Twilio (TWLO) Q3 FY2023 earnings: revenue $1.0 billion, up 5.2% on the year

Twilio Inc. (TWLO) reported revenue of $1.0 billion for Q3 FY2023, the quarter ended 30 September 2023, up 5.2% on the same quarter a year earlier. Net income was -$142 million, and diluted earnings per share $-0.78. The figures are the company's own, from the 10-Q it filed with the SEC on 9 November 2023.

Revenue$1.0 billionup 5.2%

Net income-$142 million

Diluted EPS$-0.78

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	1,034	n/a	n/a	n/a
Cost of revenue	517	n/a	n/a	n/a
Gross profit	516	n/a	n/a	n/a
Gross margin	50.0%	n/a	n/a
Research and development	242	n/a	n/a	n/a
Operating income	-109	n/a	n/a	n/a
Operating margin	-10.5%	n/a	n/a
Pre-tax income	-140	n/a	n/a	n/a
Income tax	1.7	n/a	n/a	n/a
Net income	-142	n/a	n/a	n/a
Net margin	-13.7%	n/a	n/a
Diluted EPS	-$0.78	n/a	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	206	n/a	n/a	n/a
Cash from investing	-144	n/a	n/a	n/a
Cash from financing	-66.9	n/a	n/a	n/a
Depreciation and amortisation	72.1	n/a	n/a	n/a
Share-based compensation	185	n/a	n/a	n/a
Buybacks	63.8	n/a	n/a	n/a
Diluted shares, weighted	182m	n/a	n/a	n/a
Shares outstanding at period end	181m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	9,979	n/a	n/a	n/a
Debt	989	n/a	n/a	n/a
Operating lease liabilities	134	n/a	n/a	n/a
Finance lease liabilities	11.5	n/a	n/a	n/a
Other liabilities	744	n/a	n/a	n/a
Total liabilities and equity	11,858	n/a	n/a	n/a
Goodwill	5,243	n/a	n/a	n/a
Intangible assets	679	n/a	n/a	n/a
Investments	3,179	n/a	n/a	n/a
Cash and equivalents	678	n/a	n/a	n/a
Receivables	557	n/a	n/a	n/a
Other assets	1,521	n/a	n/a	n/a
Total assets	11,858	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,034	1,076	1,047	1,083	1,134	1,195	1,172	1,228	1,300	1,366	1,407	1,499
Cost of revenue	517	545	503	527	555	595	591	626	668	704	723	773
Gross profit	516	531	544	556	579	600	582	603	632	662	684	726
Gross margin	50%	49%	52%	51%	51%	50%	50%	49%	49%	48%	49%	48%
R&D	242	236	260	243	262	253	254	243	262	260	262	273
Operating income	-109	-362	-43.5	-19.0	-4.9	13.7	23.1	37.0	40.9	56.8	108	84.5
Operating margin	-11%	-34%	-4%	-2%	-0%	1%	2%	3%	3%	4%	8%	6%
Pre-tax income	-140	-360	-45.2	-26.2	-3.7	-13.6	26.6	33.6	32.7	-37.8	102	75.5
Tax rate	n/a	n/a	n/a	n/a	n/a	n/a	25%	33%	-14%	n/a	12%	-1313%
Net income	-142	-365	-55.3	-31.9	-9.7	-12.5	20.0	22.4	37.2	-45.9	90.1	1,067
Net margin	-14%	-34%	-5%	-3%	-1%	-1%	2%	2%	3%	-3%	6%	71%
Diluted EPS	-$0.78	-$2.01	-$0.31	-$0.19	-$0.06	-$0.08	$0.12	$0.14	$0.23	-$0.30	$0.57	$6.68
Operating cash flow	206	223	190	213	204	108	191	277	264	272	153	372
Buybacks	63.8	120	357	917	641	420	126	197	347	198	253	70.0
Shares outstanding	181m	182m	171m	161m	153m	153m	153m	153m	152m	152m	152m	154m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 9 November 2023, accession 0001447669-23-000226: the filing on EDGAR. All of Twilio Inc.'s filings: EDGAR company page.

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