Le Lézard
Classified in: Science and technology, Business, Covid-19 virus
Subjects: EARNINGS, Conference Call, Webcast

Twilio Announces Second Quarter 2021 Results


Twilio (NYSE: TWLO), the leading cloud communications platform, today reported financial results for its second quarter ended June 30, 2021.

"Our strong momentum continued in the second quarter as our revenue growth accelerated at a run rate of more than $2.6 billion," said Jeff Lawson, Twilio's co-founder and CEO. "Companies across industries are adopting our platform to drive better, more personalized levels of customer engagement, and we remain convinced that we are in the midst of a massive shift that is driving a generational opportunity for Twilio."

Second Quarter 2021 Financial Highlights

Key Metrics and Recent Business Highlights

Outlook

Twilio is initiating guidance for the third quarter ending September 30, 2021. This guidance includes the revenue contribution from Twilio Segment, but excludes revenue contribution from the recently closed acquisition of Zipwhip.

 

 

Q3 FY21

Guidance

Revenue (millions)

 

$670 - $680

Y/Y Growth

 

50% - 52%

Non-GAAP loss from operations (millions)

 

($30) - ($25)

Non-GAAP loss per share

 

($0.17) - ($0.14)

Non-GAAP basic shares outstanding (millions)

 

177

Conference Call Information

Twilio posted prepared remarks on its investor relations website at https://investors.twilio.com, and will host a Q&A conference call today, July 29, 2021, at 2:00 p.m. (PT) / 5:00 p.m. (ET) to discuss its second quarter 2021 financial results. Investors and analysts should register for the call in advance by visiting http://www.directeventreg.com/registration/event/1338878. A live webcast of the conference call, as well as a replay of the call, will be available on the investor relations website. Following the completion of the call through 11:59 p.m. (ET) on August 5, 2021, a replay will be available by dialing (800) 585-8367 (United States) or +1 (416) 621-4642 (non-U.S.) and entering passcode 1338878.

Twilio uses its investor relations website, its Twitter feed (@twilio), and the Twitter feed of Twilio's Chief Executive Officer, Jeff Lawson (@jeffiel), as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

About Twilio Inc.

Millions of developers around the world have used Twilio to unlock the magic of communications to improve any human experience. Twilio has democratized communications channels like voice, text, chat, video and email by virtualizing the world's communications infrastructure through APIs that are simple enough for any developer to use, yet robust enough to power the world's most demanding applications. By making communications a part of every software developer's toolkit, Twilio is enabling innovators across every industry ? from emerging leaders to the world's largest organizations ? to reinvent how companies engage with their customers.

Forward-Looking Statements

This press release and the accompanying conference call contain forward-looking statements within the meaning of the federal securities laws, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. 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 other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements contained in this press release include, but are not limited to, statements about: Twilio's outlook for the quarter ending September 30, 2021, the impact on Twilio and its customers and partners related to COVID-19, Twilio's expectations regarding its products and solutions, Twilio's expected business benefits and financial impacts from its acquisitions, including Segment and Zipwhip, and Twilio's expected business benefits and financial impacts from its partnerships and the associated transactions. You should not rely upon forward-looking statements as predictions of future events.

The outcome of the events described in these forward-looking statements is subject to known and unknown risks, uncertainties, and other factors that may cause Twilio's actual results, performance, or achievements to differ materially from those described in the forward-looking statements, including, among other things: adverse changes in general economic or market conditions; changes in the market for communications; the impact of COVID-19 on Twilio and its customers and partners; Twilio's ability to adapt its products to meet evolving market and customer demands and rapid technological change; Twilio's ability to comply with modified or new industry standards, laws and regulations applying to its business; Twilio's ability to generate sufficient revenues to achieve or sustain profitability; Twilio's ability to retain customers and attract new customers; Twilio's ability to effectively manage its growth; Twilio's ability to compete effectively in an intensely competitive market; Twilio's ability to successfully integrate its acquisitions and risks that the anticipated benefits of the acquisitions of Segment and ValueFirst may not be fully realized or may take longer to realize than expected; risks that the anticipated benefits of Twilio's partnerships may not be fully realized and Twilio's ability to close the transactions associated with such partnerships; and our ability to manage changes in network service provider fees that we pay in connection with the delivery of communications on our platform and the impact of those fees on our gross margin.

The forward-looking statements contained in this press release are also subject to additional risks, uncertainties, and factors, including those more fully described in Twilio's most recent filings with the Securities and Exchange Commission, including its Form 10-Q for the quarter ended March 31, 2021 filed on May 6, 2021. Further information on potential risks that could affect actual results will be included in the subsequent periodic and current reports and other filings that Twilio makes with the Securities and Exchange Commission from time to time. Moreover, Twilio operates in a very competitive and rapidly changing environment, and new risks and uncertainties may emerge that could have an impact on the forward-looking statements contained in this press release.

Forward-looking statements represent Twilio's management's beliefs and assumptions only as of the date such statements are made. Twilio undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.

Use of Non-GAAP Financial Measures

To provide investors and others with additional information regarding Twilio's results, the following non-GAAP financial measures are disclosed:

Non-GAAP Gross Profit and Non-GAAP Gross Margin. For the periods presented, Twilio defines 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.

Non-GAAP Operating Expenses. For the periods presented, Twilio defines 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.

Non-GAAP Income from Operations and Non-GAAP Operating Margin. For the periods presented, Twilio defines 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.

Non-GAAP Tax Rate. Twilio utilizes a fixed long-term projected non-GAAP tax rate in order to provide better consistency across the interim reporting periods by eliminating the effects of items that can vary in size and frequency. For fiscal 2020, Twilio used a projected non-GAAP tax rate of 25%. For fiscal 2021, Twilio uses a projected non-GAAP tax rate of 22%, which reflects currently available information, as well as other factors and assumptions. The non-GAAP tax rate could be subject to change for a variety of reasons, including changes in tax laws and regulations, significant changes in Twilio's geographic earnings mix, or other changes to Twilio's strategy or business operations. Twilio will re-evaluate its long-term rate as appropriate.

Non-GAAP Net (Loss) Income Attributable to Common Stockholders and Non-GAAP Net (Loss) Income Per Share Attributable to Common Stockholders, Basic and Diluted. For the periods presented, Twilio defines non-GAAP net (loss) income attributable to common stockholders and non-GAAP net (loss) income per share attributable to common stockholders, basic and diluted, as GAAP net loss attributable to common stockholders and GAAP net loss per share attributable to common stockholders, basic and diluted, respectively, adjusted to exclude, as applicable, certain expenses presented in the table below.

Twilio's management uses the foregoing non-GAAP financial information, collectively, to evaluate its ongoing operations and for internal planning and forecasting purposes. Twilio's management believes 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 Twilio uses a non-GAAP financial measure, a reconciliation is provided to the most closely applicable financial measure stated in accordance with GAAP. 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.

With respect to Twilio's guidance as provided under "Outlook" above, Twilio has not reconciled its expectations as to non-GAAP income from operations to GAAP loss from operations or non-GAAP net (loss) income per share to GAAP net loss per share because stock-based compensation expense cannot be reasonably calculated or predicted at this time. Accordingly, a reconciliation is not available without unreasonable effort.

Operating Metrics

Twilio reviews a number of operating metrics to evaluate its business, measure performance, identify trends, formulate business plans, and make strategic decisions. These include the number of Active Customer Accounts and Dollar-Based Net Expansion Rate.

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 and future 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 than trial 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 is treated as a separate Active Customer Account.

Dollar-Based Net Expansion Rate. Twilio's ability to drive growth and generate incremental revenue depends, in part, on the Twilio'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 Net Expansion 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 a product 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 Twilio 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 or other 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 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. Twilio believes that measuring Dollar-Based Net Expansion Rate provides a meaningful indication of the performance of the Company's efforts to increase revenue from existing customers.

To calculate the Dollar-Based Net Expansion Rate, Twilio first identifies 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 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 the quarters in such period.

Source: Twilio Inc.

TWILIO INC.

Condensed Consolidated Statements of Operations

(In thousands, except share and per share amounts)

(Unaudited)

 

 

 

Three Months Ended

June 30,

 

 

2021

 

2020

Revenue

 

$

668,931

 

 

$

400,849

 

Cost of revenue

 

337,684

 

 

191,718

 

Gross profit

 

331,247

 

 

209,131

 

Operating expenses:

 

 

 

 

Research and development

 

181,280

 

 

120,701

 

Sales and marketing

 

238,058

 

 

129,823

 

General and administrative

 

114,183

 

 

61,251

 

Total operating expenses

 

533,521

 

 

311,775

 

Loss from operations

 

(202,274

)

 

(102,644

)

Other (expenses) income, net

 

(24,293

)

 

3,015

 

Loss before provision for income taxes

 

(226,567

)

 

(99,629

)

Income tax provision

 

(1,286

)

 

(294

)

Net loss attributable to common stockholders

 

$

(227,853

)

 

$

(99,923

)

 

 

 

 

 

Net loss per share attributable to common stockholders, basic and diluted

 

$

(1.31

)

 

$

(0.71

)

Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted

 

173,407,187

 

 

141,618,541

 

TWILIO INC.

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

 

 

 

As of

June 30,

 

As of

December 31,

 

 

2021

 

2020

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

1,799,602

 

 

$

933,885

 

Short-term marketable securities

 

4,125,583

 

 

2,105,906

 

Accounts receivable, net

 

301,548

 

 

251,167

 

Prepaid expenses and other current assets

 

146,955

 

 

81,377

 

Total current assets

 

6,373,688

 

 

3,372,335

 

Property and equipment, net

 

206,354

 

 

183,239

 

Operating right-of-use asset

 

233,449

 

 

258,610

 

Intangible assets, net

 

913,308

 

 

966,573

 

Goodwill

 

4,664,185

 

 

4,595,394

 

Other long-term assets

 

142,601

 

 

111,282

 

Total assets

 

$

12,533,585

 

 

$

9,487,433

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

105,998

 

 

$

60,042

 

Accrued expenses and other current liabilities

 

331,804

 

 

252,895

 

Deferred revenue and customer deposits

 

98,723

 

 

87,031

 

Operating lease liability, current

 

46,760

 

 

48,338

 

Total current liabilities

 

583,285

 

 

448,306

 

Operating lease liability, noncurrent

 

205,997

 

 

229,905

 

Finance lease liability, noncurrent

 

17,804

 

 

17,856

 

Long-term debt

 

985,219

 

 

302,068

 

Other long-term liabilities

 

47,168

 

 

36,633

 

Total liabilities

 

1,839,473

 

 

1,034,768

 

Commitments and contingencies

 

 

 

 

Stockholders' equity:

 

 

 

 

Preferred stock

 

?

 

 

?

 

Common stock

 

176

 

 

164

 

Additional paid-in capital

 

12,297,415

 

 

9,613,246

 

Accumulated other comprehensive income

 

707

 

 

9,046

 

Accumulated deficit

 

(1,604,186

)

 

(1,169,791

)

Total stockholders' equity

 

10,694,112

 

 

8,452,665

 

Total liabilities and stockholders' equity

 

$

12,533,585

 

 

$

9,487,433

 

TWILIO INC.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

 

Six Months Ended

June 30,

 

 

2021

 

2020

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

Net loss

 

$

(434,395

)

 

$

(194,714

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

Depreciation and amortization

 

119,405

 

 

64,772

 

Non-cash reduction to the right-of-use asset

 

23,200

 

 

17,804

 

Net amortization of investment premium and discount

 

13,834

 

 

1,147

 

Amortization of debt discount and issuance costs

 

5,081

 

 

12,356

 

Stock-based compensation

 

281,323

 

 

148,412

 

Amortization of deferred commissions

 

12,394

 

 

4,819

 

Allowance for credit losses

 

7,667

 

 

7,115

 

Value of donated common stock

 

16,194

 

 

6,673

 

Loss on extinguishment of debt

 

28,986

 

 

?

 

Other adjustments

 

646

 

 

534

 

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable

 

(41,687

)

 

(47,766

)

Prepaid expenses and other current assets

 

(44,604

)

 

(12,001

)

Other long-term assets

 

(39,118

)

 

(19,774

)

Accounts payable

 

27,078

 

 

(11,523

)

Accrued expenses and other current liabilities

 

65,923

 

 

47,435

 

Deferred revenue and customer deposits

 

7,615

 

 

2,994

 

Operating lease liabilities

 

(23,610

)

 

(16,340

)

Other long-term liabilities

 

290

 

 

1,968

 

Net cash provided by operating activities

 

26,222

 

 

13,911

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

Acquisitions, net of cash acquired and other related payments

 

(94,178

)

 

(2,725

)

Purchases of marketable securities and other investments

 

(2,807,798

)

 

(443,816

)

Proceeds from sales and maturities of marketable securities

 

754,466

 

 

621,754

 

Capitalized software development costs

 

(21,839

)

 

(17,651

)

Purchases of long-lived and intangible assets

 

(12,140

)

 

(12,797

)

Net cash (used in) provided by investing activities

 

(2,181,489

)

 

144,765

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

Proceeds from a public equity offering

 

1,766,400

 

 

?

 

Payments of costs related to public offerings

 

(394

)

 

?

 

Proceeds from issuance of senior notes

 

987,500

 

 

?

 

Payments of debt issuance costs

 

(1,362

)

 

?

 

Proceeds from settlement of capped call, net of settlement costs

 

228,412

 

 

?

 

Principal payments on debt and finance leases

 

(6,658

)

 

(3,829

)

Proceeds from exercises of stock options and shares issued in ESPP

 

55,614

 

 

69,936

 

Value of equity awards withheld for tax liabilities

 

(4,656

)

 

(2,818

)

Net cash provided by financing activities

 

3,024,856

 

 

63,289

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

(143

)

 

?

 

NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

 

869,446

 

 

221,965

 

CASH, CASH EQUIVALENTS AND RESTRICTED CASH?Beginning of period

 

933,885

 

 

253,735

 

CASH, CASH EQUIVALENTS AND RESTRICTED CASH ?End of period

 

$

1,803,331

 

 

$

475,700

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended

June 30,

 

 

2021

 

2020

RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

 

Cash and cash equivalents

 

$

1,799,602

 

 

$

475,700

 

Restricted cash in other current assets

 

2,620

 

 

?

 

Restricted cash in other long-term assets

 

1,109

 

 

?

 

Total cash, cash equivalents and restricted cash

 

$

1,803,331

 

 

$

475,700

 

TWILIO INC.

Reconciliation to Non-GAAP Financial Measures

(In thousands, except shares, per share amounts and percentages)

(Unaudited)

 

 

 

Three Months Ended

June 30,

 

 

2021

 

2020

Gross profit

 

$

331,247

 

 

$

209,131

 

Gross margin

 

50

%

 

52

%

Non-GAAP adjustments:

 

 

 

 

Stock-based compensation

 

3,024

 

 

2,143

 

Amortization of acquired intangibles

 

26,204

 

 

12,695

 

Non-GAAP gross profit

 

$

360,475

 

 

$

223,969

 

Non-GAAP gross margin

 

54

%

 

56

%

 

Research and development

 

$

181,280

 

 

$

120,701

 

Non-GAAP adjustments:

 

 

 

 

Stock-based compensation

 

(58,871

)

 

(39,841

)

Amortization of acquired intangibles

 

(378

)

 

?

 

Payroll taxes related to stock-based compensation

 

(3,767

)

 

(2,983

)

Non-GAAP research and development

 

$

118,264

 

 

$

77,877

 

Non-GAAP research and development as a % of revenue

 

18

%

 

19

%

 

 

 

 

 

Sales and marketing

 

$

238,058

 

 

$

129,823

 

Non-GAAP adjustments:

 

 

 

 

Stock-based compensation

 

(47,940

)

 

(23,086

)

Amortization of acquired intangibles

 

(18,762

)

 

(7,889

)

Payroll taxes related to stock-based compensation

 

(2,633

)

 

(2,957

)

Non-GAAP sales and marketing

 

$

168,723

 

 

$

95,891

 

Non-GAAP sales and marketing as a % of revenue

 

25

%

 

24

%

 

 

 

 

 

General and administrative

 

$

114,183

 

 

$

61,251

 

Non-GAAP adjustments:

 

 

 

 

Stock-based compensation

 

(34,333

)

 

(14,317

)

Amortization of acquired intangibles

 

(10

)

 

(11

)

Acquisition-related expenses

 

(2,836

)

 

(21

)

Charitable contributions

 

(6,789

)

 

(3,972

)

Payroll taxes related to stock-based compensation

 

(929

)

 

(2,238

)

Non-GAAP general and administrative

 

$

69,286

 

 

$

40,692

 

Non-GAAP general and administrative as a % of revenue

 

10

%

 

10

%

 

Loss from operations

 

$

(202,274

)

 

$

(102,644

)

Operating margin

 

(30

)%

 

(26

)%

Non-GAAP adjustments:

 

 

 

 

Stock-based compensation

 

144,168

 

 

79,387

 

Amortization of acquired intangibles

 

45,354

 

 

20,595

 

Acquisition-related expenses

 

2,836

 

 

21

 

Charitable contributions

 

6,789

 

 

3,972

 

Payroll taxes related to stock-based compensation

 

7,329

 

 

8,178

 

Non-GAAP income from operations

 

$

4,202

 

 

$

9,509

 

Non-GAAP operating margin

 

1

%

 

2

%

TWILIO INC.

Reconciliation to Non-GAAP Financial Measures

(In thousands, except shares, per share amounts and percentages)

(Unaudited)

 

 

 

Three Months Ended

June 30,

 

 

2021

 

2020

Net loss attributable to common stockholders

 

$

(227,853

)

 

$

(99,923

)

Non-GAAP adjustments:

 

 

 

 

Stock-based compensation

 

144,168

 

 

79,387

 

Amortization of acquired intangibles

 

45,354

 

 

20,595

 

Acquisition-related expenses

 

2,836

 

 

21

 

Charitable contributions

 

6,789

 

 

3,972

 

Payroll taxes related to stock-based compensation

 

7,329

 

 

8,178

 

Amortization of debt discount and issuance costs

 

1,708

 

 

6,178

 

Income tax benefit related to acquisition

 

(143

)

 

(195

)

Benefit (provision) for income tax effects related to Non-GAAP adjustments **

 

1,465

 

 

(4,187

)

Non-GAAP net (loss) income attributable to common stockholders

 

$

(18,347

)

 

$

14,026

 

Non-GAAP net (loss) income attributable to common stockholders as a % of revenue

 

(3

)%

 

3

%

 

 

 

 

 

Net loss per share attributable to common stockholders, basic and diluted*

 

$

(1.31

)

 

$

(0.71

)

Non-GAAP adjustments:

 

 

 

 

Stock-based compensation

 

0.83

 

 

0.52

 

Amortization of acquired intangibles

 

0.26

 

 

0.13

 

Acquisition-related expenses

 

0.02

 

 

?

 

Charitable contributions

 

0.04

 

 

0.03

 

Payroll taxes related to stock-based compensation

 

0.04

 

 

0.05

 

Amortization of debt discount and issuance costs

 

0.01

 

 

0.04

 

Income tax benefit related to acquisition

 

?

 

 

?

 

Benefit (provision) for income tax effects related to Non-GAAP adjustments **

 

0.01

 

 

(0.03

)

Dilutive securities

 

?

 

 

0.06

 

Non-GAAP net (loss) income per share attributable to common stockholders, diluted

 

$

(0.11

)

 

$

0.09

 

 

 

 

 

 

GAAP weighted-average shares used to compute net loss per share attributable to common stockholders, basic

 

173,407,187

 

 

141,618,541

 

 

 

 

 

 

Effect of dilutive securities (stock options, restricted stock awards, convertible debt and other activity)

 

?

 

 

12,116,189

 

 

 

 

 

 

Non-GAAP weighted-average shares used to compute Non-GAAP net (loss) income per share attributable to common stockholders, diluted

 

173,407,187

 

 

153,734,730

 

 

* Some columns may not add due to rounding

 

** Represents the tax effect of the non-GAAP adjustments. For fiscal 2020, Twilio used an estimated non-GAAP tax rate of 25%, and for fiscal 2021, Twilio is using an estimated non-GAAP tax rate of 22%.

 


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