0001447669-22-000195 | 10-Q | XBRL Viewer

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Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2022	Oct. 27, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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 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	2022
Document Fiscal Period Focus	Q3
Common Stock Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		174,522,799
Common Stock Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		9,817,605

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 632,794	$ 1,479,452
Short-term marketable securities	3,575,751	3,878,430
Accounts receivable, net	487,750	388,215
Prepaid expenses and other current assets	265,977	186,131
Total current assets	4,962,272	5,932,228
Property and equipment, net	263,862	255,316
Operating right-of-use assets	127,567	234,584
Equity method investment	732,490	0
Intangible assets, net	901,155	1,050,012
Goodwill	5,284,616	5,263,166
Other long-term assets	340,694	263,292
Total assets	12,612,656	12,998,598
Current liabilities:
Accounts payable	103,234	93,333
Accrued expenses and other current liabilities	572,876	417,503
Deferred revenue and customer deposits	135,610	140,389
Operating lease liability, current	52,453	52,325
Total current liabilities	864,173	703,550
Operating lease liability, noncurrent	176,336	211,253
Finance lease liability, noncurrent	24,842	25,132
Long-term debt, net	986,985	985,907
Other long-term liabilities	29,432	41,290
Total liabilities	2,081,768	1,967,132
Commitments and contingencies (Note 13)
Stockholders' equity:
Preferred stock	0	0
Class A and Class B common stock	184	180
Additional paid-in capital	13,842,301	13,169,118
Accumulated other comprehensive loss	(165,183)	(18,141)
Accumulated deficit	(3,146,414)	(2,119,691)
Total stockholders’ equity	10,530,888	11,031,466
Total liabilities and stockholders’ equity	$ 12,612,656	$ 12,998,598

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Revenue	$ 983,030	$ 740,176	$ 2,801,747	$ 1,999,095
Cost of revenue	520,955	375,561	1,469,312	1,004,929
Gross profit	462,075	364,615	1,332,435	994,166
Operating expenses:
Research and development	284,735	209,890	804,987	565,970
Sales and marketing	328,833	264,548	951,697	713,196
General and administrative	135,331	122,522	392,319	346,958
Restructuring costs	72,451	0	72,451	0
Impairment of long-lived assets	97,722	0	97,722	0
Total operating expenses	919,072	596,960	2,319,176	1,626,124
Loss from operations	(456,997)	(232,345)	(986,741)	(631,958)
Other expenses, net:
Share of losses from equity method investment	(13,376)	0	(13,376)	0
Other, net	(8,374)	(6,613)	(23,290)	(39,219)
Total other expenses, net	(21,750)	(6,613)	(36,666)	(39,219)
Loss before (provision for) benefit from income taxes	(478,747)	(238,958)	(1,023,407)	(671,177)
(Provision for) benefit from income taxes	(3,580)	14,849	(3,316)	12,673
Net loss attributable to common stockholders	$ (482,327)	$ (224,109)	$ (1,026,723)	$ (658,504)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (2.63)	$ (1.26)	$ (5.63)	$ (3.82)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (2.63)	$ (1.26)	$ (5.63)	$ (3.82)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	183,692,564	177,231,285	182,319,735	172,605,371
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	183,692,564	177,231,285	182,319,735	172,605,371

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (482,327)	$ (224,109)	$ (1,026,723)	$ (658,504)
Other comprehensive loss:
Unrealized loss on marketable securities	(22,151)	(982)	(103,999)	(6,137)
Foreign currency translation	(2,192)	31	(4,646)	(245)
Net change in market value of effective foreign currency forward exchange contracts	(19,196)	(161)	(34,154)	(3,069)
Share of other comprehensive loss from equity method investment	(4,243)	0	(4,243)	0
Total other comprehensive loss	(47,782)	(1,112)	(147,042)	(9,451)
Comprehensive loss attributable to common stockholders	$ (530,109)	$ (225,221)	$ (1,173,765)	$ (667,955)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) - 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
Balance (in shares) at Dec. 31, 2020				153,496,222	10,551,302
Balance at Dec. 31, 2020	$ 8,452,665			$ 151	$ 13	$ 9,613,246	$ 9,046	$ (1,169,791)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(206,542)							(206,542)
Exercises of vested stock options (in shares)				248,008	211,371
Exercises of vested stock options	11,564					11,564
Vesting of restricted stock units (in shares)				913,966
Vesting of restricted stock units	0			$ 1		(1)
Value of equity awards withheld for tax liability (in shares)				(6,989)
Value of equity awards withheld for tax liability	(2,774)					(2,774)
Conversion of shares of Class B common stock into shares of Class A common stock (in shares)				419,371	(419,371)
Equity component from partial settlement of 2023 convertible senior notes (in shares)				1,158,381
Equity component from partial settlement of 2023 convertible senior notes	80,049			$ 2		80,047
Shares of Class A common stock donated to charity (in shares)				22,102
Shares of Class A common stock donated to charity	9,405					9,405
Issuance of common stock in connection with a follow-on public offering, net of underwriter discounts (in shares)				4,312,500
Issuance of common stock in connection with a follow-on public offering, net of underwriter discounts	1,766,400			$ 4		1,766,396
Costs related to the follow-on public offering	(727)					(727)
Issuance of restricted stock awards (in shares)				24,697
Unrealized loss on marketable securities	(4,176)						(4,176)
Foreign currency translation	(210)						(210)
Stock-based compensation	141,542					141,542
Balance (in shares) at Mar. 31, 2021				160,588,258	10,343,302
Balance at Mar. 31, 2021	10,247,196			$ 158	$ 13	11,618,698	4,660	(1,376,333)
Balance (in shares) at Dec. 31, 2020				153,496,222	10,551,302
Balance at Dec. 31, 2020	8,452,665			$ 151	$ 13	9,613,246	9,046	(1,169,791)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(658,504)
Unrealized loss on marketable securities	(6,137)
Foreign currency translation	(245)
Net change in market value of effective foreign currency forward exchange contracts	(3,069)
Share of other comprehensive loss from equity method investment	0
Balance (in shares) at Sep. 30, 2021				168,352,933	9,913,181
Balance at Sep. 30, 2021	11,081,749			$ 166	$ 12	12,910,271	(405)	(1,828,295)
Balance (in shares) at Mar. 31, 2021				160,588,258	10,343,302
Balance at Mar. 31, 2021	10,247,196			$ 158	$ 13	11,618,698	4,660	(1,376,333)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(227,853)							(227,853)
Exercises of vested stock options (in shares)				294,430	63,164
Exercises of vested stock options	20,351					20,351
Vesting of restricted stock units (in shares)				839,472
Vesting of restricted stock units	0			$ 1		(1)
Value of equity awards withheld for tax liability (in shares)				(5,498)
Value of equity awards withheld for tax liability	(1,882)					(1,882)
Conversion of shares of Class B common stock into shares of Class A common stock (in shares)				188,044	(188,044)
Conversion of shares of Class B common stock into shares of Class A common stock	0			$ 1	$ (1)
Equity component from partial settlement of 2023 convertible senior notes (in shares)				3,688,584
Equity component from partial settlement of 2023 convertible senior notes	255,594			$ 4		255,590
Settlement of capped call, net of related costs	225,233					225,233
Shares issued under ESPP (in shares)				100,107
Shares issued under ESPP	23,699					23,699
Shares of Class A common stock donated to charity (in shares)				22,102
Shares of Class A common stock donated to charity	6,789					6,789
Costs related to the follow-on public offering	(50)					(50)
Unrealized loss on marketable securities	(979)						(979)
Foreign currency translation	(66)						(66)
Net change in market value of effective foreign currency forward exchange contracts	(2,908)						(2,908)
Stock-based compensation	148,988					148,988
Balance (in shares) at Jun. 30, 2021				165,715,499	10,218,422
Balance at Jun. 30, 2021	10,694,112			$ 164	$ 12	12,297,415	707	(1,604,186)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(224,109)							(224,109)
Exercises of vested stock options (in shares)				222,066	83,484
Exercises of vested stock options	15,993					15,993
Vesting of restricted stock units (in shares)				834,148
Vesting of restricted stock units	0			$ 1		(1)
Value of equity awards withheld for tax liability (in shares)				(5,530)
Value of equity awards withheld for tax liability	(1,896)					(1,896)
Conversion of shares of Class B common stock into shares of Class A common stock (in shares)				388,725	(388,725)
Shares of Class A common stock donated to charity (in shares)				22,102
Shares of Class A common stock donated to charity	8,389					8,389
Costs related to the follow-on public offering	(90)					(90)
Shares issued in acquisition (in shares)				1,116,390
Shares issued in acquisition	419,037			$ 1		419,036
Value of equity awards assumed in acquisition	1,511					1,511
Shares issued in acquisition subject to future vesting (in shares)				59,533
Unrealized loss on marketable securities	(982)						(982)
Foreign currency translation	31						31
Net change in market value of effective foreign currency forward exchange contracts	(161)						(161)
Share of other comprehensive loss from equity method investment	0
Stock-based compensation	169,734					169,734
Balance (in shares) at Sep. 30, 2021				168,352,933	9,913,181
Balance at Sep. 30, 2021	11,081,749			$ 166	$ 12	12,910,271	(405)	(1,828,295)
Balance (in shares) at Dec. 31, 2021		170,625,994	9,842,105	170,625,994	9,842,105
Balance at Dec. 31, 2021	11,031,466			$ 168	$ 12	13,169,118	(18,141)	(2,119,691)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(221,627)							(221,627)
Exercises of vested stock options (in shares)				180,643	193,889
Exercises of vested stock options	11,727					11,727
Vesting of restricted stock units (in shares)				877,089
Vesting of restricted stock units	0			$ 1		(1)
Value of equity awards withheld for tax liability (in shares)				(5,804)
Value of equity awards withheld for tax liability	(1,065)					(1,065)
Conversion of shares of Class B common stock into shares of Class A common stock (in shares)				215,389	(215,389)
Shares of Class A common stock donated to charity (in shares)				22,102
Shares of Class A common stock donated to charity	4,232					4,232
Shares returned from escrow (in shares)				(152,239)
Shares returned from escrow	(387)					(387)
Unrealized loss on marketable securities	(62,826)						(62,826)
Foreign currency translation	(165)						(165)
Net change in market value of effective foreign currency forward exchange contracts	(3,852)						(3,852)
Stock-based compensation	159,930					159,930
Balance (in shares) at Mar. 31, 2022				171,763,174	9,820,605
Balance at Mar. 31, 2022	10,917,433			$ 169	$ 12	13,343,554	(84,984)	(2,341,318)
Balance (in shares) at Dec. 31, 2021		170,625,994	9,842,105	170,625,994	9,842,105
Balance at Dec. 31, 2021	11,031,466			$ 168	$ 12	13,169,118	(18,141)	(2,119,691)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(1,026,723)
Unrealized loss on marketable securities	(103,999)
Foreign currency translation	(4,646)
Net change in market value of effective foreign currency forward exchange contracts	(34,154)
Share of other comprehensive loss from equity method investment	(4,243)
Balance (in shares) at Sep. 30, 2022		174,482,722	9,817,605	174,482,722	9,817,605
Balance at Sep. 30, 2022	10,530,888			$ 172	$ 12	13,842,301	(165,183)	(3,146,414)
Balance (in shares) at Mar. 31, 2022				171,763,174	9,820,605
Balance at Mar. 31, 2022	10,917,433			$ 169	$ 12	13,343,554	(84,984)	(2,341,318)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(322,769)
Exercises of vested stock options (in shares)				98,111	77,732
Exercises of vested stock options	5,649					5,649
Vesting of restricted stock units (in shares)				1,049,640
Vesting of restricted stock units	0			$ 1		(1)
Value of equity awards withheld for tax liability (in shares)				(38)
Value of equity awards withheld for tax liability	(4)					(4)
Conversion of shares of Class B common stock into shares of Class A common stock (in shares)				80,732	(80,732)
Shares issued under ESPP (in shares)				258,221
Shares issued under ESPP	24,318			$ 1		24,317
Shares of Class A common stock donated to charity (in shares)				22,102
Shares of Class A common stock donated to charity	2,373					2,373
Unrealized loss on marketable securities	(19,022)						(19,022)
Foreign currency translation	(2,289)						(2,289)
Net change in market value of effective foreign currency forward exchange contracts	(11,106)						(11,106)
Stock-based compensation	247,412					247,412
Balance (in shares) at Jun. 30, 2022				173,271,942	9,817,605
Balance at Jun. 30, 2022	10,841,995			$ 171	$ 12	13,623,300	(117,401)	(2,664,087)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(482,327)							(482,327)
Exercises of vested stock options (in shares)				38,368	35,187
Exercises of vested stock options	2,056					2,056
Vesting of restricted stock units (in shares)				1,115,248	0
Vesting of restricted stock units	0			$ 1		(1)
Value of equity awards withheld for tax liability (in shares)				(125)
Value of equity awards withheld for tax liability	(11)					(11)
Conversion of shares of Class B common stock into shares of Class A common stock (in shares)				35,187	(35,187)
Conversion of shares of Class B common stock into shares of Class A common stock	0
Shares of Class A common stock donated to charity (in shares)				22,102
Shares of Class A common stock donated to charity	1,911					1,911
Unrealized loss on marketable securities	(22,151)						(22,151)
Foreign currency translation	(2,192)						(2,192)
Net change in market value of effective foreign currency forward exchange contracts	(19,196)						(19,196)
Share of other comprehensive loss from equity method investment	(4,243)						(4,243)
Stock-based compensation	199,772					199,772
Stock-based compensation - restructuring	15,274					15,274
Balance (in shares) at Sep. 30, 2022		174,482,722	9,817,605	174,482,722	9,817,605
Balance at Sep. 30, 2022	$ 10,530,888			$ 172	$ 12	$ 13,842,301	$ (165,183)	$ (3,146,414)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (1,026,723)	$ (658,504)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	207,880	189,669
Non-cash reduction to the right-of-use asset	38,669	36,249
Net amortization of investment premium and discount	27,900	24,880
Impairment of long-lived assets	100,681	4,936
Stock-based compensation including restructuring	606,260	445,366
Amortization of deferred commissions	41,322	20,798
Allowance for credit losses	21,786	11,371
Value of shares of Class A common stock donated to charity	8,516	24,583
Share of losses from equity method investment	13,376	0
Loss on extinguishment of debt	0	28,965
Other adjustments	207	(6,422)
Changes in operating assets and liabilities:
Accounts receivable	(121,353)	(81,186)
Prepaid expenses and other current assets	(81,071)	(59,929)
Other long-term assets	(111,662)	(66,501)
Accounts payable	11,585	(8,665)
Accrued expenses and restructuring costs	122,408	84,730
Deferred revenue and customer deposits	(6,206)	27,004
Operating lease liabilities	(42,158)	(36,274)
Other long-term liabilities	(7,330)	(1,019)
Net cash used in operating activities	(195,913)	(19,949)
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions, net of cash acquired and other related payments	(32,853)	(490,880)
Purchases of marketable securities and other investments	(1,650,759)	(3,225,799)
Proceeds from sales and maturities of marketable securities	1,065,998	1,334,444
Capitalized software development costs	(35,905)	(35,926)
Purchases of long-lived and intangible assets	(28,634)	(33,575)
Net cash used in investing activities	(682,153)	(2,451,736)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from public offerings, net of underwriters' discounts	0	1,766,400
Payments of costs related to public offerings	(35)	(464)
Proceeds from issuance of senior notes due 2029 and 2031, net of issuance costs	0	984,749
Proceeds from settlements of capped call, net of settlement costs	0	228,412
Principal payments on debt and finance leases	(9,383)	(4,852)
Value of equity awards withheld for tax liabilities	(1,080)	(6,552)
Proceeds from exercises of stock options and shares of Class A common stock issued under ESPP	43,750	71,607
Net cash provided by financing activities	33,252	3,039,300
Effect of exchange rate changes on cash, cash equivalents and restricted cash	146	(157)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(844,668)	567,458
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—Beginning of period	1,481,831	933,885
CASH, CASH EQUIVALENTS AND RESTRICTED CASH —End of period	637,163	1,501,343
Supplemental Cash Flow Information [Abstract]
Cash paid for income taxes, net	5,481	4,439
Cash paid for interest	37,500	19,545
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Value of common stock issued to settle convertible senior notes due 2023	0	1,704,969
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONDENSED CONSOLIDATED BALANCE SHEETS
Cash and cash equivalents	632,794	1,497,498
Restricted cash in other current assets	4,357	2,733
Restricted cash in other long-term assets	12	1,112
Total cash, cash equivalents and restricted cash	$ 637,163	$ 1,501,343

Organization and Description of Business	9 Months Ended
Organization and Description of Business	Sep. 30, 2022
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 (CEP) 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 Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2022
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 22, 2022 (“Annual Report”). The condensed consolidated balance sheet as of December 31, 2021, 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 2022 or any future period. (b)Principles of Consolidation The condensed consolidated financial statements include the Company and its wholly owned subsidiaries. All significant 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; 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 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 $122.1 million as of September 30, 2022, of which 71% is expected to be recognized over the next 12 months and 95% is expected to be recognized over the next 24 months. (e)Deferred Revenue and Customer Deposits As of September 30, 2022 and December 31, 2021, the Company recorded $135.6 million and $141.5 million as its deferred revenue and customer deposits, respectively, that are included in deferred revenue and customer deposits and other long-term liabilities in the accompanying condensed consolidated balance sheets. During the three months ended September 30, 2022 and 2021, the Company recognized $17.5 million and $13.9 million of revenue, respectively, that was included in the deferred revenue and customer deposits balance as of the end of the previous year. During the nine months ended September 30, 2022 and 2021, the Company recognized $112.2 million and $58.2 million of revenue, respectively, that was included in the deferred revenue and customer deposits balance as of the end of the previous year. (f)Deferred Sales Commissions Total net capitalized commission costs as of September 30, 2022 and December 31, 2021, were $223.9 million and $193.4 million, respectively, and are included in prepaid expenses and other current assets and other long‑term assets in the accompanying condensed consolidated balance sheets. (g)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, restricted cash, cash equivalents and marketable securities with financial institutions that management believes are financially sound and have minimal credit risk exposure although the balances will 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. 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. During the three and nine months ended September 30, 2022 and 2021, no customer organization accounted for more than 10% of the Company’s total revenue. As of September 30, 2022 and December 31, 2021, no customer organization represented more than 10% of the Company’s gross accounts receivable. (h)Changes to Significant Accounting Policies Restructuring Costs The Company records a charge for restructuring when management commits to a restructuring plan, the restructuring plan identifies all significant actions, the period of time to complete the restructuring plan indicates that significant changes to the plan are not likely and employees who are impacted have been notified of the pending involuntary termination. Restructuring charges are accrued in the period in which it is probable that the employees are entitled to the restructuring benefits and the amounts can be reasonably estimated. Equity Method Investments Equity investment holdings in which the Company does not have a controlling financial interest but can exercise significant influence over an investee are accounted for under the equity method. Equity method investments are originally recorded at cost and are subsequently increased or reduced to reflect the Company’s proportionate share of net earnings or losses of the investee as they occur. The Company records the investee losses up to the carrying amount of the investment plus any advances and loans made to the investee and any financial guarantees made on behalf of the investee. Investments are also increased by contributions made to and distributions from the investee. All costs directly associated with the acquisition of the investment are included in the carrying amount of the investment. Profits or losses related to intra-entity sales are eliminated until realized by the Company or the investee. The Company determines the difference between its purchase price and its proportionate share of the net assets of the investee, which results in an excess basis in the investment. This excess basis is allocated to the identifiable assets and liabilities of the investee utilizing purchase accounting principles and is used to calculate the amortization of basis differences every reporting period. Basis differences are generally amortized over the lives of the assets and liabilities that gave rise to the basis differences. The Company records its share in earnings and losses of its equity method investee along with adjustments for amortization of basis differences, investee capital transactions and other comprehensive income or loss in its consolidated statements of operations and comprehensive loss on a three-month lag. Equity method goodwill is not amortized or tested for impairment. Instead, the Company evaluates its equity method investments for impairment whenever events or changes in circumstance indicate that the carrying amounts of such investments may be in excess of their fair value. When such indicators exist, the other-than-temporary impairment model is utilized, which considers the severity and duration of a decline in fair value below book value and the Company’s ability and intent to hold the investment for a sufficient period of time to allow for recovery. If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in the current period. There have been no other changes to the Company’s significant accounting policies as described in its Annual Report. (i)Recently Adopted Accounting Guidance In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers,” which requires that an entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, "Revenue from Contracts with Customers." At the acquisition date, an acquirer should account for the related revenue contracts as if it had originated the contracts. Generally, this should result in an acquirer recognizing and measuring the acquired contract assets and contract liabilities consistent with how they were recognized and measured in the acquiree's financial statements, assuming the acquirer is able to assess and rely on how the acquiree applied ASC 606. The Company adopted ASU 2021-08 in the first quarter of 2022 with no material impact to the Company's condensed consolidated financial statements. (j)Recently Issued Accounting Guidance, Not yet Adopted In June 2022, the FASB issued ASU No. 2022-03, "Fair Value Measurements (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions," which clarifies and amends the guidance of measuring the fair value of equity securities subject to contractual restrictions that prohibit the sale of the equity securities. The guidance will be effective for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. The Company is evaluating the impact of the adoption of this guidance on its consolidated financial statements.

Fair Value Measurements

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Financial Assets

The following tables provide the financial assets measured at fair value on a recurring basis:


	Amortized Cost or Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value Hierarchy as of September 30, 2022						Aggregate Fair Value
							Level 1	Level 2		Level 3
Financial Assets:	(In thousands)
Cash and cash equivalents:
Money market funds	$	39,117	$	—	$	—		$	39,117	$	—	$	—	$	39,117
Reverse repurchase agreements	200,000		—		—			—		200,000		—		200,000
Commercial paper	5,205		—		—			—		5,205		—		5,205
Total included in cash and cash equivalents	244,322		—		—			39,117		205,205		—		244,322
Marketable securities:
U.S. Treasury securities	519,609		—		(15,009)			504,600		—		—		504,600
Non-U.S. government securities	150,297		—		(7,041)			143,256		—		—		143,256
Corporate debt securities and commercial paper	3,028,685		13		(100,803)			7,000		2,920,895		—		2,927,895
Total marketable securities	3,698,591		13		(122,853)			654,856		2,920,895		—		3,575,751
Total financial assets	$	3,942,913	$	13	$	(122,853)		$	693,973	$	3,126,100	$	—	$	3,820,073


	Amortized Cost or Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value Hierarchy as of December 31, 2021						Aggregate Fair Value
							Level 1	Level 2		Level 3
Financial Assets:	(In thousands)
Cash and cash equivalents:
Money market funds	$	786,548	$	—	$	—		$	786,548	$	—	$	—	$	786,548
Commercial paper	46,076		—		—			—		46,076		—		46,076
Total included in cash and cash equivalents	832,624		—		—			786,548		46,076		—		832,624
Marketable securities:
U.S. Treasury securities	375,305		6		(2,561)			372,750		—		—		372,750
Non-U.S. government securities	221,641		—		(1,355)			220,286		—		—		220,286
Corporate debt securities and commercial paper	3,300,326		960		(15,892)			31,000		3,254,394		—		3,285,394
Total marketable securities	3,897,272		966		(19,808)			624,036		3,254,394		—		3,878,430
Total financial assets	$	4,729,896	$	966	$	(19,808)		$	1,410,584	$	3,300,470	$	—	$	4,711,054

The Company's primary objective when investing excess cash is preservation of capital, hence the Company's marketable securities primarily consist of U.S. Treasury Securities, non-U.S government securities, high credit quality corporate debt securities, reverse repurchase agreements and commercial paper. Because the Company views its marketable securities as available to support current operations, it has classified all available for sale securities as short-term. As of September 30, 2022 and December 31, 2021, for fixed income securities that were in unrealized loss positions, the Company has determined that (i) it does not have the intent to sell any of these investments, and (ii) it is not more likely than not that it will be required to sell any of these investments before recovery of the entire amortized cost basis. In addition, as of September 30, 2022 and December 31, 2021, the Company anticipates that it will recover the entire amortized cost basis of such fixed income securities before maturity.

Interest earned on marketable securities was $16.3 million and $47.5 million in the three and nine months ended September 30, 2022, respectively, and $16.2 million and $39.5 million in the three and nine months ended September 30, 2021, respectively. The interest is recorded as other expenses, net, in the accompanying condensed consolidated statements of operations.

The following table summarizes the contractual maturities of marketable securities:


	As of September 30, 2022				As of December 31, 2021
	Amortized Cost		Aggregate Fair Value		Amortized Cost		Aggregate Fair Value
Financial Assets:	(In thousands)
Less than one year	$	1,992,157	$	1,952,475	$	1,084,751	$	1,085,006
One to three years	1,706,434		1,623,276		2,812,521		2,793,424
Total	$	3,698,591	$	3,575,751	$	3,897,272	$	3,878,430

Strategic Investments

As of September 30, 2022 and December 31, 2021, the Company held strategic investments with a carrying value of $74.3 million and $68.3 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. There were no impairments or other adjustments recorded in the three and nine months ended September 30, 2022 and 2021, related to these securities.

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 September 30, 2022, the aggregate fair value of these liabilities and the associated unrealized losses were $33.9 million. As of December 31, 2021, these balances were not significant.

The Company’s financial liabilities that are not measured at fair value on a recurring basis are its Senior Notes due 2029 (“2029 Notes”) and its Senior Notes due 2031 (“2031 Notes”). As of September 30, 2022 the fair value of the 2029 Notes and 2031 Notes were $407.1 million and $394.4 million, respectively. As of December 31, 2021, the fair value of the 2029 Notes and 2031 Notes were $510.2 million and $512.8 million, respectively.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Property and Equipment

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consisted of the following:


	As of September 30, 2022		As of December 31, 2021
	(In thousands)
Capitalized internal-use software developments costs	$	248,158	$	198,589
Data center equipment (1)	99,755		77,946
Leasehold improvements	89,234		85,297
Office equipment	67,808		58,636
Furniture and fixtures	15,030		15,360
Software	10,925		10,506
Total property and equipment	530,910		446,334
Less: accumulated depreciation and amortization (1)	(267,048)		(191,018)
Total property and equipment, net	$	263,862	$	255,316

____________________________________

(1) Data center equipment contains $72.4 million and $63.0 million in assets held under finance leases as of September 30, 2022, and December 31, 2021, respectively. Accumulated depreciation and amortization contains $37.4 million and $26.8 million of accumulated depreciation for assets held under finance leases as of September 30, 2022, and December 31, 2021, respectively.

Depreciation and amortization expense was $18.4 million and $14.5 million in the three months ended September 30, 2022 and 2021, respectively, and $52.5 million and $43.2 million in the nine months ended September 30, 2022 and 2021, respectively.

The Company capitalized $19.3 million and $18.0 million in internal‑use software development costs in the three months ended September 30, 2022 and 2021, respectively, and $51.2 million and $49.5 million in the nine months ended September 30, 2022 and 2021, respectively.

Impairment	9 Months Ended
Impairment	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment	ImpairmentDuring the second quarter of 2022, the Company announced its decision to become a remote-first company whereby employees would have the flexibility to work remotely on a permanent basis. As part of the new operating strategy, in the third quarter of 2022, the Company permanently closed several of its office locations which triggered a reassessment of long-lived asset groupings and a test for impairment. The Company determined that the carrying amounts of the impacted ROU assets and the associated leasehold improvements and property and equipment exceeded their respective fair values. The Company engaged a third‑party expert to assist with the valuation analysis and selection of assumptions. In the three and nine months ended September 30, 2022, the Company recorded a $97.7 million impairment expense in the accompanying condensed consolidated statements of operations.

Restructuring Activities

9 Months Ended

Sep. 30, 2022

Restructuring and Related Activities [Abstract]

Restructuring Activities

During the third quarter of 2022, the compensation and talent management committee of the Company’s board of directors approved a restructuring plan that was designed to reduce operating costs, improve operating margins and shift the Company’s selling capacity to accelerate software sales (the “Restructuring Plan”). The Restructuring Plan eliminated approximately 11% of the Company’s workforce. The Company estimated the aggregate restructuring costs associated with the Restructuring Plan to be approximately $70.0 million to $90.0 million, of which approximately $55.0 million to $70.0 million is expected to be paid in cash.

In the three months ended September 30, 2022, the Company recorded restructuring charges of $72.5 million, which consisted of $57.2 million related to employee transition, notice period, severance payments, employee benefits and facilitation costs; and $15.3 million related to vesting of stock-based awards of the impacted employees. The Company expects to incur additional restructuring charges until the execution of this Restructuring Plan is substantially completed by the end of the fourth quarter of 2022. Since potential position eliminations in every country are subject to local law and consultation requirements, in certain countries this process may extend beyond the fourth quarter of 2022. The charges that the Company expects to incur throughout the completion of its Restructuring Plan are subject to a number of assumptions, including local law requirements in various jurisdictions, and the actual remaining expenses may differ materially from the original estimates.

The following table summarizes the Company’s restructuring liability that is included in accrued expenses and other current liabilities in the accompanying condensed consolidated balance sheet:


	Workforce Reduction Costs		Facilitation Costs		Total
	(In thousands)
Balance as of June 30, 2022	$	—	$	—	$	—
Restructuring charges	55,855		1,322		57,177
Cash payments	(4,016)		—		(4,016)
Balance as of September 30, 2022	$	51,839	$	1,322	$	53,161

The $15.3 million vesting of the stock-based awards is recorded in the additional-paid-in capital in the accompanying condensed consolidated statement of shareholders equity.

Derivatives and Hedging

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging

As of September 30, 2022, the Company had outstanding foreign currency forward contracts designated as cash flow hedges with a total sell notional value of $370.3 million. The notional value represents the amount that will be sold upon maturity of the forward contract. As of September 30, 2022, these contracts had maturities of up to 9 months.

Gains and losses associated with these foreign currency forward contracts were as follows:


	Condensed Consolidated Statement of Operations and Statement of Comprehensive Loss	Three Months Ended September 30,			Nine Months Ended September 30,
			2022		2021		2022		2021
			(In thousands)
Losses recognized in OCI	Net change in market value of effective foreign currency forward exchange contracts		$	19,196	$	161	$	34,154	$	3,069
Losses recognized in income due to instruments maturing	Cost of revenue		$	16,357	$	2,464	$	25,520	$	2,931

The Company is subject to master netting agreements with certain counterparties of the foreign exchange contracts, under which it is permitted to net settle transactions of the same currency with a single net amount payable by one party to the other. It is the Company’s policy to present the derivatives at gross in its condensed consolidated balance sheets. The Company’s foreign currency forward contracts are not subject to any credit contingent features or collateral requirements. The Company manages its exposure to counterparty risk by entering into contracts with a diversified group of major financial institutions and by actively monitoring its outstanding positions. As of September 30, 2022, the Company did not have any offsetting arrangements.

Equity Method Investment

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Equity Method Investment

In 2022, the Company acquired 44.55% equity interests in Syniverse Corporation (“Syniverse”) for $750.0 million in cash. The Company determined that it does not have a controlling financial interest in Syniverse but does exercise significant influence and therefore, the investment was accounted for under the equity method. The Company estimated that on the investment closing date there was a preliminary excess investment basis of $530.7 million related to its proportionate share of the identifiable intangible assets and $41.3 million related to the associated deferred tax liability. The equity method goodwill was estimated at $623.8 million.

The preliminary estimated fair value of the intangible assets was determined by the Company. The Company engaged a third‑party expert to assist with the valuation analysis. While the Company used its best estimates and assumptions as part of this valuation process to determine the fair values of the investee’s assets and liabilities, these estimates are inherently uncertain and subject to refinement. The authoritative guidance allows a measurement period of up to one year from the date of investment to make adjustments to these preliminary allocations.

The following table presents the preliminary estimated basis differences attributable to the identifiable assets and their respective useful lives:


	Total		Estimated life
	(In thousands)		(In years)
Developed technology	$	62,767	6
Customer relationships	439,152		9
Trademarks	28,822		Indefinite
Total basis difference attributable to the identifiable intangible assets	$	530,741

The Company has elected to report its portion of equity method investee’s results of operations and other comprehensive income on a 90-day lag. Accordingly, in the three and nine months ended September 30, 2022, the Company recorded $13.4 million in its accompanying condensed consolidated statements of operations. The adjustment consisted of the Company’s proportionate share of the investee’s net operating results and the amortization of the basis difference for the period from the transaction closing date of May 13, 2022, through June 30, 2022. The Company also recorded $4.2 million of its proportionate share of the investee’s other comprehensive loss in the accompanying condensed consolidated statement of other comprehensive loss for the same period.

In conjunction with this investment, the Company and Syniverse entered into a wholesale agreement, pursuant to which Syniverse will process, route and deliver application-to-person messages originating and/or terminating between the Company’s customers and mobile network operators. The value of the transactions that occurred between the Company and Syniverse were $32.1 million for the three months ended September 30, 2022, and $54.1 million for the period from the investment closing date on May 13, 2022, through September 30, 2022. These transactions were recorded as cost of revenue in the accompanying condensed consolidated statements of operations.

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

The goodwill balance as of September 30, 2022 and December 31, 2021 was as follows:


	Total
	(In thousands)




Balance as of December 31, 2021	$	5,263,166
Goodwill additions and adjustments	21,450

Balance as of September 30, 2022	$	5,284,616

Intangible assets

Intangible assets consisted of the following:


	As of September 30, 2022
	Gross		Accumulated Amortization		Net
Amortizable intangible assets:	(In thousands)
Developed technology	$	795,836	$	(308,175)	$	487,661
Customer relationships	538,607		(185,310)		353,297
Supplier relationships	57,019		(17,225)		39,794
Trade names	30,393		(18,587)		11,806
Order backlog	10,000		(10,000)		—
Patent	4,028		(654)		3,374
Total amortizable intangible assets	1,435,883		(539,951)		895,932
Non-amortizable intangible assets:
Telecommunication licenses	4,920		—		4,920
Trademarks and other	303		—		303
Total	$	1,441,106	$	(539,951)	$	901,155


	As of December 31, 2021
	Gross		Accumulated Amortization		Net
Amortizable intangible assets:	(In thousands)
Developed technology	$	794,831	$	(222,765)	$	572,066
Customer relationships	538,264		(128,035)		410,229
Supplier relationships	51,671		(9,491)		42,180
Trade names	30,669		(13,874)		16,795
Order backlog	10,000		(10,000)		—
Patent	4,035		(508)		3,527
Total amortizable intangible assets	1,429,470		(384,673)		1,044,797
Non-amortizable intangible assets:
Telecommunication licenses	4,920		—		4,920
Trademarks and other	295		—		295
Total	$	1,434,685	$	(384,673)	$	1,050,012

Amortization expense was $51.7 million and $55.7 million for the three months ended September 30, 2022 and 2021, respectively, and $155.4 million and $146.3 million for the nine months ended September 30, 2022 and 2021, respectively.

Total estimated future amortization expense is as follows:


	As of September 30, 2022
Year Ended December 31,	(In thousands)
2022 (remaining three months)	$	50,866
2023	202,792
2024	197,357
2025	193,783
2026	120,288
Thereafter	130,846
Total	$	895,932

Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 30, 2022

Accrued Liabilities and Other Liabilities [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	As of September 30, 2022		As of December 31, 2021
	(In thousands)
Accrued payroll and related	$	76,415	$	78,780
Accrued bonus and commission	32,388		64,665
Accrued cost of revenue	176,946		118,004
Sales and other taxes payable	86,019		61,975
ESPP contributions	12,170		10,284
Derivative liability	33,860		220
Finance lease liability	12,141		12,370
Restructuring liability	53,161		—
Employee sabbatical benefit accrual	29,222		—
Accrued other expense	60,554		71,205
Total accrued expenses and other current liabilities	$	572,876	$	417,503

Notes Payable

9 Months Ended

Sep. 30, 2022

Long-Term Debt, Unclassified [Abstract]

Notes Payable

Long-Term Debt

Long-term debt, net, consisted of the following:


	As of September 30, 2022		As of December 31, 2021
	(In thousands)
2029 Senior Notes
Principal	$	500,000	$	500,000
Unamortized discount	(5,179)		(5,701)
Unamortized issuance costs	(1,172)		(1,286)
Net carrying amount	493,649		493,013
2031 Senior Notes
Principal	500,000		500,000
Unamortized discount	(5,434)		(5,832)
Unamortized issuance costs	(1,230)		(1,274)
Net carrying amount	493,336		492,894
Total long-term debt, net	$	986,985	$	985,907

As of September 30, 2022, the Company was in compliance with all of its financial covenants under the Indenture.

Revenue by Geographic Area

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue by Geographic Area

Revenue by geographic area is based on the IP address or the mailing address at the time of registration. The following table sets forth revenue by geographic area:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Revenue by geographic area:	(In thousands)
United States	$	650,531	$	497,993	$	1,837,325	$	1,372,436
International	332,499		242,183		964,422		626,659
Total	$	983,030	$	740,176	$	2,801,747	$	1,999,095


Percentage of revenue by geographic area:
United States	66	%	67	%	66	%	69	%
International	34	%	33	%	34	%	31	%

As of September 30, 2022 and December 31, 2021, long-lived assets outside of the United States were $56.0 million and $41.0 million, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

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+ Details

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesLease and Other Commitments The Company has entered into various non-cancelable operating lease agreements for its facilities. In the nine months ended September 30, 2022, 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 nine months ended September 30, 2022, the Company entered into several such agreements with terms up to four years for a total purchase commitment of $127.1 million and $181.5 million, respectively. Legal Matters The City and County of San Francisco (“San Francisco”) has assessed the Company for additional Telephone Users Tax (“TUT”) and Access Line Tax (“ALT”) on certain of the Company’s services for the years 2009 through 2018. The assessments totaled $38.8 million, including interest and penalties. The Company paid the assessments under protest in the third quarter of 2020. On May 27, 2021, the Company filed a lawsuit against San Francisco in San Francisco Superior Court challenging the assessments. The Company raised numerous defenses to the assessments including that its services are not telecommunications services, application of the taxes to the Company’s services violates the Internet Tax Freedom Act and San Francisco does not have jurisdiction to impose tax on services provided outside of San Francisco. The Company is seeking refunds of the taxes paid, waivers of interest and penalties, cost of suit and reasonable attorneys’ fees, and other legal and equitable relief as the court deems appropriate. A trial date has been set for March 6, 2023. The Company believes it has strong arguments against the assessments, but litigation is uncertain and there is no assurance that it will prevail in court. Should the Company lose on one or more of its arguments, it could incur additional losses associated with taxes, interest, and penalties that together, in aggregate, could be material. The Company regularly assesses the likelihood of adverse outcomes resulting from tax disputes such as this and examines all open years to determine the necessity and adequacy of any tax reserves. The Company’s tax reserves are further discussed in Note 13(d) of these condensed consolidated financial statements. In addition to the litigation discussed above, from time to time, the Company may be subject to legal actions and claims in the ordinary course of business. The Company has received, and may in the future continue to receive, claims from third parties asserting, among other things, infringement of their intellectual property rights. Future litigation may be necessary to defend the Company, its partners and its customers by determining the scope, enforceability and validity of third‑party proprietary rights, or to establish our proprietary rights. 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. 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 The Company has signed indemnification agreements with all of its board members and executive officers. The agreements indemnify the board members and executive officers from claims and expenses on actions brought against the individuals separately or jointly with the Company for certain indemnifiable events. Indemnifiable events generally mean any event or occurrence related to the fact that the board member or the executive officer was or is acting in his or her capacity as a board member or an executive officer for the Company or was or is acting or representing the interests of the Company. In the ordinary course of business and in connection with our financing and business combinations 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 various products, or its acts or omissions. In these circumstances, payment may be conditional on the other party making a claim pursuant to the procedures specified in the particular contract. Further, the Company’s obligations under these agreements may be limited in terms of time and/or amount, and in some instances, the Company may have recourse against third parties for certain payments. The terms of such obligations may vary. As of September 30, 2022 and December 31, 2021, no amounts were accrued related to any outstanding indemnification agreements. Other Taxes The Company conducts operations in many tax jurisdictions within and outside 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. For example, as described in Note 13(b), the Company is currently involved in legal proceedings with the City and County of San Francisco challenging their assessment of the Company’s estimated tax liability for a specific period. The $38.8 million assessment of taxes, including interest and penalties, that the Company paid as required in 2020, net of the $11.5 million reserve the Company had accrued for the same period, was recorded as a deposit in other assets in the accompanying condensed consolidated balance sheets. As of September 30, 2022, the liabilities recorded for the non-income-based taxes were $27.7 million for domestic jurisdictions and $21.6 million for jurisdictions outside of the United States. As of December 31, 2021, these liabilities were $25.4 million and $17.7 million, respectively.

Stockholders' Equity

9 Months Ended

Sep. 30, 2022

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Preferred Stock

As of September 30, 2022, and December 31, 2021, 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 September 30, 2022, and December 31, 2021, the Company had authorized 1,000,000,000 shares of Class A common stock and 100,000,000 shares of Class B common stock, each par value of $0.001 per share. As of September 30, 2022, 174,482,722 shares of Class A common stock and 9,817,605 shares of Class B common stock were issued and outstanding. As of December 31, 2021, 170,625,994 shares of Class A common stock and 9,842,105 shares of Class B common stock were issued and outstanding.

The Company had reserved shares of common stock for issuance as follows:


	As of September 30, 2022	As of December 31, 2021
Stock options issued and outstanding	2,488,072	3,351,313
Unvested restricted stock units issued and outstanding	14,970,869	6,475,700
Class A common stock reserved for Twilio.org	552,551	618,857
Stock-based awards available for grant under 2016 Plan	20,483,275	24,650,104
Stock-based awards available for grant under ESPP	7,924,609	6,382,830
Total	46,419,376	41,478,804

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-Topic 505
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-Name Accounting Standards Codification
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+ Details

Stock-Based Compensation

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

The Company’s 2016 Stock Option and Incentive Plan (the “2016 Plan”) provides for granting stock options, restricted stock units (“RSU”), restricted stock awards (“RSA”), 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.

The Company also offers an Employee Stock Purchase Plan (“ESPP”) to eligible employees. The ESPP provides for separate six-month offering periods beginning in May and November of each year.

In March 2022, the Company granted 919,289 shares of performance-based restricted stock unit awards to its executive employees with a grant date fair value per share of $157.44 and an aggregate grant date fair value of $144.7 million. Each award consists of three tranches, with each vesting over a separate service period if its respective performance targets, as defined in the grant agreements, are achieved. The first tranche will vest if the revenue growth targets are achieved with respect to fiscal year 2022. The second and third tranches will vest if both (a) revenue growth targets and (b) profitability targets are achieved with respect to each of fiscal years 2023 and 2024. If performance targets are not achieved, the related tranche will be forfeited. Vesting of these performance-based restricted stock unit awards will range up to 100% above the target based on levels of performance and will be recorded in stock-based compensation expense in the fiscal year during which each tranche vests. The Company estimated the fair value of these awards based on the closing price of its Class A common stock on the date of grant.

As of September 30, 2022, total unrecognized compensation cost related to all outstanding equity awards excluding the awards impacted by the Restructuring Plan described in Note 6 was as follows:


	Unrecognized Compensation Cost		Weighted-average remaining period
	(In thousands)		(In years)
Unvested stock options	$	62,340	2.1
Unvested restricted stock units and awards	2,000,933		3.1
ESPP	1,469		0.1
Class A shares in escrow subject to future vesting	13,298		1.8
Total	$	2,078,040

Stock-Based Compensation Expense

The Company recorded total stock-based compensation expense as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(In thousands)
Cost of revenue	$	6,114	$	3,720	$	14,631	$	9,461
Research and development	90,787		69,242		279,680		185,072
Sales and marketing	58,747		53,843		184,825		143,419
General and administrative	37,973		37,238		111,850		107,414
Restructuring costs	15,274		—		15,274		—
Total	$	208,895	$	164,043	$	606,260	$	445,366

Net Loss Per Share Attributable to Common Stockholders

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

Basic and diluted net loss per common share is presented in conformity with the two-class method required for participating securities and is described in detail in the Company’s Annual Report.

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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021

Net loss attributable to common stockholders (in thousands)	$	(482,327)	$	(224,109)	$	(1,026,723)	$	(658,504)
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted	183,692,564		177,231,285		182,319,735		172,605,371
Net loss per share attributable to common stockholders, basic and diluted	$	(2.63)	$	(1.26)	$	(5.63)	$	(3.82)

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 September 30,
	2022	2021
Stock options issued and outstanding	2,488,072	4,510,986
Unvested restricted stock units issued and outstanding	14,970,869	6,467,518
Class A common stock reserved for Twilio.org	552,551	640,959
Class A common stock committed under ESPP	191,558	107,815
Class A common stock in escrow	31,503	75,612
Class A common stock in escrow and restricted stock awards subject to future vesting	56,237	342,784
Total	18,290,790	12,145,674

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company computes its provision for income taxes for interim periods by applying an estimated annual effective tax rate to anticipated annual pretax income or loss. The estimated annual effective tax rate is applied to the Company’s year to date income or loss, and is adjusted for discrete items recorded in the period. 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 foreign net operating losses and credits. The Company recorded an income tax provision of $3.6 million and $3.3 million for the three and nine months ended September 30, 2022, respectively, and an income tax benefit of $14.8 million and $12.7 million for the three and nine months ended September 30, 2021. The provision for income taxes recorded in the three and nine months ended September 30, 2022 consists primarily of income taxes and withholding taxes in foreign jurisdictions in which the Company conducts business, partially offset by an income tax benefit from the reversal of U.S. deferred tax liabilities related to the acquired intangibles from business combinations. The benefit for income taxes recorded in the three and nine months ended September 30, 2021 consists primarily of an income tax benefit from the reversal of U.S. valuation allowance related to acquired intangibles from business combinations, partially offset with income taxes and withholding taxes in foreign jurisdictions in which the Company conducts business. 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. A provision enacted as part of the 2017 Tax Cuts & Jobs Act requires companies to capitalize research and experimental expenditures for tax purposes in tax years beginning after December 31, 2021. The Company is currently assessing the impact of the provision, however a material impact to tax expense and cash taxes is not expected due to available net operating losses and tax credits. The Inflation Reduction Act and CHIPS and Science Act were signed into law in August 2022. The Inflation Reduction Act introduced new provisions, including a 15 percent corporate alternative minimum tax for certain large corporations that have at least an average of $1 billion adjusted financial statement income over a consecutive three-tax-year period. The corporate minimum tax will be effective for tax years beginning after December 31, 2022. A material impact to tax expense and cash taxes is not expected.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2022
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 22, 2022 (“Annual Report”). The condensed consolidated balance sheet as of December 31, 2021, 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 2022 or any future period.
Principles of Consolidation	Principles of ConsolidationThe condensed consolidated financial statements include the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated.
Use of Estimates	Use of EstimatesThe 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; 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 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.
Concentration of Credit Risk	Concentration of Credit RiskFinancial 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, restricted cash, cash equivalents and marketable securities with financial institutions that management believes are financially sound and have minimal credit risk exposure although the balances will 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. 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.
Restructuring Costs	Restructuring Costs The Company records a charge for restructuring when management commits to a restructuring plan, the restructuring plan identifies all significant actions, the period of time to complete the restructuring plan indicates that significant changes to the plan are not likely and employees who are impacted have been notified of the pending involuntary termination. Restructuring charges are accrued in the period in which it is probable that the employees are entitled to the restructuring benefits and the amounts can be reasonably estimated.
Equity Method Investments	Equity Method Investments Equity investment holdings in which the Company does not have a controlling financial interest but can exercise significant influence over an investee are accounted for under the equity method. Equity method investments are originally recorded at cost and are subsequently increased or reduced to reflect the Company’s proportionate share of net earnings or losses of the investee as they occur. The Company records the investee losses up to the carrying amount of the investment plus any advances and loans made to the investee and any financial guarantees made on behalf of the investee. Investments are also increased by contributions made to and distributions from the investee. All costs directly associated with the acquisition of the investment are included in the carrying amount of the investment. Profits or losses related to intra-entity sales are eliminated until realized by the Company or the investee. The Company determines the difference between its purchase price and its proportionate share of the net assets of the investee, which results in an excess basis in the investment. This excess basis is allocated to the identifiable assets and liabilities of the investee utilizing purchase accounting principles and is used to calculate the amortization of basis differences every reporting period. Basis differences are generally amortized over the lives of the assets and liabilities that gave rise to the basis differences. The Company records its share in earnings and losses of its equity method investee along with adjustments for amortization of basis differences, investee capital transactions and other comprehensive income or loss in its consolidated statements of operations and comprehensive loss on a three-month lag. Equity method goodwill is not amortized or tested for impairment. Instead, the Company evaluates its equity method investments for impairment whenever events or changes in circumstance indicate that the carrying amounts of such investments may be in excess of their fair value. When such indicators exist, the other-than-temporary impairment model is utilized, which considers the severity and duration of a decline in fair value below book value and the Company’s ability and intent to hold the investment for a sufficient period of time to allow for recovery. If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in the current period.
Recently Adopted Accounting Guidance and Recently Issued Accounting Guidance Not yet Adopted	Recently Adopted Accounting Guidance In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers,” which requires that an entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, "Revenue from Contracts with Customers." At the acquisition date, an acquirer should account for the related revenue contracts as if it had originated the contracts. Generally, this should result in an acquirer recognizing and measuring the acquired contract assets and contract liabilities consistent with how they were recognized and measured in the acquiree's financial statements, assuming the acquirer is able to assess and rely on how the acquiree applied ASC 606. The Company adopted ASU 2021-08 in the first quarter of 2022 with no material impact to the Company's condensed consolidated financial statements. (j)Recently Issued Accounting Guidance, Not yet Adopted In June 2022, the FASB issued ASU No. 2022-03, "Fair Value Measurements (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions," which clarifies and amends the guidance of measuring the fair value of equity securities subject to contractual restrictions that prohibit the sale of the equity securities. The guidance will be effective for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. The Company is evaluating the impact of the adoption of this guidance on its consolidated financial statements.

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

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 Cost or Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value Hierarchy as of September 30, 2022						Aggregate Fair Value
							Level 1	Level 2		Level 3
Financial Assets:	(In thousands)
Cash and cash equivalents:
Money market funds	$	39,117	$	—	$	—		$	39,117	$	—	$	—	$	39,117
Reverse repurchase agreements	200,000		—		—			—		200,000		—		200,000
Commercial paper	5,205		—		—			—		5,205		—		5,205
Total included in cash and cash equivalents	244,322		—		—			39,117		205,205		—		244,322
Marketable securities:
U.S. Treasury securities	519,609		—		(15,009)			504,600		—		—		504,600
Non-U.S. government securities	150,297		—		(7,041)			143,256		—		—		143,256
Corporate debt securities and commercial paper	3,028,685		13		(100,803)			7,000		2,920,895		—		2,927,895
Total marketable securities	3,698,591		13		(122,853)			654,856		2,920,895		—		3,575,751
Total financial assets	$	3,942,913	$	13	$	(122,853)		$	693,973	$	3,126,100	$	—	$	3,820,073


	Amortized Cost or Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value Hierarchy as of December 31, 2021						Aggregate Fair Value
							Level 1	Level 2		Level 3
Financial Assets:	(In thousands)
Cash and cash equivalents:
Money market funds	$	786,548	$	—	$	—		$	786,548	$	—	$	—	$	786,548
Commercial paper	46,076		—		—			—		46,076		—		46,076
Total included in cash and cash equivalents	832,624		—		—			786,548		46,076		—		832,624
Marketable securities:
U.S. Treasury securities	375,305		6		(2,561)			372,750		—		—		372,750
Non-U.S. government securities	221,641		—		(1,355)			220,286		—		—		220,286
Corporate debt securities and commercial paper	3,300,326		960		(15,892)			31,000		3,254,394		—		3,285,394
Total marketable securities	3,897,272		966		(19,808)			624,036		3,254,394		—		3,878,430
Total financial assets	$	4,729,896	$	966	$	(19,808)		$	1,410,584	$	3,300,470	$	—	$	4,711,054

Schedule of contractual maturities of marketable securities

The following table summarizes the contractual maturities of marketable securities:


	As of September 30, 2022				As of December 31, 2021
	Amortized Cost		Aggregate Fair Value		Amortized Cost		Aggregate Fair Value
Financial Assets:	(In thousands)
Less than one year	$	1,992,157	$	1,952,475	$	1,084,751	$	1,085,006
One to three years	1,706,434		1,623,276		2,812,521		2,793,424
Total	$	3,698,591	$	3,575,751	$	3,897,272	$	3,878,430

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

Property and equipment consisted of the following:


	As of September 30, 2022		As of December 31, 2021
	(In thousands)
Capitalized internal-use software developments costs	$	248,158	$	198,589
Data center equipment (1)	99,755		77,946
Leasehold improvements	89,234		85,297
Office equipment	67,808		58,636
Furniture and fixtures	15,030		15,360
Software	10,925		10,506
Total property and equipment	530,910		446,334
Less: accumulated depreciation and amortization (1)	(267,048)		(191,018)
Total property and equipment, net	$	263,862	$	255,316

____________________________________

Restructuring Activities (Tables)

9 Months Ended

Sep. 30, 2022

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Activities

The following table summarizes the Company’s restructuring liability that is included in accrued expenses and other current liabilities in the accompanying condensed consolidated balance sheet:


	Workforce Reduction Costs		Facilitation Costs		Total
	(In thousands)
Balance as of June 30, 2022	$	—	$	—	$	—
Restructuring charges	55,855		1,322		57,177
Cash payments	(4,016)		—		(4,016)
Balance as of September 30, 2022	$	51,839	$	1,322	$	53,161

Derivatives and Hedging (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments, Gain (Loss)

Gains and losses associated with these foreign currency forward contracts were as follows:


	Condensed Consolidated Statement of Operations and Statement of Comprehensive Loss	Three Months Ended September 30,			Nine Months Ended September 30,
			2022		2021		2022		2021
			(In thousands)
Losses recognized in OCI	Net change in market value of effective foreign currency forward exchange contracts		$	19,196	$	161	$	34,154	$	3,069
Losses recognized in income due to instruments maturing	Cost of revenue		$	16,357	$	2,464	$	25,520	$	2,931

Equity Method Investment (Tables)

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of Preliminary Basis Difference Attributable to Identifiable Assets and Useful Lives

The following table presents the preliminary estimated basis differences attributable to the identifiable assets and their respective useful lives:


	Total		Estimated life
	(In thousands)		(In years)
Developed technology	$	62,767	6
Customer relationships	439,152		9
Trademarks	28,822		Indefinite
Total basis difference attributable to the identifiable intangible assets	$	530,741

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill balance

The goodwill balance as of September 30, 2022 and December 31, 2021 was as follows:


	Total
	(In thousands)




Balance as of December 31, 2021	$	5,263,166
Goodwill additions and adjustments	21,450

Balance as of September 30, 2022	$	5,284,616

Schedule of intangible assets

Intangible assets consisted of the following:


	As of September 30, 2022
	Gross		Accumulated Amortization		Net
Amortizable intangible assets:	(In thousands)
Developed technology	$	795,836	$	(308,175)	$	487,661
Customer relationships	538,607		(185,310)		353,297
Supplier relationships	57,019		(17,225)		39,794
Trade names	30,393		(18,587)		11,806
Order backlog	10,000		(10,000)		—
Patent	4,028		(654)		3,374
Total amortizable intangible assets	1,435,883		(539,951)		895,932
Non-amortizable intangible assets:
Telecommunication licenses	4,920		—		4,920
Trademarks and other	303		—		303
Total	$	1,441,106	$	(539,951)	$	901,155


	As of December 31, 2021
	Gross		Accumulated Amortization		Net
Amortizable intangible assets:	(In thousands)
Developed technology	$	794,831	$	(222,765)	$	572,066
Customer relationships	538,264		(128,035)		410,229
Supplier relationships	51,671		(9,491)		42,180
Trade names	30,669		(13,874)		16,795
Order backlog	10,000		(10,000)		—
Patent	4,035		(508)		3,527
Total amortizable intangible assets	1,429,470		(384,673)		1,044,797
Non-amortizable intangible assets:
Telecommunication licenses	4,920		—		4,920
Trademarks and other	295		—		295
Total	$	1,434,685	$	(384,673)	$	1,050,012

Schedule of total estimated future amortization expense

Total estimated future amortization expense is as follows:


	As of September 30, 2022
Year Ended December 31,	(In thousands)
2022 (remaining three months)	$	50,866
2023	202,792
2024	197,357
2025	193,783
2026	120,288
Thereafter	130,846
Total	$	895,932

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2022

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 September 30, 2022		As of December 31, 2021
	(In thousands)
Accrued payroll and related	$	76,415	$	78,780
Accrued bonus and commission	32,388		64,665
Accrued cost of revenue	176,946		118,004
Sales and other taxes payable	86,019		61,975
ESPP contributions	12,170		10,284
Derivative liability	33,860		220
Finance lease liability	12,141		12,370
Restructuring liability	53,161		—
Employee sabbatical benefit accrual	29,222		—
Accrued other expense	60,554		71,205
Total accrued expenses and other current liabilities	$	572,876	$	417,503

Notes Payable (Tables)

9 Months Ended

Sep. 30, 2022

Long-Term Debt, Unclassified [Abstract]

Schedule of Long-term debt

Long-term debt, net, consisted of the following:


	As of September 30, 2022		As of December 31, 2021
	(In thousands)
2029 Senior Notes
Principal	$	500,000	$	500,000
Unamortized discount	(5,179)		(5,701)
Unamortized issuance costs	(1,172)		(1,286)
Net carrying amount	493,649		493,013
2031 Senior Notes
Principal	500,000		500,000
Unamortized discount	(5,434)		(5,832)
Unamortized issuance costs	(1,230)		(1,274)
Net carrying amount	493,336		492,894
Total long-term debt, net	$	986,985	$	985,907

Revenue by Geographic Area (Tables)

9 Months Ended

Sep. 30, 2022

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 at the time of registration. The following table sets forth revenue by geographic area:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Revenue by geographic area:	(In thousands)
United States	$	650,531	$	497,993	$	1,837,325	$	1,372,436
International	332,499		242,183		964,422		626,659
Total	$	983,030	$	740,176	$	2,801,747	$	1,999,095


Percentage of revenue by geographic area:
United States	66	%	67	%	66	%	69	%
International	34	%	33	%	34	%	31	%

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2022

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 September 30, 2022	As of December 31, 2021
Stock options issued and outstanding	2,488,072	3,351,313
Unvested restricted stock units issued and outstanding	14,970,869	6,475,700
Class A common stock reserved for Twilio.org	552,551	618,857
Stock-based awards available for grant under 2016 Plan	20,483,275	24,650,104
Stock-based awards available for grant under ESPP	7,924,609	6,382,830
Total	46,419,376	41,478,804

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of unrecognized compensation cost of outstanding equity awards

As of September 30, 2022, total unrecognized compensation cost related to all outstanding equity awards excluding the awards impacted by the Restructuring Plan described in Note 6 was as follows:


	Unrecognized Compensation Cost		Weighted-average remaining period
	(In thousands)		(In years)
Unvested stock options	$	62,340	2.1
Unvested restricted stock units and awards	2,000,933		3.1
ESPP	1,469		0.1
Class A shares in escrow subject to future vesting	13,298		1.8
Total	$	2,078,040

Schedule of stock based compensation expense

The Company recorded total stock-based compensation expense as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(In thousands)
Cost of revenue	$	6,114	$	3,720	$	14,631	$	9,461
Research and development	90,787		69,242		279,680		185,072
Sales and marketing	58,747		53,843		184,825		143,419
General and administrative	37,973		37,238		111,850		107,414
Restructuring costs	15,274		—		15,274		—
Total	$	208,895	$	164,043	$	606,260	$	445,366

Net Loss Per Share Attributable to Common Stockholders (Tables)

9 Months Ended

Sep. 30, 2022

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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021

Net loss attributable to common stockholders (in thousands)	$	(482,327)	$	(224,109)	$	(1,026,723)	$	(658,504)
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted	183,692,564		177,231,285		182,319,735		172,605,371
Net loss per share attributable to common stockholders, basic and diluted	$	(2.63)	$	(1.26)	$	(5.63)	$	(3.82)

Schedule of common stock equivalents excluded from the computation of the diluted net loss per share attributable to common stockholders


	As of September 30,
	2022	2021
Stock options issued and outstanding	2,488,072	4,510,986
Unvested restricted stock units issued and outstanding	14,970,869	6,467,518
Class A common stock reserved for Twilio.org	552,551	640,959
Class A common stock committed under ESPP	191,558	107,815
Class A common stock in escrow	31,503	75,612
Class A common stock in escrow and restricted stock awards subject to future vesting	56,237	342,784
Total	18,290,790	12,145,674

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Acquired Indefinite-lived Intangible Assets [Line Items]
Revenue, remaining performance obligation, amount	$ 122.1		$ 122.1
Deferred revenue	135.6		135.6		$ 141.5
Revenue recognized out of adjusted deferred revenue balance	17.5	$ 13.9	112.2	$ 58.2
Total net capitalized costs	$ 223.9		$ 223.9		$ 193.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 \| Revenue Recognition Period One
Acquired Indefinite-lived Intangible Assets [Line Items]
Revenue, remaining performance obligation, percentage	71.00%		71.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 \| Revenue Recognition Period Two
Acquired Indefinite-lived Intangible Assets [Line Items]
Revenue, remaining performance obligation, percentage	95.00%		95.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	24 months		24 months

Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value Measurements, Financial Assets
Cash and cash equivalents:	$ 244,322	$ 832,624
Amortized Cost or Carrying Value	3,698,591	3,897,272
Gross Unrealized Gains	13	966
Gross Unrealized Losses	(122,853)	(19,808)
Marketable securities, aggregate fair value	3,575,751	3,878,430
Total financial assets	3,942,913	4,729,896
Total financial assets	3,820,073	4,711,054
Level 1
Fair Value Measurements, Financial Assets
Cash and cash equivalents:	39,117	786,548
Marketable securities, aggregate fair value	654,856	624,036
Total financial assets	693,973	1,410,584
Level 2
Fair Value Measurements, Financial Assets
Cash and cash equivalents:	205,205	46,076
Marketable securities, aggregate fair value	2,920,895	3,254,394
Total financial assets	3,126,100	3,300,470
Level 3
Fair Value Measurements, Financial Assets
Cash and cash equivalents:	0	0
Marketable securities, aggregate fair value	0	0
Total financial assets	0	0
U.S. Treasury securities
Fair Value Measurements, Financial Assets
Amortized Cost or Carrying Value	519,609	375,305
Gross Unrealized Gains	0	6
Gross Unrealized Losses	(15,009)	(2,561)
Marketable securities, aggregate fair value	504,600	372,750
U.S. Treasury securities \| Level 1
Fair Value Measurements, Financial Assets
Marketable securities, aggregate fair value	504,600	372,750
U.S. Treasury securities \| Level 2
Fair Value Measurements, Financial Assets
Marketable securities, aggregate fair value	0	0
U.S. Treasury securities \| Level 3
Fair Value Measurements, Financial Assets
Marketable securities, aggregate fair value	0	0
Non-U.S. government securities
Fair Value Measurements, Financial Assets
Amortized Cost or Carrying Value	150,297	221,641
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(7,041)	(1,355)
Marketable securities, aggregate fair value	143,256	220,286
Non-U.S. government securities \| Level 1
Fair Value Measurements, Financial Assets
Marketable securities, aggregate fair value	143,256	220,286
Non-U.S. government securities \| Level 2
Fair Value Measurements, Financial Assets
Marketable securities, aggregate fair value	0	0
Non-U.S. government securities \| Level 3
Fair Value Measurements, Financial Assets
Marketable securities, aggregate fair value	0	0
Corporate debt securities and commercial paper
Fair Value Measurements, Financial Assets
Amortized Cost or Carrying Value	3,028,685	3,300,326
Gross Unrealized Gains	13	960
Gross Unrealized Losses	(100,803)	(15,892)
Marketable securities, aggregate fair value	2,927,895	3,285,394
Corporate debt securities and commercial paper \| Level 1
Fair Value Measurements, Financial Assets
Marketable securities, aggregate fair value	7,000	31,000
Corporate debt securities and commercial paper \| Level 2
Fair Value Measurements, Financial Assets
Marketable securities, aggregate fair value	2,920,895	3,254,394
Corporate debt securities and commercial paper \| Level 3
Fair Value Measurements, Financial Assets
Marketable securities, aggregate fair value	0	0
Money market funds
Fair Value Measurements, Financial Assets
Cash and cash equivalents:	39,117	786,548
Money market funds \| Level 1
Fair Value Measurements, Financial Assets
Cash and cash equivalents:	39,117	786,548
Money market funds \| Level 2
Fair Value Measurements, Financial Assets
Cash and cash equivalents:	0	0
Money market funds \| Level 3
Fair Value Measurements, Financial Assets
Cash and cash equivalents:	0	0
Reverse repurchase agreements
Fair Value Measurements, Financial Assets
Cash and cash equivalents:	200,000
Reverse repurchase agreements \| Level 1
Fair Value Measurements, Financial Assets
Cash and cash equivalents:	0
Reverse repurchase agreements \| Level 2
Fair Value Measurements, Financial Assets
Cash and cash equivalents:	200,000
Reverse repurchase agreements \| Level 3
Fair Value Measurements, Financial Assets
Cash and cash equivalents:	0
Commercial paper
Fair Value Measurements, Financial Assets
Cash and cash equivalents:	5,205	46,076
Commercial paper \| Level 1
Fair Value Measurements, Financial Assets
Cash and cash equivalents:	0	0
Commercial paper \| Level 2
Fair Value Measurements, Financial Assets
Cash and cash equivalents:	5,205	46,076
Commercial paper \| Level 3
Fair Value Measurements, Financial Assets
Cash and cash equivalents:	$ 0	$ 0

Fair Value Measurements - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
Fair Value Measurements - Narrative (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest earned on marketable securities	$ 16,300,000	$ 16,200,000	$ 47,500,000	$ 39,500,000
Investment in equity securities, carrying value	74,300,000		74,300,000		$ 68,300,000
Impairments or other adjustments	0	$ 0	0	$ 0
Liabilities fair value	33,900,000		33,900,000
2029 Senior Notes \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of the notes	407,100,000		407,100,000		510,200,000
2031 Senior Notes \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of the notes	$ 394,400,000		$ 394,400,000		$ 512,800,000

Fair Value Measurements - Contractual Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Less than one year, amortized cost	$ 1,992,157	$ 1,084,751
One to three years, amortized cost	1,706,434	2,812,521
Amortized Cost or Carrying Value	3,698,591	3,897,272
Less than one year, aggregate fair value	1,952,475	1,085,006
One to three years, aggregate fair value	1,623,276	2,793,424
Total aggregate fair value	$ 3,575,751	$ 3,878,430

Property and Equipment - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property and Equipment
Total property and equipment	$ 530,910	$ 446,334
Less: accumulated depreciation and amortization	(267,048)	(191,018)
Total property and equipment, net	263,862	255,316
Capitalized internal-use software developments costs
Property and Equipment
Total property and equipment	248,158	198,589
Data center equipment
Property and Equipment
Total property and equipment	99,755	77,946
Finance lease asset	72,400	63,000
Finance lease asset, accumulated amortization	37,400	26,800
Leasehold improvements
Property and Equipment
Total property and equipment	89,234	85,297
Office equipment
Property and Equipment
Total property and equipment	67,808	58,636
Furniture and fixtures
Property and Equipment
Total property and equipment	15,030	15,360
Software
Property and Equipment
Total property and equipment	$ 10,925	$ 10,506

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 18.4	$ 14.5	$ 52.5	$ 43.2
Capitalized internal use software development costs	$ 19.3	$ 18.0	$ 51.2	$ 49.5

Impairment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Impairment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of long-lived assets	$ 97,722	$ 0	$ 97,722	$ 0

Restructuring Activities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Restructuring Cost and Reserve [Line Items]
Employees elimination percentage	11.00%		11.00%
Restructuring charges	$ 72,451	$ 0	$ 72,451	$ 0
Stock-based compensation - restructuring	15,274
Employee Severance and Facilitation Costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	57,177
Stock-Based Awards
Restructuring Cost and Reserve [Line Items]
Restructuring charges	15,300
Minimum
Restructuring Cost and Reserve [Line Items]
Estimated restructuring costs	70,000		70,000
Restructuring costs expected to be paid in cash	55,000
Maximum
Restructuring Cost and Reserve [Line Items]
Estimated restructuring costs	90,000		$ 90,000
Restructuring costs expected to be paid in cash	$ 70,000

Restructuring Activities - Schedule of Restructuring Activities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Restructuring Reserve [Roll Forward]
Restructuring charges	$ 72,451	$ 0	$ 72,451	$ 0
Employee Severance and Facilitation Costs
Restructuring Reserve [Roll Forward]
Beginning balance of period	0
Restructuring charges	57,177
Cash payments	(4,016)
Ending balance of period	53,161		53,161
Workforce Reduction Costs
Restructuring Reserve [Roll Forward]
Beginning balance of period	0
Restructuring charges	55,855
Cash payments	(4,016)
Ending balance of period	51,839		51,839
Facilitation Costs
Restructuring Reserve [Roll Forward]
Beginning balance of period	0
Restructuring charges	1,322
Cash payments	0
Ending balance of period	$ 1,322		$ 1,322

Derivatives and Hedging - Narrative (Details) - Foreign Currency Forward - Designated as Cash Flow Hedges - Cash Flow Hedge $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Maximum
Foreign Currency Fair Value Hedge Derivative [Line Items]
Derivative, term of contract	9 months
Buy
Foreign Currency Fair Value Hedge Derivative [Line Items]
Derivative, notional amount	$ 370.3

Derivatives and Hedging - Gains (Losses) Associated With Foreign Currency Forward Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Cost of revenue
Foreign Currency Fair Value Hedge Derivative [Line Items]
Losses recognized in income due to instruments maturing	$ 16,357	$ 2,464	$ 25,520	$ 2,931
Foreign Currency Forward
Foreign Currency Fair Value Hedge Derivative [Line Items]
Losses recognized in OCI	$ 19,196	$ 161	$ 34,154	$ 3,069

Equity Method Investment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		5 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Marketable Securities [Line Items]
Intangible assets	$ 901,155		$ 901,155	$ 901,155		$ 1,050,012
Share of losses from equity method investment	13,376	$ 0		13,376	$ 0
Share of other comprehensive loss from equity method investment	$ (4,243)	$ 0		$ (4,243)	$ 0
Syniverse
Marketable Securities [Line Items]
Acquisition of voting stock (in percent)	44.55%		44.55%	44.55%
Payments to acquire equity method investments				$ 750,000
Intangible assets	$ 530,741		$ 530,741	530,741
Deferred tax liabilities	41,300		41,300	41,300
Estimated goodwill	623,800		623,800	623,800
Share of losses from equity method investment	13,400			13,400
Share of other comprehensive loss from equity method investment	4,200			$ 4,200
Impact of transaction	$ 32,100		$ 54,100

Equity Method Investment - Basis Differences (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Marketable Securities [Line Items]
Intangible assets	$ 901,155	$ 1,050,012
Syniverse
Marketable Securities [Line Items]
Intangible assets	530,741
Syniverse \| Trademarks
Marketable Securities [Line Items]
Intangible assets	28,822
Syniverse \| Developed technology
Marketable Securities [Line Items]
Intangible assets	$ 62,767
Estimated life	6 years
Syniverse \| Customer relationships
Marketable Securities [Line Items]
Intangible assets	$ 439,152
Estimated life	9 years

Goodwill and Intangible Assets - Goodwill Rollforward (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Goodwill
Beginning balance of period	$ 5,263,166
Goodwill additions and adjustments	21,450
Ending balance of period	$ 5,284,616

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Amortizable intangible assets:
Gross	$ 1,435,883	$ 1,429,470
Accumulated Amortization	(539,951)	(384,673)
Net	895,932	1,044,797
Intangible assets, gross	1,441,106	1,434,685
Total	901,155	1,050,012
Telecommunication licenses
Amortizable intangible assets:
Non-amortizable intangible assets:	4,920	4,920
Trademarks and other
Amortizable intangible assets:
Non-amortizable intangible assets:	303	295
Developed technology
Amortizable intangible assets:
Gross	795,836	794,831
Accumulated Amortization	(308,175)	(222,765)
Net	487,661	572,066
Customer relationships
Amortizable intangible assets:
Gross	538,607	538,264
Accumulated Amortization	(185,310)	(128,035)
Net	353,297	410,229
Supplier relationships
Amortizable intangible assets:
Gross	57,019	51,671
Accumulated Amortization	(17,225)	(9,491)
Net	39,794	42,180
Trade names
Amortizable intangible assets:
Gross	30,393	30,669
Accumulated Amortization	(18,587)	(13,874)
Net	11,806	16,795
Order backlog
Amortizable intangible assets:
Gross	10,000	10,000
Accumulated Amortization	(10,000)	(10,000)
Net	0	0
Patent
Amortizable intangible assets:
Gross	4,028	4,035
Accumulated Amortization	(654)	(508)
Net	$ 3,374	$ 3,527

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 51.7	$ 55.7	$ 155.4	$ 146.3

Goodwill and Intangible Assets - Total Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Intangible Assets
2022 (remaining three months)	$ 50,866
2023	202,792
2024	197,357
2025	193,783
2026	120,288
Thereafter	130,846
Net	$ 895,932	$ 1,044,797

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accrued Liabilities and Other Liabilities [Abstract]
Accrued payroll and related	$ 76,415	$ 78,780
Accrued bonus and commission	32,388	64,665
Accrued cost of revenue	176,946	118,004
Sales and other taxes payable	86,019	61,975
ESPP contributions	12,170	10,284
Derivative liability	33,860	220
Finance lease liability	12,141	12,370
Restructuring liability	53,161	0
Employee sabbatical benefit accrual	29,222	0
Accrued other expense	60,554	71,205
Total accrued expenses and other current liabilities	$ 572,876	$ 417,503
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total accrued expenses and other current liabilities	Total accrued expenses and other current liabilities

Notes Payable - Summary of Long-Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total long-term debt, net	$ 986,985	$ 985,907
2029 Senior Notes
Debt Instrument [Line Items]
Principal	500,000	500,000
Unamortized discount	(5,179)	(5,701)
Unamortized issuance costs	(1,172)	(1,286)
Total long-term debt, net	493,649	493,013
2031 Senior Notes
Debt Instrument [Line Items]
Principal	500,000	500,000
Unamortized discount	(5,434)	(5,832)
Unamortized issuance costs	(1,230)	(1,274)
Total long-term debt, net	$ 493,336	$ 492,894

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Revenue by Geographic Area - Percentage of Revenue by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue by geographic area:
Revenue	$ 983,030	$ 740,176	$ 2,801,747	$ 1,999,095
United States
Revenue by geographic area:
Revenue	$ 650,531	$ 497,993	$ 1,837,325	$ 1,372,436
United States \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Percentage of revenue by geographic area:
Percentage of revenue	66.00%	67.00%	66.00%	69.00%
International
Revenue by geographic area:
Revenue	$ 332,499	$ 242,183	$ 964,422	$ 626,659
International \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Percentage of revenue by geographic area:
Percentage of revenue	34.00%	33.00%	34.00%	31.00%

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Revenue by Geographic Area - Narrative (Details) $ in Millions	Sep. 30, 2022 USD ($)
International
Disaggregation of Revenue [Line Items]
Long-lived assets	$ 56.0

Commitments and Contingencies - Lease and Other Commitments (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Term of non-cancellable agreement	4 years	4 years
Purchase commitment	$ 127.1	$ 181.5

Commitments and Contingencies - Legal Matters (Details) - USD ($) $ in Millions	Dec. 31, 2020	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Taxes payable, jurisdictional estimate	$ 38.8	$ 38.8

Commitments and Contingencies - Indemnification Agreements (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Indemnification Agreement
Loss Contingencies [Line Items]
Loss contingency accrual	$ 0	$ 0

Commitments and Contingencies - Other Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2020
Loss Contingencies [Line Items]
Taxes payable, jurisdictional estimate			$ 38.8	$ 38.8
Accrued taxes			$ 11.5
Domestic Tax Authority
Loss Contingencies [Line Items]
Taxes payable	$ 27.7	$ 25.4
Foreign Tax Authority
Loss Contingencies [Line Items]
Taxes payable	$ 21.6	$ 17.7

Stockholders' Equity - Preferred Stock (Details) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
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 Stock (Details) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
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)	174,482,722	170,625,994
Common stock, outstanding (in shares)	174,482,722	170,625,994
Common Stock Class B
Common Stock
Common stock, authorized (in shares)	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, issued (in shares)	9,817,605	9,842,105
Common stock, outstanding (in shares)	9,817,605	9,842,105

Stockholders' Equity - Common Stock Shares Reserved (Details) - shares	Sep. 30, 2022	Dec. 31, 2021
Stockholders' Equity
Total (in shares)	46,419,376	41,478,804
2016 Stock Option and Incentive Plan
Stockholders' Equity
Stock-based awards available for grant under 2016 Plan and ESPP (in shares)	20,483,275	24,650,104
Common Stock Class A
Stockholders' Equity
Class A common stock reserved for Twilio.org (in shares)	552,551	618,857
Stock options issued and outstanding
Stockholders' Equity
Stock options issued and outstanding (in shares)	2,488,072	3,351,313
Unvested restricted stock units issued and outstanding
Stockholders' Equity
Unvested restricted stock units issued and outstanding (in shares)	14,970,869	6,475,700
Stock-based awards available for grant under ESPP
Stockholders' Equity
Stock-based awards available for grant under 2016 Plan and ESPP (in shares)	7,924,609	6,382,830

Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions	1 Months Ended	9 Months Ended
	Mar. 31, 2022 USD ($) tranche $ / shares shares	Sep. 30, 2022
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock plan offering period		6 months
Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares	919,289
Granted (in dollars per share) \| $ / shares	$ 157.44
Outstanding performance based options, aggregate intrinsic value \| $	$ 144.7
Number of tranches \| tranche	3
Performance-Based Restricted Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage of target	100.00%

Stock-Based Compensation - Unrecognized Compensation Cost (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	$ 2,078,040
Unvested stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested stock options	$ 62,340
Weighted-average remaining period	2 years 1 month 6 days
Unvested restricted stock units and awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, other than options	$ 2,000,933
Weighted-average remaining period	3 years 1 month 6 days
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, other than options	$ 1,469
Weighted-average remaining period	1 month 6 days
Class A shares in escrow subject to future vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, other than options	$ 13,298
Weighted-average remaining period	1 year 9 months 18 days

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 208,895	$ 164,043	$ 606,260	$ 445,366
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	6,114	3,720	14,631	9,461
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	90,787	69,242	279,680	185,072
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	58,747	53,843	184,825	143,419
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	37,973	37,238	111,850	107,414
Restructuring costs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 15,274	$ 0	$ 15,274	$ 0

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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net Loss Per Share Attributable to Common Stockholders
Net loss attributable to common stockholders, basic	$ (482,327)	$ (224,109)	$ (1,026,723)	$ (658,504)
Net loss attributable to common stockholders, diluted	$ (482,327)	$ (224,109)	$ (1,026,723)	$ (658,504)
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic (in shares)	183,692,564	177,231,285	182,319,735	172,605,371
Weighted-average shares used to compute net loss per share attributable to common stockholders, diluted (in shares)	183,692,564	177,231,285	182,319,735	172,605,371
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (2.63)	$ (1.26)	$ (5.63)	$ (3.82)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (2.63)	$ (1.26)	$ (5.63)	$ (3.82)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Net Loss Per Share Attributable to Common Stockholders - Anti-Dilutive Securities (Details) - shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	18,290,790	12,145,674
Stock options issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	2,488,072	4,510,986
Unvested restricted stock units issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	14,970,869	6,467,518
Class A common stock reserved for Twilio.org
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	552,551	640,959
Class A common stock committed under ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	191,558	107,815
Class A common stock in escrow
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	31,503	75,612
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)	56,237	342,784

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 3,580	$ (14,849)	$ 3,316	$ (12,673)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details