Q1 2021 EarningsResultsMay 5, 2021 2020 TWILIO INC. ALL RIGHTS RESERVED.

Legal DisclaimerThis presentation contains forward-looking statements. All statements other than statements of historical factcontained in this presentation, including statements as to future results of operations and financial position,planned products and services, business strategy and plans, objectives of management for future operations ofTwilio Inc. and its subsidiaries (“Twilio” or the “Company”), market size and growth opportunities, competitiveposition, technological and market trends, the Company’s expected business benefits and financial impacts fromthe Segment and ValueFirst acquisitions, and the Company's expected business benefits and financial impactsfrom the Syniverse partnership and the associated transactions, are forward-looking statements. In some cases,you can identify forward-looking statements because they contain words such as “may,” "can," “will,”"would," “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,”“believes,” “estimates,” “predicts,” "forecasts," “potential,” or “continue” or the negative of these words or othersimilar terms or expressions that concern our expectations, strategy, plans or intentions. Twilio has based theseforward-looking statements largely on its current expectations and assumptions and on information available asof the date of this presentation. The Company assumes no obligation to update any forward-looking statementsafter the date of this presentation, except as required by law.The forward-looking statements contained in this presentation are subject to known and unknown risks,uncertainties, assumptions and other factors that may cause actual results or outcomes to be materially differentfrom any future results or outcomes expressed or implied by the forward-looking statements. These risks,uncertainties, assumptions and other factors include, but are not limited to, those related to the Company’sbusiness and financial performance, the Company’s ability to attract and retain customers, the Company’s abilityto develop new products and services and enhance existing products and services, the Company’s ability torespond rapidly to emerging technology trends and adapt to adverse changes in general economic or marketconditions, the Company's ability to comply with modified or new industry standards, laws and regulationsapplying to its business, the Company’s ability to execute on its business strategy, the Company’s ability tocompete effectively, the Company’s ability to manage growth, the Company’s expectations around the impact ofthe COVID-19 pandemic on its business, results of operations and financial condition and that of its customersand partners, the Company’s ability to successfully integrate Segment and ValueFirst in the Company’s business,risks that the anticipated benefits of the Syniverse partnership may not be fully realized and the Company's abilityto close the transactions associated with such partnership, and our ability to manage changes in network serviceprovider fees that we pay in connection with the delivery of communications on our platform and the impact ofthose fees on our gross margin. Moreover, the Company operates in a very competitive and rapidly changingenvironment, and new risks may emerge from time to time. It is not possible for the Company to predict all risks,nor can the Company assess the impact of all factors on its business or the extent to which any factor, orcombination of factors, may cause actual results or outcomes to differ materially from those contained in anyforward-looking statements the Company may make.This presentation also contains estimates and other statistical data made by independent parties and by theCompany relating to market size and growth and other industry data. These data involve a number ofassumptions and limitations, and you are cautioned not to give undue weight to such estimates. The Companyhas not independently verified the statistical and other industry data generated by independent parties andcontained in this presentation and, accordingly, it cannot guarantee their accuracy or completeness. In addition,projections, assumptions and estimates of its future performance and the future performance of the markets inwhich the Company competes are necessarily subject to a high degree of uncertainty and risk due to a variety offactors. These and other factors could cause results or outcomes to differ materially from those expressed in theestimates made by the independent parties and by Twilio.This presentation also includes certain non-GAAP financial measures. These non-GAAP financial measures are inaddition to, and not as a substitute for or superior to measures of financial performance prepared in accordancewith GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versustheir nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measuresdifferently or may use other measures to evaluate their performance, all of which could reduce the usefulness ofthe Company’s non-GAAP financial measures as tools for comparison.For further information with respect to Twilio, we refer you to our most recent annual report on Form 10-K filedwith the SEC. In addition, we are subject to the information and reporting requirements of the Securities ExchangeAct of 1934 and, accordingly, file periodic reports, current reports, proxy statements and other information withthe SEC. The final prospectus and these periodic reports, current reports, proxy statements and other informationare available for review at the SEC’s website at 2020 TWILIO INC. ALL RIGHTS RESERVED.2


Results Highlights First quarter total revenue of 590 million, up 62% year-over-year First quarter total revenue dollar-based net expansion of 133% More than 235,000 active customer accounts, as of March 31, 2021 Initiates Q2’21 guidance Total revenue of 591 million to 601 million, including Segment, up 47% to 50% year-over-year Non-GAAP loss from operations of ( 27) million to ( 22) million Non-GAAP loss per share of ( 0.16) - ( 0.13)View Twilio’s prepared remarks for its Q1’21 earnings here. 2020 TWILIO INC. ALL RIGHTS RESERVED.4

Quarterly Revenue 590 548 44862% 401 365 331 275 295Q1’21 REVENUEGROWTH Y/Y 23386%81%Q1’191Q2'19Reported Revenue ( M)1 %Q4'2062%Q1'212Reported Revenue Growth Y/Ytwo months of SendGrid revenue as the acquisition closed February 1, 2019. The company is no longer breaking out the revenue contribution from SendGrid separately as the anniversary of the acquisition date has passed.2 Includes revenue from the acquisition of Segment, which closed November 2, 2020. Q1’21 includes revenue of 45 million, and Q4’20 included 23 million. 2020 TWILIO INC. ALL RIGHTS RESERVED.5

Dollar-Based Net 35%(organic)132%Q1'20 1Q2'20137%139%Q3'20Q4'20revenue from the SendGrid acquisition, which closed Feb. 1, 2019. Excluding the contribution from SendGrid in January 2020, dollar-based net expansion rate would have been 135%.Note: Twilio acquired SendGrid on Feb. 1, 2019. SendGrid is not included in any period prior to Q1’20 due to the company’s definition of calculating dollar-based net expansion. The acquisition of Segment, which closed on November 2, 2020,did not impact dollar-based net expansion in Q4’20 or Q1’21 and will not be included in the calculation until the anniversary of the acquisition date. For more information, refer to the appendix.133%Q1'211 Includes 2020 TWILIO INC. ALL RIGHTS RESERVED.6

Top 10 Customer AccountsRepresents top 10 customer accounts as a percentage of total revenue in the respective Q2'2014%Q3'2013%Q4'2012%Q1'21 2020 TWILIO INC. ALL RIGHTS RESERVED.7

Geographic Revenue nationalNote: 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 mailingaddresses at the time of registration outside of the United States. 2020 TWILIO INC. ALL RIGHTS RESERVED.8



Operating MetricsDollar-Based Net Expansion Rate. Twilio’s ability to drive growth and generate incremental revenue depends, in part, on the Company’s ability to maintain and grow its relationships with existing.Active Customer Accounts and to increase their use of the platform. An important way in which Twilio has historically tracked performance in this area is by measuring the Dollar-Based NetExpansion Rate for Active Customer Accounts. Twilio’s Dollar-Based Net Expansion Rate increases when such Active Customer Accounts increase their usage of a product, extend their usage of aproduct to new applications or adopt a new product. Twilio’s Dollar-Based Net Expansion Rate decreases when such Active Customer Accounts cease or reduce their usage of a product or when theCompany lowers 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 orother reasons. As such, 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 hascreated 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 forthe purposes of calculating this metric. Twilio believes that measuring Dollar-Based Net Expansion Rate provides a more meaningful indication of the performance of the Company’s efforts to increaserevenue from existing customers.For historical periods through December 31, 2019, Twilio’s Dollar-Based Net Expansion Rate compared the revenue from Active Customer Accounts, other than large Active Customer Accounts thathave never entered into 12-month minimum revenue commitment contracts with the Company in a quarter to the same quarter in the prior year. For reporting periods starting with the three monthsended March 31, 2020, Twilio's 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 theDollar-Based Net Expansion Rate, the Company first identifies the cohort of Active Customer Accounts that were Active Customer Accounts in the same quarter of the prior year. The Dollar-BasedNet 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 prioryear. When Twilio calculates Dollar-Based Net Expansion Rate for periods longer than one quarter, it uses the average of the applicable quarterly Dollar-Based Net Expansion Rates for each of thequarters 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 NetExpansion Rates disclosed by our Company in SEC filings, press releases and presentations prior to the date of our press release for the three months ended March 31, 2020, will not be directlycomparable to our Dollar-Based Net Expansion Rates going forward.Number of Active Customer Accounts. Twilio believes that the number of Active Customer Accounts is an important indicator of the growth of its business, the market acceptance of its platform andfuture revenue trends. Twilio defines an Active Customer Account at the end of any period as an individual account, as identified by a unique account identifier, for which Twilio has recognized at least 5 of revenue in the last month of the period. Twilio believes that use of its platform by customers at or above the 5 per month threshold is a stronger indicator of potential future engagement thantrial usage of its platform or usage at levels below 5 per month. A single organization may constitute multiple unique Active Customer Accounts if it has multiple account identifiers, each of which istreated as a separate Active Customer Account. Effective December 31, 2019, we round down the number of Active Customer Accounts to the nearest thousand. 2020 TWILIO INC. ALL RIGHTS RESERVED.11