stock reserved for issuance pursuant to ESPP (in shares)	22,580,783	19,869,260
Common Stock Class A
Stockholders' Equity
Class A common stock reserved (in shares)	397,837	442,041
Stock options issued and outstanding
Stockholders' Equity
Stock options issued and outstanding (in shares)	1,529,641	1,722,861
Unvested restricted stock units issued and outstanding
Stockholders' Equity
Unvested restricted stock units issued and outstanding (in shares)	22,542,340	18,755,538
Shares of Class A common stock reserved for issuance pursuant to ESPP
Stockholders' Equity
Stock-based awards available for grant under 2016 Plan / Shares of Class A common stock reserved for issuance pursuant to ESPP (in shares)	9,947,222	8,541,701

Stockholders' Equity - Share Re

Stockholders' Equity - Share Repurchase Program (Details) - USD ($) shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Feb. 28, 2023
Stockholders' Equity Note [Abstract]
Share repurchase program, authorized amount					$ 1,000,000,000
Share repurchase program, additional authorized amount	$ 2,000,000,000		$ 2,000,000,000
Stock repurchased (in shares)	15.2	6.4	21.4	8.3
Stock repurchased	$ 898,600,000	$ 370,000,000	$ 1,300,000,000	$ 495,000,000
Stock repurchase remaining amount	$ 1,000,000,000		$ 1,000,000,000

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($) shares	Jun. 30, 2024 USD ($)
Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares	516,626
Outstanding performance based options, aggregate intrinsic value	$ 34.5	$ 34.5
Performance-Based Restricted Stock Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage of target	0%
Performance-Based Restricted Stock Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage of target	200%
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discount from market price, offering date		15%
Stock plan offering period		6 months
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, other than options	$ 1,500	$ 1,500
Weighted-average remaining period		2 years 10 months 24 days

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 147,657	$ 153,094	$ 306,263	$ 323,893
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	5,503	6,334	11,394	11,624
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	80,790	74,576	162,139	152,669
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	33,449	42,869	68,104	90,998
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	27,915	29,019	62,178	57,973
Restructuring costs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 0	$ 296	$ 2,448	$ 10,629

Net Loss Per Share Attributab_3

Net Loss Per Share Attributable to Common Stockholders - Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net Loss Per Share Attributable to Common Stockholders
Net loss attributable to common stockholders (in thousands)	$ (31,858)	$ (166,187)	$ (87,207)	$ (508,326)
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic (in shares)	170,222,104	183,490,982	175,613,672	184,926,875
Weighted-average shares used to compute net loss per share attributable to common stockholders, diluted (in shares)	170,222,104	183,490,982	175,613,672	184,926,875
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.19)	$ (0.91)	$ (0.50)	$ (2.75)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.19)	$ (0.91)	$ (0.50)	$ (2.75)

Net Loss Per Share Attributab_4

Net Loss Per Share Attributable to Common Stockholders - Common Stock Equivalents excluded from Calculation of Diluted Net Loss Per Share attributable to Common Stockholders (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	24,725,399	24,929,965
Stock options issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,529,641	1,907,102
Unvested restricted stock units issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	22,542,340	22,092,462
Shares of Class A common stock reserved for Twilio.org
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	397,837	486,245
Shares of Class A common stock committed under ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	251,810	396,717
Shares of Class A common stock in escrow
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	31,503
Shares of Class A common stock in escrow and restricted stock awards subject to future vesting
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	3,771	15,936

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Cost of revenue	$ 526,657	$ 532,006	$ 1,029,666	$ 1,047,880
Related Party
Related Party Transaction [Line Items]
Cost of revenue	$ 35,200	$ 37,300	$ 69,200	$ 70,300