<SEC-DOCUMENT>0001193125-23-215115.txt : 20230920
<SEC-HEADER>0001193125-23-215115.hdr.sgml : 20230920
<ACCEPTANCE-DATETIME>20230817170226
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-23-215115
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230817

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TWILIO INC
		CENTRAL INDEX KEY:			0001447669
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				262574840
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		101 SPEAR STREET
		STREET 2:		SUITE 500
		CITY:			San Francisco
		STATE:			CA
		ZIP:			94105
		BUSINESS PHONE:		415-390-2337

	MAIL ADDRESS:	
		STREET 1:		101 SPEAR STREET
		STREET 2:		SUITE 500
		CITY:			San Francisco
		STATE:			CA
		ZIP:			94105
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
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 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August&nbsp;17, 2023 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Via EDGAR </U></B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Inessa Kessman </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Robert Littlepage </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Technology </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Twilio Inc. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended December&nbsp;31, 2021 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-37806</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Kessman and Mr.&nbsp;Littlepage, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">I am writing in response to the comment letter from the Staff of the Securities and Exchange Commission (the &#147;Staff&#148;), dated
August&nbsp;4, 2023, to Ms.&nbsp;Aidan Viggiano, the Chief Financial Officer (Principal Accounting and Financial Officer) of Twilio Inc., a Delaware corporation (the &#147;Company&#148;), related to the Company&#146;s Form <FONT
STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended December&nbsp;31, 2021 (the &#147;2021 Form <FONT STYLE="white-space:nowrap">10-K&#148;).</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For your convenience, the Company has set forth below the Staff&#146;s comments in bold and italics, followed by the Company&#146;s responses
thereto. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended December&nbsp;31, 2021 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>General</U> </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><I>1.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>You appear to present <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> gross profit as the measure of
profit or loss for each reportable segment in the proposed disclosures in your letter dated July&nbsp;25, 2023. Please tell us what measures of profit or loss at the segment level are provided to the CODM, the frequency such measures are provided to
the CODM, and how they are used by the CODM. Please address all measures of segment profit or loss provided to the CODM, including those provided outside of the standard reporting package, such as during the budgeting process, meetings, or other
means. If the CODM receives but does not use a measure of segment profit or loss, please tell us why. </I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The
Company acknowledges the Staff&#146;s comment and provides the following response: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">As noted in the Company&#146;s previous response letters, immediately following its
February&nbsp;13, 2023 reorganization, the Company commenced realignment of its internal processes and controls to develop accurate, consistent, comparable and reliable reporting of discrete financial information on a business unit (&#147;BU&#148;)
level. Upon completion of this realignment, during the second quarter of 2023, the Chief Operating Decision Maker (&#147;CODM&#148;) began to receive and review his new monthly reporting package which includes
<FONT STYLE="white-space:nowrap">non-GAAP</FONT> gross profit as the only measure of segment profit or loss. Starting in the second quarter of 2023, the Company discontinued its use of the <FONT STYLE="white-space:nowrap">pre-realignment</FONT>
reporting packages and other CODM reporting materials previously provided to the Staff on a supplemental basis. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The CODM compares <FONT
STYLE="white-space:nowrap">non-GAAP</FONT> gross profit by segment in the current period to the corresponding budget to assess segment performance relative to expectations. He also compares the current period segment
<FONT STYLE="white-space:nowrap">non-GAAP</FONT> gross profit to historical performance (the prior year and immediately preceding period) to assess growth rates and trending. The CODM does not receive or review any other measure of profitability at
the segment level within or outside of his standard reporting package. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company&#146;s Form
<FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarter ended June&nbsp;30, 2023 filed with the SEC on August&nbsp;9, 2023 (the &#147;Q2 Form <FONT STYLE="white-space:nowrap">10-Q&#148;)</FONT> included new segment disclosures in Note 8 to the
unaudited condensed consolidated financial statements. This note included, among other disclosures, <FONT STYLE="white-space:nowrap">non-GAAP</FONT> gross profit by segment, as well as a reconciliation of
<FONT STYLE="white-space:nowrap">non-GAAP</FONT> gross profit to GAAP gross profit. On its call with the Staff on July&nbsp;12, 2023, the Company indicated that its then-current intention was to disclose only GAAP gross profit by segment. While the
CODM only ever reviewed <FONT STYLE="white-space:nowrap">non-GAAP</FONT> gross profit, the Company&#146;s preliminary view was that <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures should generally not be included in the notes to
its financial statements and therefore intended to disclose only the comparable GAAP measure. On further review of the guidance, and specifically question 104.1 in the SEC&#146;s <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures
Compliance and Disclosure Interpretations, the Company concluded that the disclosure should include the measure of segment profit or loss reviewed by the CODM, which is <FONT STYLE="white-space:nowrap">non-GAAP</FONT> gross profit, and accordingly, <FONT
STYLE="white-space:nowrap">non-GAAP</FONT> gross profit and the aforementioned reconciliation to GAAP gross profit was added to the disclosure. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company acknowledges that as its new business structure matures, a need for the CODM to review additional information on a segment level
may arise. The Company has a process in place to review and approve any proposed changes in internal reporting provided to the CODM to ensure accurate and timely ongoing segment disclosures. In the future, including during the 2024 budget process
that will commence later this year, the Company will continue to analyze all segment related information discussed with the CODM to determine if additional disclosures are required in accordance with ASC 280. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><I>2.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>If the CODM uses more than one measure of segment profit or loss in assessing segment performance and
deciding how to allocate resources, please tell us how you determined which measure was required to be disclosed. See ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">280-10-50-28.</FONT></FONT></FONT> </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company acknowledges the Staff&#146;s comment and provides the following response: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Consistent with the response above, upon completion of the aforementioned financial reporting realignments in the second quarter of 2023 and as
of the date of this response, the CODM did not, and currently does not, receive or use more than one measure of segment profit or loss in assessing segment performance and deciding how to allocate resources. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><I>3.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>In the proposed disclosures in your letter dated July&nbsp;25, 2023, you reconcile your segment measure
of profit to gross profit. Please revise to reconcile your segment measure of profit to consolidated income before taxes and discontinued operations in accordance with ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">280-10-50-32(f).</FONT></FONT></FONT> </I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company acknowledges the Staff&#146;s
comment and provides the following response: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">In Note 8 to the unaudited condensed consolidated financial statement included in the
Company&#146;s Q2 Form <FONT STYLE="white-space:nowrap">10-Q,</FONT> the Company included a reconciliation of its segment measure of profit to consolidated income before taxes, in accordance with ASC <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">280-10-50-32(f).</FONT></FONT></FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Should you have any questions or comments with respect
to the above, or believe that a call would be helpful in any way, please do not hesitate to contact me at aviggiano@twilio.com or the Company&#146;s outside corporate counsel, Rezwan D. Pavri, at (650)
<FONT STYLE="white-space:nowrap">565-3574</FONT> or rpavri@wsgr.com. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ <I>Aidan Viggiano</I></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Aidan Viggiano</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>Chief Financial Officer (Principal</I></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>Accounting and Financial Officer)</I></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">cc: &nbsp;&nbsp;&nbsp;&nbsp;Dana Wagner, Twilio Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Nate Troup, Twilio Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Juliana
Chen, Twilio Inc. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Rezwan Pavri, Wilson Sonsini Goodrich&nbsp;&amp; Rosati, P.C. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Colin Conklin, Wilson Sonsini Goodrich&nbsp;&amp; Rosati, P.C.&nbsp;&nbsp;&nbsp;&nbsp; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
