Twilio's debt to equity ratio is small enough to be irrelevant. Revenue is falling while the economy is still growing because pandemic trends are reverting to

Twilio's debt to equity ratio is small enough to be irrelevant. Revenue is falling while the economy is still growing because pandemic trends are reverting to normal. Same as e-commerce, which caught Shopify and Amazon with too many employees. Same as media, which caught Netflix flatfooted. People are shifting their spend from goods to services and from online to offline. Coincidentally, that's what people use to explain inflation. There's always micro trends underlying a macro trend.