TWILIO INC.
The following discussion and analysis of our financial condition and results of
operations should be read in conjunction with our condensed consolidated
financial statements and related notes appearing elsewhere in this Quarterly
Report on Form 10-Q. In addition to historical financial information, the
following discussion contains forward-looking statements that are based upon
current plans, expectations and beliefs that involve risks and uncertainties.
Our actual results may differ materially from those anticipated in these
forward-looking statements as a result of various factors, including those set
forth under Part II, Item 1A, "Risk Factors" in this Quarterly Report on
Form 10-Q.
Overview
We are the leader in the Cloud Communications Platform category. We enable
developers to build, scale and operate real-time communications within their
software applications via our simple-to-use Application Programming Interfaces
("APIs"). The power, flexibility, and reliability offered by our software
building blocks empowers companies of virtually every shape and size to build
world-class engagement into their customer experience.
We offer a Customer Engagement Platform with software designed to address
specific use cases like account security and contact centers and a set of APIs
that handles the higher level communication logic needed for nearly every type
of customer engagement. These APIs are focused on the business challenges that a
developer is looking to address, allowing our customers to more quickly and
easily build better ways to engage with their customers throughout their
journey. We also offer a set of APIs that enables developers to embed voice,
messaging, video and email capabilities into their applications and are designed
to support almost all the fundamental ways humans communicate, unlocking
innovators to address just about any communication market. The Super Network is
our software layer that allows our customers' software to communicate with
connected devices globally. It interconnects with communications networks and
inbox service providers around the world and continually analyzes data to
optimize the quality and cost of communications that flow through our platform.
The Super Network also contains a set of APIs that gives our customers access to
more foundational components of our platform, like phone numbers.
Our customers' applications are able to reach users via voice, messaging, video
and email in nearly every country in the world by utilizing our platform. We
support our global business through over 25 cloud data centers across more than
seven regions around the world and have developed contractual relationships with
network service providers globally.
Our business model is primarily focused on reaching and serving the needs of
software developers, who we believe are becoming increasingly influential in
technology decisions in a wide variety of companies. We call this approach our
Business Model for Innovators, which empowers developers by reducing friction
and upfront costs, encouraging experimentation, and enabling developers to grow
as customers as their ideas succeed. We established and maintain our leadership
position by engaging directly with, and cultivating, our developer community,
which has led to the rapid adoption of our platform. We reach developers through
community events and conferences, including our SIGNAL customer and developer
conferences, to demonstrate how every developer can create differentiated
applications incorporating communications using our products.
Once developers are introduced to our platform, we provide them with a low
friction trial experience. By accessing our easy-to-adopt APIs, extensive
self-service documentation and customer support team, developers build our
products into their applications and then test such applications through free
trial periods that we provide. Once they have decided to use our products beyond
the initial free trial period, customers provide their credit card information
and only pay for the actual usage of our products. Historically, we have
acquired the substantial majority of our customers through this self-service
model. As customers expand their usage of our platform, our relationships with
them often evolve to include business leaders within their organizations. Once
our customers reach a certain spending level with us, we support them with
account executives or customer success advocates within our sales organization
to ensure their satisfaction and expand their usage of our products.
We also supplement our self-service model with a sales effort aimed at engaging
larger potential customers, strategic leads and existing customers through a
direct sales approach. To help increase awareness of our products in the
enterprise, we have expanded our marketing efforts through programs like our
Twilio Engage roadshow where we seek to bring business leaders and developers
together to discuss the future of customer engagement. We have developed
products to support this effort as well, like the Twilio Enterprise Plan, which
provides capabilities for advanced security, access management and granular
administration. Our sales organization targets technical leaders and business
leaders who are seeking to leverage software to drive competitive
differentiation. As we educate these leaders on the benefits of developing
applications incorporating our products to differentiate their business, they
often consult with their developers regarding implementation. We believe that
developers are often advocates for our products as a result of our
developer-focused approach. Our sales organization includes sales development,
inside sales, field sales and sales engineering personnel.
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When potential customers do not have the available developer resources to build
their own applications, we refer them to either our technology partners who
embed our products in the solutions that they sell to other businesses (such as
contact centers and sales force and marketing automation) or our consulting
partners who provide consulting and development services for organizations that
have limited software development expertise to build our platform into their
software applications.
We generate the substantial majority of our revenue from customers based on
their usage of our software products that they have incorporated into their
applications. Our Flex contact center platform is generally offered on a per
user, per month basis or on a usage basis per agent hour. In addition, our email
API is offered on a monthly subscription basis and our Marketing Campaigns
product is priced based on the number of email contacts stored on our platform
and the number of monthly emails sent to those contacts through our Email API.
Also, customers using our Programmable Messaging or Programmable Voice APIs
typically purchase one or more telephone numbers from us, for which we charge a
monthly flat fee per number. Some customers also choose to purchase various
levels of premium customer support for a monthly fee. Customers that register in
our self-service model typically pay upfront via credit card and draw down their
balance as they purchase or use our products. Most of our customers draw down
their balance in the same month they pay up front or are charged on a monthly
subscription basis for our email-related products. As a result, our deferred
revenue and customer deposits liability at any particular time is not a
meaningful indicator of future revenue. As our customers' usage grows, some of
our customers enter into contracts and are invoiced monthly in arrears. Many of
these customer contracts have terms of 12 months and typically include some
level of minimum revenue commitment. Most customers with minimum revenue
commitment contracts generate a significant amount of revenue in excess of their
minimum revenue commitment in any period. Historically, the aggregate minimum
commitment revenue from customers with whom we have contracts has constituted a
minority of our revenue in any period, and we expect this to continue in the
future.
Our developer-focused products are delivered to customers and users through our
Super Network, which uses software to optimize communications on our platform.
We interconnect with communications networks and inbox service providers
globally to deliver our products, and therefore we have arrangements with
network service providers in many regions in the world. Historically, a
substantial majority of our cost of revenue has been network service provider
fees. We continue to optimize our network service provider coverage and
connectivity through continuous improvements in routing and sourcing in order to
lower the usage expenses we incur for network service provider fees. As we
benefit from our platform optimization efforts, we sometimes pass these savings
on to customers in the form of lower usage prices on our products in an effort
to drive increased usage and expand the reach and scale of our platform. In the
near term, we intend to operate our business to expand the reach and scale of
our platform and to grow our revenue, rather than to maximize our gross margins.
We have achieved significant growth in recent periods. In the three months ended
June 30, 2020 and 2019, our revenue was $400.8 million and $275.0 million ,
respectively, and our net loss was $99.9 million and $92.6 million ,
respectively. In the three months ended June 30, 2020 and 2019, our 10 largest
Active Customer Accounts generated an aggregate of 15% and 13%, respectively, of
our total revenue.
COVID-19 UPDATE
A novel coronavirus disease ("COVID-19") was declared a global pandemic during
the first quarter of 2020 and has resulted in the imposition of numerous,
unprecedented, national and international measures to try to contain the virus,
including travel bans and restrictions, shutdowns, quarantines, shelter-in-place
and social distancing orders. To prioritize the health and safety of our
employees, customers and our community at large, we postponed SIGNAL, our annual
developer and customer conference, to September 30, 2020 , and converted it to a
virtual event. In addition, we have either cancelled or shifted other planned
events to virtual-only experiences and may determine to alter, postpone or
cancel additional customer, employee or industry events in the future. Since
mid-March, we have also taken several precautionary measures to protect our
employees and contingent workers and help minimize the spread of the virus,
including temporarily closing our worldwide offices, requiring all employees and
contingent workers to work from home and suspending all business travel
worldwide for our employees for the time being.
The broader implications of COVID-19 on our results of operations and overall
financial performance remain uncertain. The COVID-19 pandemic and its adverse
effects have become more prevalent in the locations where we, our customers,
suppliers or third-party business partners conduct business. In the three months
ended June 30, 2020 , we continued to witness declines in usage versus
pre-COVID-19 levels, with a slight rebound from the previous quarter, from
customers in the travel, hospitality and ridesharing industries. However, we
also continued to experience increased usage in other areas, including
healthcare, education, consumer on-demand, and retail. We acknowledge that there
may be additional impacts to the economy and our business as a result of
COVID-19. We expect that there may be some volatility in customer demand and
buying habits as the pandemic continues, and we may experience constrained
supply or curtailed customer demand that could materially and adversely impact
our business, results of operations and financial performance in future periods.
Specifically, we may
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experience impact from delayed sales cycles, including customers and prospective
customers delaying contract signing or contract renewals, or reducing budgets or
minimum commitments related to the products and services that we offer and
changes to consumer behavior that may affect customers who use our products and
service for confirmations, notifications, and other use cases. While we are
continuing our recruiting efforts, it is possible that the pace of our hiring
may slow during the COVID-19 pandemic. See the risk factor titled "The global
COVID-19 pandemic may adversely impact our business, results of operations and
financial performance" in Part II, Item 1A, "Risk Factors" of this Quarterly
Report on Form 10-Q for further discussion of the possible impact of the
COVID-19 pandemic on our business, financial condition and results of
operations.
Key Business Metrics
Three Months Ended
June 30,
2020 2019Number of Active Customer Accounts (as of end date of period) (1) 200,000
161,869
Total revenue (in thousands) (1) $ 400,849 $ 275,039
Total Revenue Growth Rate (1) 46 % 86 %
Dollar-Based Net Expansion Rate (2) 132 % 141 %
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(1) Includes the contribution from our Twilio SendGrid business, acquired onFebruary 1, 2019 . EffectiveDecember 31, 2019 , we round down the number of Active Customer Accounts to the nearest thousand. (2) As previously announced in our Annual Report on Form 10-K filed with theSEC onMarch 2, 2020 , commencing with the three-month period endedMarch 31, 2020 , we calculate our Dollar-Based Net Expansion Rate by comparing total revenue from a cohort of Active Customer Accounts in a period to the same period in the prior year (the "New DBNE Definition"). To facilitate comparison between the periods presented, Dollar-Based Net Expansion Rate as presented in the table above has been calculated as if the New DBNE Definition had been in effect during that period. As a result of the New DBNE Definition, unless specifically identified as being calculated using total revenue, any Dollar-Based Net Expansion Rates disclosed by our Company inSEC filings, press releases and presentations prior to the date of our press release for the three months endedMarch 31, 2020 , will not be directly comparable to our Dollar-Based Net Expansion Rates going forward. Commencing with the three month period endedMarch 31, 2020 , Dollar-Based Net Expansion Rate includes the contribution from Twilio SendGrid fromFebruary 1, 2019 (the date of the acquisition). Number of Active Customer Accounts. We believe that the number of Active Customer Accounts is an important indicator of the growth of our business, the market acceptance of our platform and future revenue trends. We define an Active Customer Account at the end of any period as an individual account, as identified by a unique account identifier, for which we have recognized at least$5 of revenue in the last month of the period. We believe that use of our platform by customers at or above the$5 per month threshold is a stronger indicator of potential future engagement than trial usage of our platform or usage at levels below$5 per month. In the three months endedJune 30, 2020 and 2019, revenue from Active Customer Accounts represented over 99% of total revenue in each period. A single organization may constitute multiple unique Active Customer Accounts if it has multiple account identifiers, each of which is treated as a separate Active Customer Account. EffectiveDecember 31, 2019 , we round down the number of Active Customer Accounts to the nearest thousand. Dollar-Based Net Expansion Rate. Our ability to drive growth and generate incremental revenue depends, in part, on our ability to maintain and grow our relationships with existing Active Customer Accounts and to increase their use of the platform. An important way in which we have historically tracked performance in this area is by measuring the Dollar-Based Net Expansion Rate for Active Customer Accounts. Our Dollar-Based Net Expansion Rate increases when such Active Customer Accounts increase their usage of a product, extend their usage of a product to new applications or adopt a new product. Our Dollar-Based Net Expansion Rate decreases when such Active Customer Accounts cease or reduce their usage of a product or when we lower usage prices on a product. As our customers grow their businesses and extend the use of our platform, they sometimes create multiple customer accounts with us for operational or other reasons. As such, for reporting periods starting with the three months endedDecember 31, 2016 , when we identify a significant customer organization (defined as a single customer organization generating more than 1% of revenue in a quarterly reporting period) that has created a new Active Customer Account, this new Active Customer Account is tied to, and revenue from this new Active Customer Account is included with, the original Active Customer Account for the purposes of calculating this metric. We believe that measuring Dollar-Based Net Expansion Rate provides a more meaningful indication of the performance of our efforts to increase revenue from existing customers. 31 -------------------------------------------------------------------------------- Table of Conte nts For historical periods throughDecember 31, 2019 , our Dollar-Based Net Expansion Rate compared the revenue from Active Customer Accounts, other than large Active Customer Accounts that have never entered into 12-month minimum revenue commitment contracts with us, in a quarter to the same quarter in the prior year. For reporting periods starting with the three months endedMarch 31, 2020 , our Dollar-Based Net Expansion Rate compares the total revenue from all Active Customer Accounts in a quarter to the same quarter in the prior year. To calculate the Dollar-Based Net Expansion Rate, we first identify the cohort of Active Customer Accounts that were Active Customer Accounts in the same quarter of the prior year. The Dollar-Based Net Expansion Rate is the quotient obtained by dividing the revenue generated from that cohort in a quarter, by the revenue generated from that same cohort in the corresponding quarter in the prior year. When we calculate Dollar-Based Net Expansion Rate for periods longer than one quarter, we use the average of the applicable quarterly Dollar-Based Net Expansion Rates for each of the quarters in such period. As a result of the change in calculation of Dollar-Based Net Expansion Rate, unless specifically identified as being calculated based on total revenue, any Dollar-Based Net Expansion Rates disclosed by our Company inSEC filings, press releases and presentations prior to the date of our press release for the three months endedMarch 31, 2020 , will not be directly comparable to our Dollar-Based Net Expansion Rates going forward. The table below sets forth our historical Dollar-Based Net Expansion Rates as calculated based on total revenue. Three Months Ended Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 125 % 132 % 141 % 142 % 150 % 147 % 138 % 138 % Three Months Ended Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Dec 31, 2016 Sep 30, 2016 Jun 30, 2016
123 % 125 % 132 % 128 % 141 % 140 % 148 %
Key Components of Statements of Operations
Revenue. We derive our revenue primarily from usage-based fees earned from
customers using the software products within our Solutions APIs and Channel
APIs. These usage-based software products include offerings, such as
Programmable Voice, Programmable Messaging and Programmable Video. Some examples
of the usage-based fees for which we charge include minutes of call duration
activity for our Programmable Voice products, number of text messages sent or
received using our Programmable Messaging products and number of authentications
for our Account Security products. In the three months ended June 30, 2020 and
2019, we generated 76% and 74% of our revenue, respectively, from usage-based
fees. We also earn monthly flat fees from certain fee-based products, such as
our Email API, Marketing Campaigns, Flex seats, telephone numbers, short codes
and customer support.
When customers first begin using our platform, they typically pay upfront via
credit card in monthly prepaid amounts and draw down their balances as they
purchase or use our products. As customers grow their usage of our products,
they automatically receive tiered usage discounts. Our larger customers often
enter into contracts, for at least 12 months that contain minimum revenue
commitments, which may contain more favorable pricing. Customers on such
contracts typically are invoiced monthly in arrears for products used.
Amounts that have been charged via credit card or invoiced are recorded in
revenue, deferred revenue or customer deposits, depending on whether the revenue
recognition criteria have been met. Our deferred revenue and customer deposits
liability balance is not a meaningful indicator of our future revenue at any
point in time because very few of our contracts with invoiced customers contain
terms requiring any form of prepayment.
We define U.S. revenue as revenue from customers with IP addresses or mailing
addresses at the time of registration in the United States , and we define
international revenue as revenue from customers with IP addresses or mailing
addresses at the time of registration outside of the United States .
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Cost of Revenue and Gross Margin. Cost of revenue consists primarily of fees
paid to network service providers. Cost of revenue also includes cloud
infrastructure fees, direct costs of personnel, such as salaries and stock-based
compensation for our customer support employees, and non-personnel costs, such
as depreciation and amortization expense related to data centers and hosting
equipment, amortization of capitalized internal use software development costs
and acquired intangibles. Our arrangements with network service providers
require us to pay fees based on the volume of phone calls initiated or text
messages sent, as well as the number of telephone numbers acquired by us to
service our customers. Our arrangements with our cloud infrastructure provider
require us to pay fees based on our server capacity consumption.
Our gross margin has been and will continue to be affected by a number of
factors, including the timing and extent of our investments in our operations,
our product mix, our ability to manage our network service provider and cloud
infrastructure-related fees, including Application to Person SMS fees, the mix
of U.S. revenue compared to international revenue, changes in foreign exchange
rates and the timing of amortization of capitalized software development costs
and acquired intangibles and the extent to which we periodically choose to pass
on our cost savings from platform optimization efforts to our customers in the
form of lower usage prices.
Operating Expenses. The most significant components of operating expenses are
personnel costs, which consist of salaries, benefits, sales commissions and
bonuses and stock-based compensation. We also incur other non-personnel costs
related to our general overhead expenses. We expect that our operating costs
will increase in absolute dollars as we add additional employees and invest in
our infrastructure to grow our business.
Research and Development. Research and development expenses consist primarily of
personnel costs, outsourced engineering services, cloud infrastructure fees for
staging and development, amortization of capitalized internal use software
development costs, depreciation and an allocation of our general overhead
expenses. We capitalize the portion of our software development costs that meets
the criteria for capitalization.
We continue to focus our research and development efforts on adding new features
and products, including new use cases, improving our platform and increasing the
functionality of our existing products.
Sales and Marketing. Sales and marketing expenses consist primarily of personnel
costs, including commissions for our sales employees. Sales and marketing
expenses also include expenditures related to advertising, marketing, our brand
awareness activities and developer evangelism, costs related to our SIGNAL
customer and developer conferences, credit card processing fees, professional
services fees, depreciation, amortization of acquired intangibles and an
allocation of our general overhead expenses.
We focus our sales and marketing efforts on generating awareness of our company,
platform and products through our developer evangelist team and self-service
model, creating sales leads and establishing and promoting our brand, both
domestically and internationally. We plan to continue investing in sales and
marketing by increasing our sales and marketing headcount, supplementing our
self-service model with an enterprise sales approach, expanding our sales
channels, driving our go-to-market strategies, building our brand awareness and
sponsoring additional marketing events.
General and Administrative. General and administrative expenses consist
primarily of personnel costs for our accounting, finance, legal, human resources
and administrative support personnel and executives. General and administrative
expenses also include costs related to business acquisitions, legal and other
professional services fees, certain taxes, depreciation and amortization and an
allocation of our general overhead expenses. We expect that we will incur costs
associated with supporting the growth of our business and to meet the increased
compliance requirements associated with our international expansion. We may also
incur higher than usual losses related to deterioration of quality of certain
financial assets caused by the macroeconomic conditions and uncertainly in the
COVID-19 environment.
Our general and administrative expenses include a certain amount of sales and
other taxes to which we are subject based on the manner we sell and deliver our
products. Prior to March 2017 , we did not collect sales or other taxes from our
customers and recorded such taxes as general and administrative expenses.
Effective March 2017 , we began collecting most of these taxes from customers in
certain jurisdictions and since then we have expanded to most jurisdictions
where these taxes are now being collected. We continue expanding the number of
jurisdictions where we will be collecting these taxes in the future. We expect
that these expenses will continue to decline in future years as we continue
collecting these taxes from our customers in additional jurisdictions, which
would further reduce our rate of ongoing accrual.
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Provision for Income Taxes. The provision for income taxes consists primarily of
income taxes and withholding taxes in foreign jurisdictions in which the Company
conducts business. The Company's U.S. operations have been in a loss position
and the Company maintains a full valuation allowance against its U.S. deferred
tax assets.
Non-GAAP Financial Measures
We use the following non-GAAP financial information, collectively, to evaluate
our ongoing operations and for internal planning and forecasting purposes. We
believe that non-GAAP financial information, when taken collectively, may be
helpful to investors because it provides consistency and comparability with past
financial performance, facilitates period-to-period comparisons of results of
operations, and assists in comparisons with other companies, many of which use
similar non-GAAP financial information to supplement their GAAP results.
Non-GAAP financial information is presented for supplemental informational
purposes only, should not be considered a substitute for financial information
presented in accordance with generally accepted accounting principles, and may
be different from similarly-titled non-GAAP measures used by other companies.
Whenever we use a non-GAAP financial measure, a reconciliation is provided to
the most closely applicable financial measure stated in accordance with
generally accepted accounting principles. Investors are encouraged to review the
related GAAP financial measures and the reconciliation of these non-GAAP
financial measures to their most directly comparable GAAP financial measures.
Non-GAAP Gross Profit and Non-GAAP Gross Margin. For the periods presented, we
define non-GAAP gross profit and non-GAAP gross margin as GAAP gross profit and
GAAP gross margin, respectively, adjusted to exclude, as applicable, certain
expenses as presented in the table below:
Three Months Ended
June 30,
2020 2019
Reconciliation: (In thousands)
Gross profit $ 209,131 $ 150,015
Non-GAAP adjustments:
Stock-based compensation 2,143 1,623
Amortization of acquired intangibles 12,695 11,857
Payroll taxes related to stock-based compensation -
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Non-GAAP gross profit $ 223,969 $ 163,553
Non-GAAP gross margin 56 % 59 %
Non-GAAP Operating Expenses. For the periods presented, we define non-GAAP operating expenses (including categories of operating expenses) as GAAP operating expenses (and categories of operating expenses) adjusted to exclude, as applicable, certain expenses as presented in the table below:
Three Months Ended
June 30,
2020 2019
Reconciliation: (In thousands)
Operating expenses $ 311,775 $ 243,747
Non-GAAP adjustments:
Stock-based compensation (77,244) (69,117)
Amortization of acquired intangibles (7,900) (7,391)
Acquisition-related expenses (21)
(1,274)
Charitable contributions (3,972) -
Payroll taxes related to stock-based compensation (8,178) (3,922)
Non-GAAP operating expenses $ 214,460 $ 162,043 34
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Non-GAAP Income from Operations and Non-GAAP Operating Margin. For the periods
presented, we define non-GAAP income from operations and non-GAAP operating
margin as GAAP loss from operations and GAAP operating margin, respectively,
adjusted to exclude, as applicable, certain expenses as presented in the table
below:
Three Months Ended
June 30,
2020 2019
Reconciliation: (In thousands)
Loss from operations $ (102,644) $ (93,732)
Non-GAAP adjustments:
Stock-based compensation 79,387 70,740
Amortization of acquired intangibles 20,595 19,248
Acquisition-related expenses 21 1,274
Charitable contributions 3,972 -
Payroll taxes related to stock-based compensation 8,178 3,980
Non-GAAP income from operations $ 9,509 $ 1,510
Non-GAAP operating margin 2 % 1 %
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Results of Operations
The following tables set forth our results of operations for the periods
presented and as a percentage of our total revenue for those periods. We have
included Twilio SendGrid in our results of operations prospectively after
Three Months Ended Six Months Ended
June 30, June 30,
2020 2019 2020 2019
Condensed Consolidated Statements of
Operations Data: (In thousands)
Revenue $ 400,849 $ 275,039 $ 765,717 $ 508,178
Cost of revenue (1) (2) 191,718 125,024 363,051 232,113
Gross profit 209,131 150,015 402,666 276,065
Operating expenses:
Research and development (1) (2) 120,701 98,783 235,040 176,638
Sales and marketing (1) (2) 129,823 90,421 246,545 162,028
General and administrative (1) (2) 61,251 54,543 116,421 118,719
Total operating expenses 311,775 243,747 598,006 457,385
Loss from operations (102,644) (93,732) (195,340) (181,320)
Other income (expenses), net 3,015 (880) 1,897 (1,516)
Loss before (provision) benefit for income
taxes (99,629) (94,612) (193,443) (182,836)
(Provision) benefit for income taxes (294) 2,033 (1,271) 53,754
Net loss attributable to common stockholders
____________________
(1) Includes stock-based compensation expense
as follows:
Three Months Ended Six Months Ended
June 30, June 30,
2020 2019 2020 2019
(In thousands)
Cost of revenue $ 2,143 $ 1,623 $ 3,980 $ 3,432
Research and development 39,841 33,701 73,050 59,040
Sales and marketing 23,086 14,564 43,029 26,313
General and administrative 14,317 20,852 28,353 40,279
Total $ 79,387 $ 70,740 $ 148,412 $ 129,064 (2) Includes amortization of acquired intangibles as follows:
Three Months Ended Six Months Ended
June 30, June 30,
2020 2019 2020 2019
(In thousands)
Cost of revenue $ 12,695 $ 11,857 $ 25,076 $ 20,317
Sales and marketing 7,889 7,329 15,753 12,332
General and administrative 11 62 58 215
Total $ 20,595 $ 19,248 $ 40,887 $ 32,864
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