Bandwidth Inc (BAND) 2023 Q1 法說會逐字稿

Good day. And welcome to the Bandwidth Inc. First Quarter 2023 Earnings Conference Call. (Operator Instructions) Please also note that this event is being recorded today. I would now like to turn the conference over to Sarah Walas, Vice President of Investor Relations. Please go ahead.

再會。歡迎來到 Bandwidth Inc. 2023 年第一季度收益電話會議。 （操作員說明）另請注意，今天正在記錄此事件。我現在想將會議轉交給投資者關係副總裁 Sarah Walas。請繼續。

Thank you. Good afternoon, and welcome to Bandwidth's First Quarter 2023 Earnings Call. Today, we'll discuss the results announced in our press release issued after the market close. The press release and an earnings presentation with historical financial highlights can be found on the Investor Relations page at investors.bandwidth.com.

謝謝。下午好，歡迎來到 Bandwidth 的 2023 年第一季度收益電話會議。今天，我們將討論收市後發布的新聞稿中公佈的結果。可以在 investors.bandwidth.com 的投資者關係頁面上找到新聞稿和包含歷史財務亮點的收益演示文稿。

With me on the call this afternoon is David Morken, our CEO; and Daryl Raiford, our CFO. They will begin with prepared remarks, and then we will open up the call for Q&A.

今天下午和我一起打電話的是我們的首席執行官大衛·莫肯（David Morken）；和我們的首席財務官 Daryl Raiford。他們將從準備好的評論開始，然後我們將開啟問答環節。

During the call, we will make statements related to our business that may be considered forward-looking, including statements concerning our financial guidance for the second quarter and full year of 2023.

在電話會議期間，我們將發表與我們業務相關的前瞻性聲明，包括有關我們 2023 年第二季度和全年財務指導的聲明。

We caution you not to put undue reliance on these forward-looking statements as they may involve risks and uncertainties that may cause actual results to vary materially from any future results or outcomes expressed or implied by the forward-looking statements.

我們告誡您不要過分依賴這些前瞻性陳述，因為它們可能涉及風險和不確定性，可能導致實際結果與前瞻性陳述明示或暗示的任何未來結果或結果存在重大差異。

Any forward-looking statements made on this call and in the presentation slides reflect our analysis as of today, and we have no plans or obligation to update them.

此次電話會議和演示幻燈片中的任何前瞻性陳述都反映了我們截至今天的分析，我們沒有計劃也沒有義務更新它們。

For a discussion of material risks and other important factors that could affect our actual results, please refer to those contained in our latest 10-K filing as updated by other SEC filings, all of which are available on the Investor Relations section of our website at bandwidth.com and on the SEC's website at sec.gov.

有關可能影響我們實際結果的重大風險和其他重要因素的討論，請參閱我們最新的 10-K 文件中包含的內容，這些文件由其他 SEC 文件更新，所有這些文件都可以在我們網站的投資者關係部分找到bandwidth.com 和 SEC 網站 sec.gov。

During the course of today's call, we will refer to certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in our press release issued after the close of market today as well as in the earnings presentation, which are located on our website at investors.bandwidth.com. With that, let me turn the call over to David.

在今天的電話會議中，我們將參考某些非 GAAP 財務指標。 GAAP 與非 GAAP 措施的對賬包含在我們今天收盤後發布的新聞稿以及位於我們網站 investors.bandwidth.com 上的收益報告中。有了這個，讓我把電話轉給大衛。

Thank you, Sarah, and thanks to everyone for joining us. 2023 is off to a good start. We are making solid progress adding direct to enterprise customers developing innovative, award-winning products and advancing our strategic initiatives while focusing on profitability.

謝謝莎拉，感謝大家加入我們。 2023 年是一個良好的開端。我們正在取得堅實的進展，直接為企業客戶開發創新的、屢獲殊榮的產品並推進我們的戰略計劃，同時關注盈利能力。

During the first quarter of the year, we exceeded our revenue guidance and are on target to meet our goal of growing profitability by 30% this year.

今年第一季度，我們超出了收入指引，並有望實現今年盈利能力增長 30% 的目標。

I want to thank our customers for continuing to trust us with their mission-critical communications. Thank you as well to all our Bandwidths around the world for supporting our customers and each other in selfless dedication to our mission, and I thank God for blessing us with a 24th year of extraordinary opportunities.

我要感謝我們的客戶繼續信任我們的關鍵任務通信。也感謝我們在世界各地的所有 Bandwidths 支持我們的客戶和彼此無私地致力於我們的使命，我感謝上帝賜予我們 24 年的非凡機會。

We serve 3 distinct customer categories: Global communications plans, programmable services and direct-to-enterprise. This quarter, we highlight our growing momentum in the direct to enterprise market, where we power cloud contact centers and new developments in our software platform.

我們服務於 3 個不同的客戶類別：全球通信計劃、可編程服務和直接面向企業的服務。本季度，我們強調了直接面向企業市場的增長勢頭，我們在該市場為雲聯絡中心和軟件平台的新開發提供支持。

In direct-to-enterprise, we won several Global 2000 financial services leaders that chose Bandwidth as the voice provider for their contact centers during the quarter.

在直接面向企業方面，我們贏得了幾家全球 2000 強金融服務領導者，他們在本季度選擇 Bandwidth 作為其聯絡中心的語音提供商。

Notably, each one deployed a different CCaaS platform while choosing our Bandwidth communications cloud to power their communication stack. This shows how we're leveraging our strong relationships with all the Gartner leaders in cloud contact centers, and the breadth and depth of our expansion in the enterprise contact center space.

值得注意的是，每個人都部署了不同的 CCaaS 平台，同時選擇了我們的帶寬通信雲來為其通信堆棧提供支持。這表明我們如何利用與雲聯絡中心所有 Gartner 領導者的牢固關係，以及我們在企業聯絡中心領域擴展的廣度和深度。

Among existing customers, we expanded our long-term relationship with the largest issuer of Visa and MasterCard in the United States. Using the bandwidth communications cloud, we help this customer scale up its contact center capacity due to a recent acquisition.

在現有客戶中，我們擴大了與美國最大的 Visa 和 MasterCard 發卡機構的長期關係。由於最近的收購，我們使用帶寬通信雲幫助該客戶擴大其聯絡中心容量。

Additionally, this customer needed new international coverage to connect with employees in the Asia Pacific region. Because we seamlessly connected this customer across global geographies, we were awarded this new business.

此外，該客戶需要新的國際覆蓋範圍以與亞太地區的員工建立聯繫。由於我們在全球範圍內無縫連接了該客戶，因此我們獲得了這項新業務。

As these examples show, we're seeing measurable results by directly serving enterprise customers. We've grown over tenfold the number of enterprise contact centers utilizing the Bandwidth Communications Cloud just in the last 3 years.

正如這些示例所示，我們通過直接為企業客戶提供服務看到了可衡量的結果。僅在過去 3 年中，我們就將使用帶寬通信雲的企業聯絡中心數量增加了十倍以上。

Our significant expertise across numerous industry verticals comes from providing scalability, redundancy, pre-integrated conversational AI and native fraud scoring technology and is driving the largest enterprises to come directly to Bandwidth to help build their cloud contact centers.

我們在眾多行業垂直領域的重要專業知識來自於提供可擴展性、冗餘性、預集成的對話式 AI 和本地欺詐評分技術，並正在推動最大的企業直接使用 Bandwidth 來幫助建立他們的雲聯絡中心。

Successful enterprise communication strategy is dynamic, and our strong culture of innovation keeps us ahead of and shapes the curve. For example, we integrated AI into our communications cloud over a year ago.

成功的企業傳播策略是動態的，我們強大的創新文化使我們保持領先並塑造曲線。例如，我們在一年多前將 AI 集成到我們的通信雲中。

That's because we've prioritized R&D from our very earliest days. For the last 24 years, in fact, innovation has been the foundation for all our growth and profitability.

那是因為我們從一開始就把研發放在首位。事實上，在過去的 24 年裡，創新一直是我們所有增長和盈利的基礎。

Bandwidth Maestro is the latest example, born from our close connection with enterprise CIOs who now must connect their entire organizations to create better customer experiences while streamlining operations. Maestro integrates the best-in-class platforms and capabilities that CIOs need across UCaaS, CCaaS and AI. It's truly a next-generation capability and customer experience, and it saves months of integration work. So enterprises can achieve faster time to revenue.

Bandwidth Maestro 是最新的例子，它源於我們與企業 CIO 的密切聯繫，他們現在必須將整個組織聯繫起來，以在簡化運營的同時創造更好的客戶體驗。 Maestro 集成了 CIO 在 UCaaS、CCaaS 和 AI 中所需的一流平台和功能。它是真正的下一代功能和客戶體驗，並且節省了數月的集成工作。因此，企業可以更快地獲得收益。

Unlike the proprietary lock-in of other providers, Maestro maintains our platform-agnostic approach, providing flexibility to CIOs. We believe the value proposition and ROI of Maestro is unique in the CPaaS space with full availability slated for later this year, the early market reaction to Maestro has been encouraging in recognition of its excellence in technology advancement, innovation and business impact, Maestro won Best of Show at Enterprise Connect. This is a substantial achievement and it is already proving to energize conversations with both existing customers and prospects.

與其他供應商的專有鎖定不同，Maestro 保持我們平台無關的方法，為 CIO 提供靈活性。我們相信 Maestro 的價值主張和投資回報率在 CPaaS 領域是獨一無二的，預計今年晚些時候全面上市，早期市場對 Maestro 的反應令人鼓舞，因為它在技術進步、創新和業務影響方面的卓越表現得到認可，Maestro 贏得了最佳獎在 Enterprise Connect 上展示。這是一項重大成就，事實證明，它可以激發與現有客戶和潛在客戶的對話。

Maestro joins other award level innovations we've launched recently like our native text messaging app for Microsoft Teams called Send-To, which recently won the Internet Telephony Product of the Year Award and our backup solution for toll-free calling named Call Assure, which was a finalist in the prestigious CX awards this past quarter.

Maestro 加入了我們最近推出的其他獎項級別的創新，例如我們的 Microsoft Teams 本地短信應用程序 Send-To 最近贏得了年度互聯網電話產品獎，以及我們的免費電話備份解決方案 Call Assure，它上個季度入圍著名的 CX 大獎。

These are just a few examples of how our innovation engine and breadth of solutions are shaping the future of cloud communications for both new and existing enterprise customers.

這些只是我們的創新引擎和廣泛的解決方案如何為新老企業客戶塑造云通信未來的幾個例子。

We're still in the early stage of a long-term secular trend of digital transformation that's becoming more and more dynamic by the day with emerging AI technologies, converging platforms and exciting new use cases.

我們仍處於數字化轉型長期長期趨勢的早期階段，隨著新興人工智能技術、融合平台和令人興奮的新用例的出現，這一趨勢正變得越來越活躍。

We're focused on maximizing our direct-to-enterprise momentum, capitalizing on new innovations like Maestro, increasing product penetration across all 3 customer categories and exploiting the competitive advantage of being the only CPaaS provider with our own global network, all while serving our customers and executing with discipline to grow profitably.

我們專注於最大限度地提高直接面向企業的勢頭，利用 Maestro 等新創新，提高產品在所有 3 個客戶類別中的滲透率，並利用作為唯一一家擁有自己的全球網絡的 CPaaS 提供商的競爭優勢，同時為我們的客戶提供服務客戶並嚴格執行以實現盈利增長。

I'll now turn it over to Daryl to walk through the details of our financial results.

我現在將它交給 Daryl 來詳細介紹我們的財務結果。

Thank you, David, and good afternoon, everyone. We started the year with a solid first quarter, achieving revenue of $138 million and adjusted EBITDA of $5 million. Both results position us well to deliver our full year outlook.

謝謝你，大衛，大家下午好。我們以穩健的第一季度開年，實現了 1.38 億美元的收入和 500 萬美元的調整後 EBITDA。這兩項結果使我們能夠很好地實現我們的全年展望。

Revenue compared with last year benefited from monthly recurring charges for phone numbers and emergency services, which combined were up 6% year-over-year and higher messaging revenue, up 8% and representing 15% of total revenue, excluding surcharges.

與去年相比，收入得益於電話號碼和緊急服務的月度經常性費用，這些費用合計同比增長 6%，消息收入增加，增長 8%，佔總收入的 15%，不包括附加費。

Our commercial messaging growth was driven by solid demand across a variety of use cases, including health care, retail and e-commerce shopping, fintech and civic engagement. On a sequential basis, excluding surcharges, Overall, first quarter messaging was lower than in 4Q '22 as we had expected.

我們的商業消息傳遞增長是由各種用例的強勁需求推動的，包括醫療保健、零售和電子商務購物、金融科技和公民參與。按順序計算，不包括附加費，總體而言，第一季度的消息傳遞低於我們預期的 22 年第四季度。

But adjusting for the positive effects of political campaign messaging recognized in last fourth quarter, we achieved sequential growth of 16% in our commercial messaging from higher demand in those same verticals.

但調整上個第四季度認識到的政治競選信息的積極影響後，我們的商業信息實現了 16% 的環比增長，原因是這些相同垂直領域的需求增加。

Pass-through surcharges associated with messaging were $23 million in the first quarter. The combination of these products power the offers that we provide to our 3 target customer markets. In terms of our market results in our most established market, global communications plans, we met our expectations for revenue that was essentially flat year-over-year due to softness primarily in UCaaS customers.

第一季度與消息傳遞相關的附加費為 2300 萬美元。這些產品的組合為我們提供給 3 個目標客戶市場的產品提供了動力。就我們在最成熟的市場、全球通信計劃中的市場結果而言，由於主要是 UCaaS 客戶的疲軟，我們達到了收入同比基本持平的預期。

In our programmable services and direct-to-enterprise customer categories, our quarterly growth from messaging and monthly recurring charges is evident as these 2 customer categories grew 8% and 27%, respectively, year-over-year. Programmable services continue to strengthen from a secular movement to messaging engagement.

在我們的可編程服務和直接面向企業的客戶類別中，我們從消息傳遞和每月經常性費用中獲得的季度增長是顯而易見的，因為這兩個客戶類別分別同比增長 8% 和 27%。可編程服務繼續加強從世俗運動到消息傳遞參與。

And although the direct-to-enterprise category is a small base of revenue for us today, the undeniable market dynamics, customer wins David highlighted and strong pipeline give us confidence this market will be a key driver in achieving our long-term financial targets. Rounding out our first quarter results, non-GAAP gross margin was 54%, up 1 percentage point from the prior year's quarter.

儘管直接面向企業的類別對我們今天的收入基數很小，但不可否認的市場動態、大衛強調的贏得客戶和強大的管道讓我們相信這個市場將成為實現我們長期財務目標的關鍵驅動力。完成我們第一季度的業績後，非 GAAP 毛利率為 54%，比去年同期上升 1 個百分點。

We continue to benefit from economies of scale, a rich mix of higher-margin products, global coverage and operating improvements. In terms of our operating metrics, our first quarter net dollar retention rate was 109%.

我們繼續受益於規模經濟、高利潤產品的豐富組合、全球覆蓋和運營改進。就我們的運營指標而言，我們第一季度的淨美元保留率為 109%。

For customers greater than $100,000 annual revenue, our net dollar retention hit 111%, 2 percentage points higher than the total customer metric and clearly demonstrating the benefits from focusing on large customers and direct-to-enterprise opportunities.

對於年收入超過 100,000 美元的客戶，我們的淨美元保留率達到 111%，比總客戶指標高 2 個百分點，清楚地展示了專注於大客戶和直接面向企業機會的好處。

Active customer count was 3,361although the customer count metric has diminished in relevance over time as we focus on larger and more profitable customers. Average annual revenue per customer, which continued to rise reached $172,000 in the first quarter, another demonstrable result from larger customer opportunities.

活躍客戶數為 3,361，但隨著我們關注規模更大、利潤更高的客戶，客戶數指標的相關性隨著時間的推移而降低。第一季度每位客戶的平均年收入繼續增長，達到 172,000 美元，這是更大的客戶機會帶來的另一個明顯結果。

In the first quarter, we further strengthened our balance sheet with another repurchase of 2026 convertible notes, resulting in a reduction of $65 million of convertible debt for approximately $51 million cash or an approximate 22% discount to par value.

在第一季度，我們通過再次回購 2026 年可轉換票據進一步加強了我們的資產負債表，從而減少了 6500 萬美元的可轉換債務，現金約為 5100 萬美元，或面值折讓約 22%。

This latest opportunistic repurchase combined with the $160 million repurchased in November 22, lowered the outstanding 2026 notes by $225 million or 55% of the original principal balance, utilizing only $168 million of cash, effectively erasing $57 million of our net debt obligation.

最新的機會主義回購與 11 月 22 日回購的 1.6 億美元相結合，使未償還的 2026 年票據減少了 2.25 億美元，即原始本金餘額的 55%，僅使用 1.68 億美元現金，有效地消除了我們 5700 萬美元的淨債務義務。

The remaining balance of our convertible debt maturity in 2026 is now $175 million. We continuously evaluate our options for the best use of our balance sheet to stay opportunistic in the current capital market environment.

我們 2026 年到期的可轉換債券的餘額現在為 1.75 億美元。我們不斷評估我們的選擇，以最好地利用我們的資產負債表，以在當前的資本市場環境中保持機會主義。

With our resolute focus on profitable growth, we create the option to fully repay our remaining convertible note obligations in full upon their respective maturities with our earnings and available cash, if that is the choice we wish to make.

憑藉我們對盈利增長的堅定關注，我們創造了在剩餘可轉換票據到期時用我們的收益和可用現金全額償還剩餘可轉換票據義務的選擇，如果這是我們希望做出的選擇的話。

We ended the quarter with a cash and securities balance of $124 million, a more than sufficient amount to meet our business needs and sustain a great deal of financial flexibility.

本季度結束時，我們的現金和證券餘額為 1.24 億美元，足以滿足我們的業務需求並保持很大的財務靈活性。

Turning to our outlook. We are on track to achieving our full year guidance provided at the start of the year of $576 million to $584 million in revenue, and $43 million to $47 million adjusted EBITDA.

轉向我們的前景。我們有望實現年初提供的 5.76 億至 5.84 億美元收入和 4300 萬至 4700 萬美元調整後 EBITDA 的全年指導。

Our outlook for the full year is unchanged despite a challenging macro environment.

儘管宏觀環境充滿挑戰，但我們對全年的展望沒有改變。

In summary, our financial and operating performance in the first quarter represents a solid start to the year. We'll continue to focus on what we can control, serving and delighting our customers every day, growing our margin, being disciplined with our cost and becoming more profitable.

總而言之，我們第一季度的財務和經營業績代表了今年的良好開端。我們將繼續專注於我們可以控制的事情，每天為客戶提供服務和取悅客戶，提高利潤率，控製成本並提高盈利能力。

Now I'll turn the call back over to the operator for questions.

現在我將把電話轉回接線員詢問問題。

(Operator Instructions) Our first question here will come from Mike Walkley with Canaccord Genuity.

（操作員說明）我們在這裡的第一個問題將來自 Mike Walkley 和 Canaccord Genuity。

Nice to see the solid start to the year, and the updated guidance. I guess, David, for you, just a question on maybe the linearity of the quarter and just post Silicon Valley Bank and some of the macro issues, have you seen anything slowing in the March, April time frame? Or is business really trending as you expected for the year?

很高興看到這一年的良好開端和更新的指南。我想，大衛，對你來說，只是一個關於本季度線性的問題，只是在矽谷銀行和一些宏觀問題之後，你是否看到 3 月、4 月的時間框架有任何放緩？或者今年的業務真的如您預期的那樣發展趨勢嗎？

Thank you, Mike. Very proud of the team for what we achieved in the first quarter. And we certainly, like everyone, are watching things like the issues with banks. But we're executing as expected and guiding forward as you've come to know us well in a way that we believe is accurate and reflects both macro and things that we do see internally.

謝謝你，邁克。為團隊在第一季度取得的成就感到非常自豪。我們當然和每個人一樣，正在關注銀行問題之類的事情。但我們正在按預期執行並指導前進，因為您已經以我們認為準確的方式很好地了解我們，並反映了宏觀和我們在內部看到的事情。

Nothing to call out, in particular, that would further answer your question on conditions. But again, executing the plan that we set for ourselves for the year, really delighted that we've started off the year with the performance in the first quarter as expected and believe that we will continue to execute throughout the remainder of this year toward the objectives that we have defined for ourselves.

沒有什麼特別的，可以進一步回答你的條件問題。但是，再次執行我們為今年制定的計劃，我們很高興我們以第一季度的業績開始了今年的預期，並相信我們將在今年剩餘時間繼續執行到我們為自己定義的目標。

And just for my follow-up question, Daryl, good job paying down the debt. It certainly seems like you guys have the balance sheet in a good position now given your profitable growth history.

就我的後續問題而言，達里爾，還清債務做得很好。鑑於你們的盈利增長歷史，你們現在的資產負債表似乎確實處於有利地位。

Just in terms of the Q2 guidance on the slightly higher revenue, but similar adjusted EBITDA. Is there any kind of change in mix or gross margins? Or you kind of just expected Q2 similar to Q1?

就略高於收入的第二季度指導而言，但調整後的 EBITDA 類似。組合或毛利率是否有任何變化？或者您只是希望 Q2 與 Q1 相似？

We're expecting Q2 on the revenue line to grow just modestly over Q1. We're also expecting our EBITDA to be as we've guided $5 million. We believe that we have some real operating flexibility there. .

我們預計第二季度的收入將比第一季度略有增長。我們還期望我們的 EBITDA 達到我們指導的 500 萬美元。我們相信我們在那裡有一些真正的運營靈活性。 .

Clearly, the macroeconomic conditions that we even witnessed today would give some in the market pause, we're pretty happy that we have derisked our guide for the second quarter and comfortable with it.

顯然，我們今天目睹的宏觀經濟狀況會讓市場有所停頓，我們很高興我們已經降低了第二季度的指導風險並對此感到滿意。

And our next question will come from Meta Marshall with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的 Meta Marshall。

I was noting kind of the win that gave you -- or where your coverage in APAC was kind of noted. I guess I just wanted to get a sense of, do you feel like you have all of the regions that you need at this point? Are there still regions kind of as you do expand your global footprint that are more meaningful that we should kind of consider you expanding into?

我注意到了給你帶來的勝利——或者你在亞太地區的報導被注意到的地方。我想我只是想了解一下，您覺得此時您是否擁有所需的所有區域？是否還有像您擴大全球足跡那樣更有意義的地區，我們應該考慮您擴展到哪些地區？

And then second, just on the Maestro piece, that was a great product to see at Enterprise Connect. Just when do you think that, that could be kind of a meaningful contributor to revenue? Do you think that, that could be meaningful in 2024? Or it will take time for that product to ramp?

其次，就 Maestro 作品而言，這是在 Enterprise Connect 上看到的一個很棒的產品。您認為什麼時候可以對收入做出有意義的貢獻？你認為這在 2024 年有意義嗎？或者該產品需要時間來提升？

Regarding your first question related to geographies and markets that we opened, we celebrated opening Turkey and did so really behind a strong business case from an existing customer. And that's the way we've historically built instead of trying to build it and they will come, we follow demand.

關於您與我們開放的地理區域和市場相關的第一個問題，我們慶祝開放土耳其，並且確實是在現有客戶強大的商業案例的支持下這樣做的。這就是我們歷史上構建的方式，而不是試圖構建它，他們會來，我們遵循需求。

And so we've got a very good relationship with some of our most aggressive international customers who identify for us markets that are favorable for lots of different user experiences, and we'll invest and build in those geographies responsibly.

因此，我們與一些最具進取心的國際客戶建立了良好的關係，他們為我們確定了有利於許多不同用戶體驗的市場，我們將負責任地在這些地區進行投資和建設。

Sometimes, we'll begin by partnering, but then our unique value proposition that you've followed for a while, Meta, is to have an owned and operated network beneath our software platform, and we'll continue to execute against that strategy globally following our customers around the world.

有時，我們會從合作開始，但隨後您已經遵循了一段時間的我們獨特的價值主張 Meta 是在我們的軟件平台下擁有一個擁有和運營的網絡，我們將繼續在全球範圍內執行該戰略跟隨我們在世界各地的客戶。

In regard to Maestro, so excited that the product has been received the way that it has winning the Best of Show at Enterprise Connect. The team continues to have very encouraging and exciting conversations with enterprise customers about the product.

關於 Maestro，非常興奮該產品獲得了 Enterprise Connect 的最佳展示獎。該團隊繼續與企業客戶就該產品進行非常鼓舞人心和令人興奮的對話。

And we believe that it will continue to pick up steam and momentum throughout the rest of this year, but your question, the essence of which is when will the revenue arrive for Maestro, we think that it is going to be exciting to see throughout '24 and beyond as we head toward our long-term growth targets for direct-to-enterprise business that Maestro is going to really drive a lot of that growth.

我們相信它會在今年餘下的時間裡繼續保持勢頭和勢頭，但你的問題的本質是 Maestro 的收入何時到來，我們認為在整個過程中看到它會令人興奮24 歲及以後，當我們朝著直接面向企業的業務的長期增長目標邁進時，Maestro 將真正推動增長。

That's the reaction we have from the early responses and conversations coming out of the award-winning quarter that we've just left. And we may not call out directly related Maestro revenue, but it is the leading car on this train that we're on towards the future with direct-to-enterprise.

這是我們從我們剛剛離開的獲獎季度的早期回應和對話中得到的反應。我們可能不會調出直接相關的 Maestro 收入，但它是我們在未來直接面向企業的這列火車上的領先車廂。

And our next question will come from James Fish with Piper Sandler.

我們的下一個問題將來自 James Fish 和 Piper Sandler。

David, in your prepared remarks, I think it was you, you noted some softness with the UCaaS side of the business. I guess, can you elaborate on that in terms of what you guys are seeing?

大衛，在你準備好的發言中，我想是你，你注意到業務的 UCaaS 方面有些疲軟。我想，你能根據你們所看到的詳細說明嗎？

And also what you're seeing with also your largest customers in that part of the market as well as on the contact center side where it sounds like things are going pretty well?

還有你在這部分市場以及聯絡中心方面看到的最大客戶，聽起來事情進展順利？

Yes. I'll start in reverse. The CCaaS momentum with the direct enterprise wins has been fantastic and as expected. Lots of high interest in bring your own carrier model for consuming CCaaS. Every single deal win that we highlighted on this call was related to contact centers in the enterprise and bringing your own carriers. So that's exciting.

是的。我將從相反的方向開始。直接企業獲勝的 CCaaS 勢頭非常好，正如預期的那樣。很多人對使用自己的運營商模型來消費 CCaaS 非常感興趣。我們在這次電話會議上強調的每一筆交易勝利都與企業的聯絡中心和自帶運營商有關。所以這很令人興奮。

We think regarding UCaaS, that it's purely a function of the macro and fewer seats that may result from the macro. Usage patterns for UCaaS are largely attributable to the economic conditions, are you adding heads, usage was healthy and growing prior to the pandemic. And so we think that return to the office is not the primary factor.

我們認為關於 UCaaS，它純粹是宏觀的功能，而宏觀可能導致的席位更少。 UCaaS 的使用模式在很大程度上歸因於經濟狀況，你在增加頭腦嗎，在大流行之前使用是健康的並且在增長。因此我們認為重返辦公室不是主要因素。

And again, I think it's most important to recognize that within the overall guide and results, the physicians in UCaaS haven't changed either our expectation or our results for the quarter. So it's something that we've easily accounted for in the period, and don't think that it takes us off track at all for the remainder of the year.

再一次，我認為最重要的是要認識到，在總體指南和結果中，UCaaS 的醫生沒有改變我們對本季度的預期或結果。所以這是我們在此期間很容易解釋的事情，並且不要認為它會讓我們在今年餘下的時間裡完全偏離軌道。

Helpful. And then on the customer count, I know you guys are focused in on larger and higher-quality customers. But it was another quarter where it was down sequentially again and somebody's got to ask it here.

有幫助。然後關於客戶數量，我知道你們專注於更大、更高質量的客戶。但這是另一個季度，它再次連續下降，有人必須在這裡問它。

How much of this was kind of continued rationalization versus, I think in the past year where you've given what the gross additions were this quarter? Can you help us kind of bridge the rationalization versus kind of gross additions? Or is this kind of a clean customer count to think of going forward?

這其中有多少是持續合理化，我認為在過去的一年裡你給出了本季度的總增加量？你能幫助我們在合理化和總增加之間架起橋樑嗎？或者這種干淨的客戶數量是否值得考慮？

It is continuing rationalization as we architect the churn of small unprofitable customers. Those customers, on average, are $2,000 a month customers compare that to the average ARPU that we have -- I'm sorry, 2,000 a year, not month, excuse me, our average customer is 172,000 a year.

它正在持續合理化，因為我們設計了小型無利可圖客戶的流失。這些客戶平均每月 2,000 美元，客戶將其與我們擁有的平均 ARPU 進行比較——對不起，每年 2,000，而不是每月，對不起，我們的平均客戶是每年 172,000。

So again, the customer count is not as germane to yield a forward projection on revenues, and that's just continuing, as your question stated, what we've been doing for a while now, which is a focus on profitable growth from larger enterprise customers.

因此，再次強調，客戶數量與對收入的前瞻性預測並不密切相關，正如您的問題所述，這只是在繼續，我們現在一直在做的事情，即關注大型企業客戶的盈利增長.

We actually have average customer revenue this quarter increasing, as I said, 170,000. That's up from 158,000 a year ago. So that aggressive climb of our average annual customer spend is really good. and is what we want. So we're not at all concerned about the absolute customer count number.

正如我所說，本季度我們的平均客戶收入實際上增加了 170,000。這比一年前的 158,000 有所增加。因此，我們每年平均客戶支出的大幅攀升真的很好。這就是我們想要的。所以我們根本不關心絕對客戶數量。

And our next question will come from Ryan Koontz with Needham & Company.

我們的下一個問題將來自 Needham & Company 的 Ryan Koontz。

Nice progress on the messaging front. Really good to see that business (inaudible) along. On the voice side, you mentioned softening in UCaaS and strength in CCaaS, which is familiar tone.

消息傳遞方面取得了不錯的進展。真的很高興看到這項業務（聽不清）。在聲音方面，你提到了 UCaaS 的軟化和 CCaaS 的強度，這是熟悉的基調。

I wonder if you can comment on the pricing environment in general for either of those segments and how we should think about that impact relative to kind of the seat counts and usage within those 2 segments?

我想知道您是否可以對這兩個細分市場中的任何一個的總體定價環境發表評論，以及我們應該如何考慮相對於這兩個細分市場中的座位數量和使用情況的影響？

Ryan, this is Daryl. Pricing had a favorable impact in the first quarter, it was driven by a richer mix of higher-priced products like messaging and phone numbers.

瑞安，這是達里爾。定價在第一季度產生了有利影響，這是由更豐富的高價產品組合推動的，例如消息傳遞和電話號碼。

When we look at pricing and volume, pricing did increase again as it has been for many quarters. It wasn't necessarily a SKU by SKU price increase but we have enjoyed improved aggregate pricing.

當我們查看定價和數量時，定價確實像許多季度一樣再次上漲。這不一定是一個 SKU 一個 SKU 的價格上漲，但我們享受到了改進的總定價。

(Operator Instructions) Our next question here will come from Patrick Walravens with JMP Securities.

（操作員說明）我們的下一個問題將來自 JMP Securities 的 Patrick Walravens。

Great. So David, let's talk about ChatGPT a little bit here. So all these studies of the jobs that are going to be eliminated, like the top of the list is the customer service rep.

偉大的。大衛，讓我們在這裡稍微談談 ChatGPT。所以所有這些關於將要被淘汰的工作的研究，比如排在首位的是客戶服務代表。

So what is that going to do for the total number of seats out there in call centers. And how will that impact you guys? Because you don't really charge for seat, right? You're sort of -- you're more consumption-based.

那麼，這對呼叫中心的座位總數有何影響。這將如何影響你們？因為你真的不收座位費，對吧？你有點——你更依賴於消費。

That's exactly right, Pat. We're usage-based, and we're excited about providing high fidelity, reliable audio for conversational AI customer support in all its robust parameters. .

完全正確，帕特。我們以使用為基礎，我們很高興能夠在其所有強大參數中為對話式 AI 客戶支持提供高保真、可靠的音頻。 .

ChatGPT is understood and experienced today as a text-based prompt.

ChatGPT 今天被理解和體驗為基於文本的提示。

We were present at the dawn of products like Alexa, which were voice-driven conversations and believe that conversational AI will migrate rapidly to voice and that we have an incredible role to play, orchestrating those very intelligent and effective conversations among those reps that are really empowered by AI tools as well as potentially stand-alone reps as well. Our role is usage-based in our model, and so we're excited about the dawn of this new era.

我們出現在像 Alexa 這樣的產品的黎明時期，這些產品是語音驅動的對話，我們相信對話式 AI 將迅速遷移到語音，我們可以發揮不可思議的作用，在那些真正的代表之間協調那些非常智能和有效的對話由人工智能工具以及潛在的獨立代表授權。在我們的模型中，我們的角色是基於使用的，因此我們對這個新時代的到來感到興奮。

Okay. But the pressure on seats is going to happen, right?

好的。但是座位上的壓力將會發生，對吧？

If I don't know, I don't -- while I can't predict the future, what I do anticipate are the incredible teams that we work with in the CCaaS space, understand how to adapt and overcome and actually utilize some of the most powerful developing AI tools that are out there.

如果我不知道，我不知道——雖然我無法預測未來，但我確實期待的是我們在 CCaaS 領域合作的令人難以置信的團隊，了解如何適應和克服並實際利用一些最強大的人工智能開發工具。

And so their business models may change, but the value that they add within the contact center environment, I expect to continue, precisely how, I think, is unclear, which is why your question is a very good one. But the teams that are at the forefront of the contact center digital transformation are all over this.

因此，他們的業務模式可能會發生變化，但他們在聯絡中心環境中增加的價值，我希望繼續，我認為，具體如何，我認為尚不清楚，這就是為什麼你的問題是一個很好的問題。但是處於聯絡中心數字化轉型最前沿的團隊都在關注這一點。

Okay. And one more, just I think as a reminder for myself and everyone else. So I mean 5% growth this quarter, down from [24%] next year, but there's this bizarre dynamic about elections, right? So how do you guys feel about next year in terms of what growth you can do and has that changed?

好的。還有一個，我想是對我自己和其他人的提醒。所以我的意思是本季度增長 5%，低於明年的 [24%]，但是關於選舉有這種奇怪的動態，對吧？那麼你們對明年的增長有何看法，這種情況有何變化？

We firmly believe that the long-term trajectory that we put out on our Investor Day is well within reach, having finished one quarter since we talked about that, and we're on track and on plan and reiterating our guidance for the rest of this year, everything about executing in the last 90 days supports the longer-term thesis that we socialized on Investor Day.

我們堅信，我們在投資者日提出的長期軌跡觸手可及，自我們談到這一點以來已經完成了一個季度，我們正在按計劃進行，並重申我們對其餘部分的指導今年，過去 90 天執行的一切都支持我們在投資者日社交的長期論點。

This concludes our question-and-answer session and also concludes the call. Thank you very much for attending today's presentation. You may now disconnect your lines.

這結束了我們的問答環節，也結束了通話。非常感謝您參加今天的演講。您現在可以斷開線路。