Twilio (TWLO) Prelim. Sept.-Quarter Results Top Expectations

October 11, 2016 6:34 AM EDT
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Twilio (NYSE: TWLO) disclosed the following in a U.S. SEC filing on Tuesday:

Item 2.02 - Results of Operations and Financial Condition.

On October 11, 2016, Twilio Inc. (the “Company” or “Twilio”) announced its preliminary estimated financial results for the three months ended September 30, 2016.

The Company’s unaudited interim consolidated financial statements for the three months ended September 30, 2016 have not been finalized and are not available. Based on the information that is currently available to the Company, it has prepared the following preliminary estimated financial and other data for the three months ended September 30, 2016:

Results of Operations

  • Total revenue of $70.25 million to $71.25 million, compared to total revenue of $44.3 million in the three months ended September 30, 2015. (NOTE: The Street sees revenue of $64.4 million.)
  • Gross profit of $39.55 to $40.05 million, compared to gross profit of $24.7 million in the three months ended September 30, 2015. Gross margin of approximately 56%, compared to gross margin of 56% in the three months ended September 30, 2015.
  • Non-GAAP gross profit of $39.75 to $40.25 million, compared to non-GAAP gross profit of $24.7 million in the three months ended September 30, 2015. Non-GAAP gross margin of approximately 56%, compared to non-GAAP gross margin of 56% in the three months ended September 30, 2015.
  • Loss from operations of $(11.75) million to $(12.25) million, compared to loss from operations of $(8.9) million in the three months ended September 30, 2015. Operating margin of approximately (17)%, compared to operating margin of (20)% in the three months ended September 30, 2015.
  • Non-GAAP loss from operations of $(3.75) million to $(4.25) million, compared to non-GAAP loss from operations of $(4.6) million in the three months ended September 30, 2015. Non-GAAP operating margin of approximately (6)%, compared to non-GAAP operating margin of (10)% in the three months ended September 30, 2015.
  • Net loss per share attributable to common stockholders of $(0.14) to $(0.15), compared to net loss per share attributable to common stockholders of $(0.70) in the three months ended September 30, 2015.
  • Non-GAAP net loss per share attributable to common stockholders of $(0.04) to $(0.05), compared to non-GAAP net loss per share attributable to common stockholders of $(0.07) in the three months ended September 30, 2015. (NOTE: The Street was looking for a loss of $0.09 per share.)
  • Weighted average shares outstanding of 84.0 million, compared to weighted average shares outstanding of 17.8 million in the three months ended September 30, 2015.
  • Non-GAAP weighted-average shares outstanding of 84.0 million, compared to non-GAAP weighted-average shares outstanding of 71.7 million in the three months ended September 30, 2015.

Operating Metrics

  • Base Revenue of $63.25 million to $63.75 million, compared to Base Revenue of $36.7 million in the three months ended September 30, 2015.
  • Over 34,000 Active Customer Accounts as of September 30, 2016, compared to 23,822 Active Customer Accounts as of September 30, 2015.
  • Dollar-Based Net Expansion Rate of 153% to 154%, compared to Dollar-Based Net Expansion Rate of 156% in the three months ended September 30, 2015.

The preliminary estimated financial and other data for the three months ended September 30, 2016 set forth above is subject to the completion of the Company’s financial closing procedures. This data has been prepared by, and is the responsibility of, the Company’s management. Twilio’s independent registered public accounting firm, KPMG LLP, has not audited, reviewed or performed any procedures with respect to the accompanying preliminary financial and other data, and accordingly does not express an opinion or any other form of assurance with respect thereto. The Company currently expects that its final results of operations and other data will be consistent with the estimates set forth above, but such estimates are preliminary and Twilio’s actual results of operations and other data could differ materially from these estimates due to the completion of its financial closing procedures, final adjustments and other developments that may arise between now and the time such unaudited interim consolidated financial statements for the three months ended September 30, 2016 are issued.



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