Good catch about Twilio missing from the SBC as %revenue chart. Without digging into Twilio's 8-K's I feel compelled to note that options would be expensed as e

Good catch about Twilio missing from the SBC as %revenue chart. Without digging into Twilio's 8-K's I feel compelled to note that options would be expensed as each tranche vests. So as a very rough estimate the COO being issued ~1.5M shares over 4 years wouldn't be 22% of annualized company revenue but perhaps something on the order of 6%, notwithstanding the vague language about the performance-based options conditions and vesting schedules. >>And that doesn’t factor in the SBC of all of the other employees either. You're right -- that probably pushes Twilio's SBC %revenue higher to the Salesforce line.