Twilio to permanently close additional office locations

On February 13, 2023, the Company announced that it will permanently close additional office locations. The Company had previously closed a number of its office locations pursuant to its May 2022 announcement, which resulted in an impairment loss of $97.7 million that the Company recorded in the third quarter of 2022 and an approximately $7-$10 million that the Company expects to record in the first quarter of 2023. The February announcement will result in an additional impairment of approximately $10-$25 million that will be recorded during 2023 as the exit activities are finalized in each location.