Bandwidth Inc (BAND) 2023 Q2 法說會逐字稿

Good day, and welcome to the Bandwidth Second Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

美好的一天，歡迎參加 Bandwidth 2023 年第二季度收益電話會議。 （操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Sarah Walas, Vice President of Investor Relations. Please go ahead.

我現在想將會議交給投資者關係副總裁莎拉·瓦拉斯 (Sarah Walas)。請繼續。

Thank you. Good afternoon, and welcome to Bandwidth's Second 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，歡迎參加 Bandwidth 2023 年第二季度收益電話會議。今天，我們將討論收市後發布的新聞稿中宣布的結果。新聞稿和包含歷史財務亮點的收益演示可在 Investors.bandwidth.com 的投資者關係頁面上找到。

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.

今天下午與我一起參加電話會議的是我們的首席執行官 David Morken；和我們的首席財務官達里爾·雷福德 (Daryl Raiford)。他們將從準備好的發言開始，然後我們將開始問答環節。

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 third quarter and full year of 2023. 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.

在電話會議期間，我們將發表可能被視為前瞻性的與我們業務相關的聲明，包括有關我們 2023 年第三季度和全年財務指引的聲明。我們提醒您不要過分依賴這些前瞻性聲明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產生重大差異。

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.

本次電話會議和演示幻燈片中所做的任何前瞻性陳述均反映了我們截至今天的分析，我們沒有計劃或義務對其進行更新。

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（由其他SEC 文件更新），所有這些內容均可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.

在今天的電話會議中，我們將提及某些非公認會計準則財務指標。 GAAP 與非 GAAP 指標的調節包含在我們今天收盤後發布的新聞稿以及收益演示中，這些內容位於我們的網站 Investors.bandwidth.com 上。

With that, let me turn the call over to David.

現在，讓我把電話轉給大衛。

Thank you, Sarah, and welcome to everyone joining our call this afternoon. I am delighted with the progress we made during our last quarter, and I'm pleased with our financial results.

謝謝莎拉，歡迎大家今天下午加入我們的電話會議。我對我們上一季度取得的進展感到高興，並對我們的財務業績感到滿意。

Before I share some of the successes of the last quarter, please let me start by thanking God for all he has done for us. Our mission is to develop and deliver the power to communicate and we are motivated to serve customers together day in and day out.

在分享上個季度的一些成功之前，請允許我首先感謝上帝為我們所做的一切。我們的使命是開發和提供溝通的力量，我們有動力日復一日地共同為客戶服務。

The profound technological change in how we communicate is accelerating and Bandwidth remains in the forefront. No company has our unique combination of assets to meet emerging and dynamic communication needs, a powerful global communications cloud, deep expertise, long-standing, closely embedded customer relationships and a culture of exceptional service and innovation. Thank you to our customers for trusting us with your mission-critical communications and to all the Band mates around the world whose hard work drives our success.

我們的通信方式正在加速發生深刻的技術變革，而帶寬仍然處於領先地位。沒有一家公司擁有我們獨特的資產組合來滿足新興和動態的通信需求、強大的全球通信雲、深厚的專業知識、長期、緊密的客戶關係以及卓越的服務和創新文化。感謝我們的客戶對我們關鍵任務通信的信任，也感謝世界各地的所有 Band 夥伴，他們的辛勤工作推動了我們的成功。

Just as we had projected at the start of this year, the macroeconomic environment remains uncertain. We've observed continuing cautious behavior from our customers who are shrewdly evaluating the environment and making investment decisions where it makes most sense and for the greatest returns. We are likewise operating our business through this same environment by scrutinizing product and investment strategies while balancing growth and profitability. We expected this season. And thus far, it has played out as we projected.

正如我們年初預測的那樣，宏觀經濟環境依然存在不確定性。我們觀察到客戶持續保持謹慎的行為，他們精明地評估環境，並在最有意義和最大回報的情況下做出投資決策。我們同樣在同樣的環境下運營我們的業務，仔細審查產品和投資策略，同時平衡增長和盈利能力。我們預計這個賽季。到目前為止，一切都按照我們的預期進行了。

Given the macroeconomic choppiness, I'm so pleased with our business execution and our outperformance in the second quarter. We exceeded both our revenue and profitability guidance. With a view toward the remainder of the year, we have raised our revenue outlook to reflect the overperformance in the quarter and we remain on track to achieve our 2023 financial targets, including growing profitability by 30% for the full year.

鑑於宏觀經濟的波動，我對我們第二季度的業務執行和出色表現感到非常滿意。我們的收入和盈利能力均超出了預期。展望今年剩餘時間，我們上調了收入預期，以反映本季度的超額業績，並且我們仍有望實現 2023 年的財務目標，包括全年盈利能力增長 30%。

We're focused on the second half of 2023 as well as building our business for sustainable leadership with our medium- and long-term targets in mind. It was fitting that IDC again named us a leader in their worldwide CPaaS MarketScape for the third consecutive time. We believe it's a strong validation from the market of our long-term strategy and the enduring value we're providing within the global cloud communications space.

我們的重點是 2023 年下半年，並牢記中長期目標，打造可持續領導力的業務。 IDC 連續第三次將我們評為全球 CPaaS MarketScape 的領導者，這是非常恰當的。我們相信，這是市場對我們的長期戰略以及我們在全球云通信領域提供的持久價值的有力驗證。

As we described at our Investor Day in February, our enterprise-grade consumable APIs, global owned and operated network and deep regulatory experience position us well in large and growing global markets. We've focused our go-to-market around 3 distinct customer categories: global communications plans, programmable services and direct to enterprise. Each of these delivered solid customer momentum in the second quarter. Let me highlight a few examples from each.

正如我們在 2 月份的投資者日所描述的，我們的企業級消耗性 API、全球擁有和運營的網絡以及深厚的監管經驗使我們在大型且不斷增長的全球市場中佔據有利地位。我們的市場投放重點圍繞 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。這些都在第二季度帶來了強勁的客戶動力。讓我重點舉幾個例子。

In our largest customer category, Global Communications plans, we are honored to count as our customers, all 20 of the leading power platforms that comprise the Gartner Magic Quadrants for both UCaaS and CCaaS.

在我們最大的客戶類別“全球通信計劃”中，我們很榮幸能夠成為我們的客戶，所有 20 個領先的電力平台均構成 UCaaS 和 CCaaS 的 Gartner 魔力像限。

We remain focused on leveraging our global footprint to drive upsell and cross-sell within our existing customer base as well as attracting new customers. This quarter, we want to highlight 2 new customers in this category that have sustainable and substantial business outside the U.S. and chose Bandwidth for our resiliency and our country coverage reaching over 90% of global GDP.

我們仍然專注於利用我們的全球足跡來推動現有客戶群的追加銷售和交叉銷售以及吸引新客戶。本季度，我們希望重點介紹該類別中的2 個新客戶，他們在美國以外擁有可持續且大量的業務，並選擇Bandwidth 來提高我們的彈性，並且我們的國家/地區覆蓋率達到全球GDP 的90 % 以上。

Our first example is a contact center services provider that has relied on for business-critical operations by thousands of customers across a wide range of industry verticals worldwide. After a major outage that severely disrupted their business, their incumbent provider was unable to give answers or honor their SLAs, resulting in a loss of several major accounts.

我們的第一個例子是一家聯絡中心服務提供商，全球範圍廣泛的垂直行業的數千名客戶依賴該服務提供商進行關鍵業務運營。在一次嚴重中斷其業務的重大中斷之後，他們的現有提供商無法給出答案或履行其 SLA，從而導致多個主要客戶的損失。

Bandwidth's reliability, resiliency and premium support concierge experience convince them to move their portfolio to Bandwidth. They are now using nearly our complete service offering, including telephone numbers and local and international calling in Europe, South America and Asia Pac in addition to North America, along with E911 and global emergency services, text messaging and U.S. toll-free calling. This customer signed over 200 new international customers in the past year. So our global reach, regulatory experience and ability to scale are key to their future growth plans.

Bandwidth 的可靠性、彈性和高級支持禮賓體驗說服他們將其產品組合轉移到 Bandwidth。他們現在幾乎使用我們完整的服務產品，包括電話號碼以及歐洲、南美和亞太地區以及北美的本地和國際電話，以及 E911 和全球緊急服務、短信和美國免費電話。該客戶去年簽約了 200 多個新國際客戶。因此，我們的全球影響力、監管經驗和擴展能力是他們未來增長計劃的關鍵。

Another large contact center service provider chose Bandwidth's voice APIs to serve their customers in 30-plus countries across the EMEA region. This rapidly growing customer was looking to expand into new geographies from their home base in Central Europe, but their collection of incumbent providers couldn't handle the complexity. Bandwidth solve their challenges with our global reach and regulatory expertise, while at the same time, enabling new capabilities to allow customized local services.

另一家大型聯絡中心服務提供商選擇 Bandwidth 的語音 API 來為 EMEA 地區 30 多個國家/地區的客戶提供服務。這個快速增長的客戶希望從中歐的總部擴展到新的地區，但他們現有的供應商集合無法處理這種複雜性。 Bandwidth 憑藉我們的全球影響力和監管專業知識解決他們的挑戰，同時啟用新功能以實現定製本地服務。

The value proposition Bandwidth offers is clear. We solve our customers' communications complexity. We lower our customers' cost and we create capabilities allowing our customers to benefit from new revenue streams, and we do it globally.

帶寬提供的價值主張是明確的。我們解決客戶的通信複雜性。我們降低客戶的成本，創造能力，使客戶能夠從新的收入來源中受益，而且我們在全球範圍內這樣做。

In our programmable services customer category, which primarily powers the leading text messaging platforms, we continue to benefit from a steadily rising baseline of activity to support commercial use cases, including banking and financial services, retail and e-commerce, health care, patient engagement as well as ongoing civic engagement about breaking news and issues of the day. For example, one of our existing programmable services customers scaling on the Bandwidth communications cloud pioneered the use of automated text messaging for patient engagement across a variety of health care practices.

在我們的可編程服務客戶類別中，主要為領先的短信平台提供動力，我們繼續受益於支持商業用例的活動基線的穩步上升，包括銀行和金融服務、零售和電子商務、醫療保健、患者參與以及對突發新聞和當今問題的持續公民參與。例如，我們現有的可編程服務客戶之一在帶寬通信雲上進行擴展，率先使用自動文本消息傳遞來跨各種醫療保健實踐進行患者參與。

Bandwidth's messaging APIs enable appointment reminders and 2-way texting to connect with patients through customizable, personalized touch points at every step of the care journey. Bandwidth is becoming a provider of choice for these use cases because customers know their text messages will be delivered. Our platform is seen as a gold standard of enterprise-grade support, scalability, reliability and throughput.

Bandwidth 的消息 API 支持預約提醒和雙向短信，可在護理旅程的每一步通過可定制的個性化接觸點與患者聯繫。帶寬正在成為這些用例的首選提供商，因為客戶知道他們的短信將被傳遞。我們的平台被視為企業級支持、可擴展性、可靠性和吞吐量的黃金標準。

Finally, our direct to enterprise customer category delivered a strong performance in this dynamic and growing space. We're seeing a greater urgency from larger enterprises to begin migrating their on-premises contact center, collaboration services and internal communications to the cloud because of the operational savings and also the cloud-enabled capabilities that build greater customer engagement and retention. This is a large and durable long-term opportunity with 75% of global enterprises planning to migrate communications to the cloud, but having not yet begun according to IDC Research.

最後，我們的直接面向企業客戶類別在這個充滿活力且不斷增長的領域中表現出色。我們看到大型企業開始將其本地聯絡中心、協作服務和內部通信遷移到雲的緊迫性越來越高，因為這樣可以節省運營成本，而且云支持的功能可以提高客戶參與度和保留率。 IDC Research 表示，這是一個巨大且持久的長期機遇，全球 75% 的企業計劃將通信遷移到雲端，但尚未開始。

Maestro, our award-winning next-generation communications platform that we announced in March is becoming a catalyst for our direct-to-enterprise strategy. Maestro enables enterprises to achieve faster time to value through rapid cloud deployment and configuration while reducing complexity and ensuring future flexibility. It provides the crucial technology bridge enterprises need to create a modern communication stack solving the difficulties of interoperability and deployment of all the best-in-class cloud contact centers, unified communications platforms and artificial intelligence and machine learning environments.

Maestro 是我們在三月份宣布的屢獲殊榮的下一代通信平台，它正在成為我們直接面向企業戰略的催化劑。 Maestro 使企業能夠通過快速雲部署和配置更快地實現價值，同時降低複雜性並確保未來的靈活性。它為企業提供了創建現代通信堆棧所需的關鍵技術橋樑，解決了所有一流雲聯絡中心、統一通信平台以及人工智能和機器學習環境的互操作性和部署困難。

Just one example of Maestro's newest capability is our integration with Cisco WebEx calling, which we announced generally available in June. This opens up a large new opportunity for Bandwidth and Cisco to provide cloud connectivity for over 10 million users at any stage of the enterprise migration journey, whether on-premise, hybrid or pure cloud. In fact, we just won our first customer for this new Cisco integration with Maestro, a Texas-based children's hospital network widely regarded as one of the most prestigious in the United States. This large health care provider was eager to move its contact center and collaboration communications to the cloud but needed to do it in stages to avoid business disruptions with their complex on-premise legacy system.

Maestro 最新功能的一個例子就是我們與 Cisco WebEx 呼叫的集成，我們已於 6 月份宣布全面推出該功能。這為 Bandwidth 和思科帶來了巨大的新機會，可以在企業遷移過程的任何階段（無論是本地雲、混合雲還是純雲）為超過 1000 萬用戶提供雲連接。事實上，我們剛剛通過思科與 Maestro 的新集成贏得了第一個客戶，Maestro 是一家位於德克薩斯州的兒童醫院網絡，被廣泛認為是美國最負盛名的兒童醫院網絡之一。這家大型醫療保健提供商渴望將其聯絡中心和協作通信遷移到雲端，但需要分階段進行，以避免其複雜的本地遺留系統造成業務中斷。

Bandwidth's number management API and flexible call routing were able to maintain both their old on-prem and new cloud environments at the same time, preserving critical business continuity. It's another example of how our deep experience in digital transformation supports customers every step of the way on their journey to the cloud.

Bandwidth 的號碼管理 API 和靈活的呼叫路由能夠同時維護舊的本地環境和新的雲環境，從而保持關鍵的業務連續性。這是我們在數字化轉型方面的豐富經驗如何為客戶邁向雲之旅的每一步提供支持的另一個例子。

In another example of how we solve complexity for the enterprise, this past quarter, we closed one of our largest ever Microsoft Teams direct routing contracts. A Fortune 200 energy technology company was exhausted from their legacy providers failing to keep up with their usage growth and badly needed a modern communications provider to enable their team's deployment globally.

在我們如何解決企業複雜性的另一個例子中，上個季度，我們完成了有史以來最大的 Microsoft Teams 直接路由合同之一。一家財富 200 強能源技術公司因傳統提供商無法跟上其使用量增長而精疲力竭，迫切需要現代通信提供商來支持其團隊在全球範圍內的部署。

The customer chose Bandwidth over their multiple legacy telecom providers because of our incredible support capability, global reach and our deep experience as a Microsoft direct routing provider. To accelerate onboarding, our team worked with the customer to align their tech stack, ensuring they could maximize their team's deployment and be up and running rapidly with bandwidth.

客戶選擇 Bandwidth 而不是其多家傳統電信提供商，是因為我們令人難以置信的支持能力、全球影響力以及我們作為 Microsoft 直接路由提供商的豐富經驗。為了加快入職速度，我們的團隊與客戶合作調整他們的技術堆棧，確保他們能夠最大限度地提高團隊部署並利用帶寬快速啟動和運行。

In summary, I'm pleased with our progress through the first half of 2023. Looking forward, we will continue to navigate the current commercial environment, maintaining our strong focus on disciplined execution and expanded profitability while leveraging our global reach, regulatory experience, enterprise-grade APIs and breakthrough innovations like Maestro all for the benefit of our customers.

總之，我對2023 年上半年我們取得的進展感到滿意。展望未來，我們將繼續駕馭當前的商業環境，保持對嚴格執行和擴大盈利能力的強烈關注，同時利用我們的全球影響力、監管經驗、企業級 API 和 Maestro 等突破性創新都是為了我們客戶的利益。

I'll now turn it over to Daryl to walk through the details of our Q2 financial results.

現在我將把它交給達里爾來詳細介紹我們第二季度的財務業績。

Thank you, David, and good afternoon, everyone. We completed the first half of the year with another solid quarter, exceeding expectations on both the top and bottom lines. Second quarter revenue of $146 million exceeded the midpoint of our guidance by $5 million. Adjusted EBITDA of $11 million exceeded the midpoint of guidance by $6 million. Second quarter revenue compared with last year benefited from higher messaging usage, up 11% and higher monthly recurring charges for phone numbers and emergency services, which combined were up 8% year-over-year. Messaging in the quarter represented 17% of total revenue, excluding surcharges.

謝謝大衛，大家下午好。我們以又一個穩健的季度結束了今年上半年，營收和利潤均超出了預期。第二季度收入為 1.46 億美元，比我們指導的中值高出 500 萬美元。調整後 EBITDA 為 1100 萬美元，比指導中值高出 600 萬美元。與去年同期相比，第二季度的收入得益於短信使用量的增加（增長 11%）以及電話號碼和緊急服務的每月經常性費用的增加（合計同比增長 8%）。該季度的消息業務佔總收入的 17%（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, fintech and civic engagement. The pass-through surcharges associated with messaging were $27 million in the second quarter.

我們的商業消息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、金融科技和公民參與。第二季度與消息傳遞相關的傳遞附加費為 2700 萬美元。

In terms of our market results, our global communications plans revenue performance, excluding surcharges, was in line with our expectations, essentially unchanged year-over-year as this large voice component continued to see softness from current macroeconomic conditions. Programmable services and direct to enterprise customer categories grew 15% and 21%, respectively, year-over-year.

就我們的市場業績而言，我們的全球通信計劃收入表現（不包括附加費）符合我們的預期，與去年同期相比基本沒有變化，因為這個大型語音組件繼續面臨當前宏觀經濟狀況的疲軟。可編程服務和直接面向企業客戶類別同比分別增長 15% 和 21%。

Programmable services continued to strengthen from the aforementioned broad-based demand in messaging. Direct-to-enterprise benefited from new customer additions. The Global 2000 migration to cloud communications is evident in the enterprise customer wins that David just highlighted. And coupled with a strong enterprise pipeline, we have confidence this market will be a key contributor to driving future profitable growth.

由於上述消息傳遞的廣泛需求，可編程服務繼續增強。直接面向企業的業務受益於新客戶的增加。 David 剛才強調的企業客戶贏得的勝利表明 Global 2000 向云通信的遷移。再加上強大的企業管道，我們有信心該市場將成為推動未來盈利增長的關鍵貢獻者。

Rounding out our second quarter results. Non-GAAP gross margin was 55%, up 2 percentage points from the prior year's quarter. We continue to benefit from economies of scale, a richer mix of higher-margin products, global coverage and operating improvements as we continue to march towards our medium-term targets of greater than 60%. A favorable combination of increased non-GAAP gross margin and operating leverage produced adjusted EBITDA of $11 million.

完善我們的第二季度業績。非 GAAP 毛利率為 55%，比上年同期上升 2 個百分點。隨著我們繼續向超過 60% 的中期目標邁進，我們將繼續受益於規模經濟、更豐富的高利潤產品組合、全球覆蓋範圍和運營改進。非 GAAP 毛利率的提高和運營槓桿的有利組合產生了 1100 萬美元的調整後 EBITDA。

In terms of operating metrics, our first quarter net dollar retention rate was 106%. For larger customers with greater than $100,000 annual revenue, our net dollar retention was 108%, 2 percentage points higher than the total customer metric and clearly demonstrating the benefits of focusing on large customers and direct to enterprise opportunities.

就運營指標而言，我們第一季度的淨美元保留率為 106%。對於年收入超過 100,000 美元的大客戶，我們的淨美元保留率為 108%，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。

Customer logo retention remained well above 99%. Average annual revenue per customer which has steadily increased over the past 6 quarters, reached $176,000 in the second quarter, again demonstrating our success in securing larger customer opportunities.

客戶徽標保留率仍遠高於 99%。每個客戶的平均年收入在過去 6 個季度中穩步增長，第二季度達到 176,000 美元，再次證明我們在獲得更大客戶機會方面取得了成功。

We ended the quarter with a cash and securities balance of $123 million, a more than sufficient amount to meet our business needs and sustain a great deal of financial flexibility. Following quarter end in July, we received $4 million in proceeds from our insurance carrier as reimbursement of lost profits related to the cyber incident experienced in September 21. And recently, we established an undrawn $50 million revolving credit facility with Bank of America and Wells Fargo as co-lead agents to round out our working capital profile. This new facility replaces the undrawn facility we previously maintained with SVB. You'll recall we unilaterally terminated the SVB facility in March.

本季度結束時，我們的現金和證券餘額為 1.23 億美元，足以滿足我們的業務需求並維持很大的財務靈活性。 7 月季度末後，我們從保險公司收到了 400 萬美元的收益，作為 9 月 21 日網絡事件相關利潤損失的補償。最近，我們與美國銀行和富國銀行建立了未提取的 5000 萬美元循環信貸額度作為聯合牽頭代理人，完善我們的營運資金概況。這個新設施取代了我們之前與 SVB 維護的未提取設施。您可能還記得我們在三月份單方面終止了 SVB 設施。

Turning to our full year outlook. We are increasing our revenue guidance to approximately $590 million to reflect our first half revenue overachievement and higher-than-expected messaging surcharges. We will strengthen our operating flexibility by maintaining our outlook for full year adjusted EBITDA of approximately $45 million, representing a projected growth of 30% from last year. For the third quarter, we expect revenue of approximately $149 million and adjusted EBITDA of approximately $11 million.

轉向我們的全年展望。我們將收入指導提高至約 5.9 億美元，以反映我們上半年的收入超額完成和高於預期的消息附加費。我們將通過維持全年調整後 EBITDA 約 4500 萬美元的預期來加強我們的運營靈活性，預計較去年增長 30%。我們預計第三季度收入約為 1.49 億美元，調整後 EBITDA 約為 1100 萬美元。

In summary, we're pleased with our first half 2023 financial and operating performance, especially in light of the choppy commercial environment over that same period. As we move into the second half, 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 increasing our profitability.

總之，我們對 2023 年上半年的財務和運營業績感到滿意，特別是考慮到同期動蕩的商業環境。當我們進入下半年時，我們將繼續專注於我們可以控制的事情，每天為我們的客戶提供服務並取悅他們，增加我們的利潤，嚴格控制我們的成本並提高我們的盈利能力。

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

現在我將把電話轉回給接線員詢問問題。

(Operator Instructions) Our first question comes from Ryan MacWilliams with Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的 Ryan MacWilliams。

Pleased to see the reacceleration of revenue growth in the quarter. David, as you were saying today, how do you see the macro outlook impacting Band's results in the second half? Like did you see improving signs from customers at the end of the second quarter or since?

很高興看到本季度收入增長重新加速。 David，正如您今天所說，您如何看待宏觀前景對 Band 下半年業績的影響？您在第二季度末或之後是否看到客戶有改善的跡象？

Thanks, Ryan. I think the macro environment remains as we've thought about the year in the first half and I think it will continue throughout the second half. There are customers making shrewd and intelligent optimizing decisions across their businesses. There are some deal cycle concerns, but these are things that we've thought about all year and are reflected in both the results in the first half and how we're forecasting the rest of the year.

謝謝，瑞安。我認為宏觀環境仍然與我們上半年所想的一樣，並且我認為這種情況將持續到下半年。有些客戶在其業務中做出了精明且明智的優化決策。存在一些交易週期問題，但這些是我們全年都在考慮的事情，並反映在上半年的結果以及我們對今年剩餘時間的預測中。

Excellent. Appreciate the color. And then lots of questions from investors on how generative AI could impact the CPaaS market. So I know it's early, right? And -- but I'd love to hear, at least from your seat, David, how do you think Bandwidth together with generative AI could fit together for some new opportunities.

出色的。欣賞顏色。然後投資者提出了很多關於生成式人工智能如何影響 CPaaS 市場的問題。所以我知道現在還早，對嗎？而且——但我很想听聽，至少在你的座位上，大衛，你認為帶寬與生成式人工智能如何結合在一起，帶來一些新的機會。

Thanks for asking. All of our voice and messaging customers, enterprise customers, contact center customers are looking for the real force multiplier that is generative AI. Certainly, within call flows, where you have the opportunity to put the attributes of the call to large data sets to add value to resolve a question in a contact center, we're a router call accordingly. There are many, many opportunities. And so we've got 2 approaches to adding value to our customers in AI. One involves our Maestro orchestration product that we announced earlier this year and that we'll be generally available right now in this month. And that product is open in that it allows a customer to avoid just locking into a walled garden AI approach of a particular vendor and instead select the ideal AI tools that they're bringing to bear on their call flow or on their messaging experiences for customers and to do it in a very elegant way within our Maestro user experience.

謝謝你的詢問。我們所有的語音和消息傳遞客戶、企業客戶、聯絡中心客戶都在尋找真正的力量倍增器，即生成式人工智能。當然，在呼叫流程中，您有機會將呼叫的屬性放入大型數據集以增加價值以解決聯絡中心的問題，因此我們是相應的路由器呼叫。有很多很多的機會。因此，我們有兩種方法可以在人工智能方面為客戶增加價值。其中之一涉及我們今年早些時候宣布的 Maestro 編排產品，該產品將於本月全面上市。該產品是開放的，因為它允許客戶避免僅僅鎖定特定供應商的圍牆花園人工智能方法，而是選擇他們為客戶提供的呼叫流程或消息傳遞體驗的理想人工智能工具並在我們的Maestro 用戶體驗中以非常優雅的方式做到這一點。

The other is just being an ecosystem historically that has really specialized in being open. And that means API integrations with best-of-breed providers in the contact center and UCaaS. We've been very successful in that regard. And I think that our platform generally will embrace all the emerging AI tools that are available for both voice and messaging experiences. So we're excited about what it means for our customers and the fact that our platform has been architected now for several years to embrace the change that is generative AI.

另一個是歷史上真正專門致力於開放的生態系統。這意味著 API 與聯絡中心和 UCaaS 中的最佳提供商集成。我們在這方面非常成功。我認為我們的平台通常會包含所有可用於語音和消息傳遞體驗的新興人工智能工具。因此，我們對這對我們的客戶意味著什麼以及我們的平台已經設計了好幾年來迎接生成式人工智能的變化這一事實感到興奮。

Next question comes from Meta Marshall with Morgan Stanley.

下一個問題來自摩根士丹利的梅塔·馬歇爾。

Maybe kind of following up on that. I mean just what do you see as the trigger project or trigger event that would make customers evaluate Maestro? Is it something like they're evaluating their contact center solutions, AI solutions or just what do you think will be that insertion point? And then maybe as a second question, a, you talked about kind of customers being more budget conscious. I just want to get a sense of is that -- there are limiting some of their interaction activity? Or is it just kind of lengthening sales cycles when evaluating new opportunities.

也許是對此的跟進。我的意思是，您認為促使客戶評估 Maestro 的觸發項目或觸發事件是什麼？他們是否正在評估他們的聯絡中心解決方案、人工智能解決方案，或者您認為插入點是什麼？然後，也許作為第二個問題，a，您談到了某種類型的客戶更加註重預算。我只是想了解一下——他們的一些互動活動受到限制嗎？或者只是在評估新機會時延長銷售週期。

So I think -- thanks, Meta. I think that Maestro's inflection point has a lot to do with the complexity that is in both the contact center environment and in the enterprise operating environment. There are so many emerging voice and messaging experiences, both internally for teams, externally to customers and customer bases. And so what's needed is an orchestration layer that rests upon a global high-fidelity owned and operated network and has all the favorable attributes that we provide now in so many different countries. But on top of that fundamental carrying capacity of voice calls and text messages, enterprises are engaging in the most complex environment that a decision maker has ever seen.

所以我想——謝謝，Meta。我認為 Maestro 的拐點與聯絡中心環境和企業運營環境的複雜性有很大關係。有如此多的新興語音和消息傳遞體驗，無論是內部團隊，還是外部客戶和客戶群。因此，我們需要一個基於全球高保真擁有和運營網絡的編排層，並具有我們現在在許多不同國家提供的所有有利屬性。但除了語音通話和短信的基本承載能力之外，企業還面臨著決策者所見過的最複雜的環境。

And so what an orchestration layer provides is an elegant user experience, allowing you to select best of breed, configure, provision, activate, assign and pay for elegant experiences across your enterprise or in your contact center, taking advantage of the latest developments in AI or the latest developments in authentication or fraud prevention, but to be able to do it in user interface that's manageable. And without this kind of a layer, which we've seen elsewhere in software, we've seen it in login and password management within enterprise. We've seen it elsewhere. We think it's a natural analog for what we're doing with Maestro. And the inflection point really has everything to do with the complexity that these decision makers are grappling with today.

因此，編排層提供的是優雅的用戶體驗，讓您能夠選擇最佳品種、配置、配置、激活、分配並為整個企業或聯絡中心的優雅體驗付費，充分利用人工智能的最新發展或身份驗證或欺詐預防方面的最新發展，但能夠在可管理的用戶界面中做到這一點。如果沒有這種層（我們在軟件中的其他地方看到過），我們就在企業內的登錄和密碼管理中看到了它。我們在其他地方也看到過。我們認為這與我們對 Maestro 所做的事情是一個自然的類比。這個拐點確實與這些決策者今天面臨的複雜性密切相關。

And regarding the macro environment and different aspects of decision-making affected by the economy. We just continue to see choppiness generally, and we're cautious as we look forward towards the rest of this year as we have been in the first half.

以及受經濟影響的宏觀環境和決策的不同方面。我們只是繼續看到總體的波動性，我們對今年剩餘時間持謹慎態度，就像上半年一樣。

Our next question comes from Will Power with Baird.

我們的下一個問題來自貝爾德的意志力。

Okay. Great. Yes, it looked like a nice results in the quarter. I guess a couple of questions. I wonder if you could provide any further kind of color on sources of upside to revenue in the quarter. I know that the messaging business remains strong. Maybe that was a contributor, but any areas of surprise. And I guess just within messaging, if you kind of help break down kind of the key drivers there that you're seeing right now.

好的。偉大的。是的，本季度的業績看起來不錯。我想有幾個問題。我想知道您是否可以提供有關本季度收入增長來源的任何進一步的信息。我知道消息傳遞業務仍然強勁。也許這是一個貢獻者，但任何令人驚訝的地方。我想就在消息傳遞中，如果您能幫助分解您現在看到的關鍵驅動因素。

This is Daryl. We did see good results in the quarter with revenue exceeding our guidance. That was driven, as I said, in part by messaging and in part by monthly recurring charges from phone numbers at 911. So essentially half and half. Messaging was up 11%. We saw that broadly across all commercial messaging.

這是達里爾。我們確實在本季度看到了良好的業績，收入超出了我們的指導。正如我所說，這部分是由短信推動的，部分是由 911 電話號碼的每月經常性費用推動的。所以基本上是一半一半。消息傳遞增長了 11%。我們在所有商業信息中都廣泛看到了這一點。

You'll recall, we experienced some political last year that was in the third and fourth quarter of last year. So in a compare, our commercial messaging grew nicely over this time last year. Also, monthly recurring charges, which is subscription-based for phone numbers and emergency services within the enterprise grew nicely as well. Those do contribute to overall company performance as the gross margin profiles of those products are very rich indeed.

你可能還記得，去年我們在第三和第四季度經歷了一些政治事件。因此，相比之下，我們的商業信息在去年這個時候增長得很好。此外，每月的經常性費用（基於企業內部電話號碼和緊急服務的訂閱費用）也出現了良好增長。這些確實有助於公司的整體業績，因為這些產品的毛利率確實非常高。

Okay. That's helpful. I appreciate it. And maybe just one other financial question. Nice upside to EBITDA in the quarter. I think full year guidance was unchanged. Is that just a function of plans to perhaps reinvest some of that upside, conservatism? Any further color on that front?

好的。這很有幫助。我很感激。也許只是另一個財務問題。本季度 EBITDA 呈現良好上升趨勢。我認為全年指引沒有變化。這是否只是計劃的一個功能，可能是為了將一些上行空間再投資，保守主義？前面還有其他顏色嗎？

You're right, we were pleased with the overperformance in terms of profitability for the quarter. We see in terms of going forward in the guide. We did raise our revenue, the $10 million as we've noted. We're holding to the full year guide of $45 million at the midpoint. We did collapse the range. We've brought up the lower end of that range taking into account the revenue overperformance. But on the whole, we think that it's important to derisk to continue to derisk the year and to be prudent and cautious in the environment. And so we're holding with the midpoint guidance of $45 million.

你是對的，我們對本季度盈利能力方面的出色表現感到滿意。我們在指南中看到了前進的方向。正如我們所指出的，我們的收入確實增加了 1000 萬美元。我們維持全年指導值為 4500 萬美元的中間值。我們確實縮小了範圍。考慮到收入的超額表現，我們提高了該範圍的下限。但總體來看，我們認為今年繼續去風險化，對環境保持謹慎和謹慎是很重要的。因此，我們持有 4500 萬美元的中點指引。

Our next question comes from Jim Fish with Piper Sandler.

我們的下一個問題來自吉姆·菲什和派珀·桑德勒。

This is Quinton on for Jim Fish. Maybe first, another player in the space has talked up concerns with messaging traffic volumes, mainly due to enterprises evaluating other options for 2-factor authentication, but you guys continue to post pretty strong messaging growth. First, can you remind us your exposure to 2-factor authentication or onetime passwords? And then secondly, are you seeing any changing dynamics within 2-factor authentication where maybe that could benefit your voice solution if they're moving away from SMS space?

這是昆頓為吉姆·菲什配音的節目。也許首先，該領域的另一位參與者談到了對消息流量的擔憂，這主要是由於企業正在評估二元身份驗證的其他選項，但你們繼續發布相當強勁的消息增長。首先，您能否提醒我們您接觸過雙因素身份驗證或一次性密碼？其次，您是否看到雙因素身份驗證中存在任何變化的動態，如果它們遠離短信空間，這可能會對您的語音解決方案有利？

Quinton, we don't have any exposure at all to 2-factor authentication. We don't have customers that generate any meaningful revenue from it. So that's not a concern of ours at all. And so I don't really have any insight as to what's driving folks to utilize other alternatives.

Quinton，我們根本沒有接觸過二因素身份驗證。我們沒有客戶從中產生任何有意義的收入。所以這根本不是我們關心的問題。因此，我真的不知道是什麼促使人們使用其他替代方案。

Got it. Makes sense. And then maybe more of a financial question for you. We continue to see a declining number of total customers, which I get is a part of the strategy of turning these lower end payers. As we think about the gross adds here, what was that number? And then, are we starting to see any impact on maybe margins or an improvement in customer stickiness as we continue to move up the enterprise? Or is the churn kind of still too early where we're going to see kind of continued improvement throughout this year and next?

知道了。說得通。也許對你來說更多的是一個財務問題。我們繼續看到客戶總數不斷下降，我認為這是轉向這些低端付款人的戰略的一部分。當我們考慮這裡的總增加時，這個數字是多少？然後，隨著我們繼續提升企業規模，我們是否開始看到對利潤率或客戶粘性的改善產生任何影響？或者，這種流失是否還為時過早，我們將在今年和明年看到持續的改善？

Quinton, this is Daryl. We did see a modest decline in total customer count. We've said in the past in February, then again in May, and we've been consistent that customer count as a leading indicator of our business is not particularly relevant any longer in our minds as we continue to grow into the larger enterprise category. And indeed, our average customer revenue has -- continues to grow. It's grown to $176,000 over something like $161,000 at this time last year. So we're really pleased with that growth. With that said, we did add 70 customers -- 70 new customer logos during the quarter. These are -- we consider high-quality customers. We did in terms of contributing to our average revenue per customer growth.

昆頓，這是達里爾。我們確實看到客戶總數略有下降。我們曾在 2 月份說過，然後在 5 月份又說過，隨著我們繼續向更大的企業類別發展，我們一直認為客戶數量作為我們業務的領先指標不再特別重要。 。事實上，我們的平均客戶收入一直在持續增長。去年這個時候，它的價格從 161,000 美元增至 176,000 美元。所以我們對這種增長感到非常滿意。話雖如此，我們確實在本季度添加了 70 個客戶——70 個新客戶徽標。這些是我們認為的高質量客戶。我們確實為每個客戶的平均收入增長做出了貢獻。

And then we -- if you do the math, we removed 91 customers or churn 91 customers in the quarter. It's worth mentioning that the median of those 91 customers, the ARR was $3,000. So again, not really focused on the customer count any longer as more focused on the profitability potential of the customers that we acquire.

然後我們 - 如果你算一下，我們在本季度刪除了 91 名客戶或流失了 91 名客戶。值得一提的是，這 91 名客戶的 ARR 中位數為 3,000 美元。再說一次，我們不再真正關注客戶數量，而是更關注我們所獲得的客戶的盈利潛力。

Our next question comes from [Austin Ko with Citizens].

我們的下一個問題來自[Austin Ko with Citizens]。

Congrats on a good quarter. My question is just with regards to the cash flow generation. You guys mentioned $123 million in cash. And then with the balance sheet, is there any kind of updated thinking on the long-term debt on there? And how you guys are thinking about that? It looks like cash flow turned out pretty good this quarter.

祝賀季度表現良好。我的問題只是關於現金流的產生。你們提到了 1.23 億美元現金。然後，對於資產負債表，對於其中的長期債務是否有任何更新的想法？你們怎麼看待這個問題？看起來本季度的現金流狀況不錯。

Yes. The cash flow was basically in line with our expectations. We finished the quarter with $123 million of cash and marketable securities. As I said in the prepared remarks, we think that, that's sufficient for our business.

是的。現金流基本符合我們的預期。本季度結束時，我們擁有 1.23 億美元的現金和有價證券。正如我在準備好的發言中所說，我們認為這對於我們的業務來說已經足夠了。

In terms of our capital structure, we did -- as I said, we did replace our SVB facility that we had terminated in March with a new undrawn revolving credit facility. It's just all part of the blocks that contribute to building our capital structure.

就我們的資本結構而言，正如我所說，我們確實用新的未提取循環信貸額度取代了 3 月份終止的 SVB 額度。這只是有助於構建我們資本結構的所有部分。

In terms of going forward, we've said before, we'll continue to monitor the convertible debt market and be opportunistic on any repurchases if we think that's wise to do so. Our first convertible maturity is still remains quite a ways away in 2026, and we feel like we have a lot of time to evaluate that going forward.

就未來而言，我們之前說過，我們將繼續監控可轉換債券市場，並在我們認為明智的情況下對任何回購採取機會主義態度。距離 2026 年我們的第一個可轉換債券到期還有很長的路要走，我們覺得我們有很多時間來評估未來的情況。

Awesome. And if I could just throw in a quick follow-up. Just since last quarter, just with the kind of overarching conversation about AI and seat reduction in the CCaaS space. Is there any kind of updated thinking since then? I know you guys are more on the usage-based side. So is there any just kind of any takeaways with some of what the larger players are doing there?

驚人的。如果我能快速跟進一下就好了。就在上個季度以來，關於人工智能和 CCaaS 領域席位減少的總體討論。從那以後有什麼更新的想法嗎？我知道你們更傾向於基於使用的方面。那麼，對於較大的參與者在那裡所做的一些事情，有什麼值得借鑒的地方嗎？

Nothing new to add to the perspective that we shared in the most recent period. We think that AI ultimately is going to enhance the user experience or contact center experience for lots of our customers for good reasons. And we see that -- we see contact centers focused on AI when they're talking to us about the flexibility of our platform and the utility of our Maestro product. And so it's a catalyst moment in terms of the technology innovation. And ultimately, I don't think that it will be a zero-sum game in UCaaS or CCaaS or elsewhere, but I certainly understand the anxiety when anything like this comes out.

我們在最近一段時間里分享的觀點沒有什麼新的可補充的。我們認為人工智能最終將增強我們許多客戶的用戶體驗或聯絡中心體驗，這是有充分理由的。我們看到，當聯絡中心與我們談論我們平台的靈活性和 Maestro 產品的實用性時，我們看到他們專注於人工智能。因此，這是技術創新的催化劑時刻。最終，我不認為 UCaaS 或 CCaaS 或其他地方會是一場零和遊戲，但我當然理解當類似的事情出現時的焦慮。

The next question comes from Ryan Koontz with Needham.

下一個問題來自 Ryan Koontz 和 Needham。

I want to ask about your exposure or your perceived exposure to the big growth drivers in the cloud space, general CCaaS, which sounds like you're pleased with your progress. I wanted to see how you viewed your penetration of the CCaaS market. And then similarly, Teams phone, which obviously is kind of the remaining big UCaaS driver out there, how do you view your exposure? Do you see direct routing as still the primary vehicle? And how do you view the take-up and operator connect for the team phone side?

我想問一下您對雲領域主要增長驅動因素（一般 CCaaS）的接觸或感知接觸情況，聽起來您對自己的進展感到滿意。我想了解一下您如何看待 CCaaS 市場的滲透率。同樣，Teams 手機顯然是 UCaaS 中剩下的主要驅動因素，您如何看待自己的曝光度？您認為直接路由仍然是主要方式嗎？您如何看待團隊電話端的接收和操作員連接？

I'll take those in reverse order. So we've got continuing good growth and traction with our awesome Microsoft partner so that the team's phone product is still a very good path to market for us. Direct routing and bring your own carrier continue to contribute to our enterprise wins and the examples that we cited in this most recent quarter just now, they were very material in each of those.

我將以相反的順序進行處理。因此，我們與出色的微軟合作夥伴一起獲得了持續的良好增長和吸引力，因此該團隊的手機產品仍然是我們進入市場的一個非常好的途徑。直接路由和自帶運營商繼續為我們的企業勝利做出貢獻，我們剛才在最近一個季度引用的例子，它們在每一個方面都非常重要。

Operator connect has been fantastic for international growth, in particular. So that's been a vital improvement in our path to market with Microsoft. And then in terms of our exposure to contact center and penetration, we've got lots of progress we can still make in capturing share in the contact center from a usage-based perspective. We've got great relationships with most of the leaders in contact center, but a long way to go to displacing the incumbents like Verizon and AT&T, Lumen and then internationally other incumbents. And so there's a long way to go which is both -- it's a wonderful problem for us to have a space like CCaaS where we've got lots that we can still do for a lot of new customers.

運營商連接對於國際增長尤其有利。因此，這是我們與 Microsoft 合作的市場道路上的一個重要改進。然後就我們對聯絡中心的接觸和滲透率而言，我們在從基於使用的角度獲取聯絡中心份額方面仍然可以取得很多進展。我們與聯絡中心的大多數領導者都建立了良好的關係，但要取代 Verizon 和 AT&T、Lumen 以及國際上其他現有企業，還有很長的路要走。因此，還有很長的路要走，兩者都是——對於我們來說，擁有像 CCaaS 這樣的空間是一個很好的問題，我們仍然可以為很多新客戶做很多事情。

That's great to hear, David. And can you give us any idea of kind of where you are in penetration of Fortune 500 major wins right now? Obviously, it's pretty early days, but do you think you're in the like does a couple of dozen range? Are you guys kind of moving up above that yet?

很高興聽到這個消息，大衛。您能否告訴我們您目前在財富 500 強重大勝利中的滲透情況？顯然，現在還為時過早，但您認為自己處於幾十個範圍內嗎？你們已經超越了這個水平了嗎？

Yes. We've not shared a particular number of the Fortune 500 or Fortune 200, although we did announce a win within the Fortune 200 in this period, which we're proud of, but expect that as we grow enterprise between now and 2026 from 5% of our total revenue, up to 10% of our total revenue, you're going to see many, many more Fortune 500 logos. And we really think more of a Global 2000 focus just because we've got footprint in so many different countries. And so you'll think of us best, I think is focused on the Global 2000, not just the Fortune 500, but we will continue to share wins in those categories and believe that they'll continue to grow.

是的。我們沒有透露財富500 強或財富200 強的具體數字，儘管我們確實宣佈在此期間在財富200 強中獲勝，對此我們感到自豪，但預計隨著我們的企業從現在到2026 年從5 家發展壯大，占我們總收入的 %，最多占我們總收入的 10%，您將看到更多、更多的《財富 500 強》徽標。我們確實更注重全球 2000 強，因為我們在許多不同的國家都有足跡。所以你會想到我們最好，我認為我們專注於全球 2000 強，而不僅僅是財富 500 強，但我們將繼續分享這些類別的勝利，並相信它們將繼續增長。

Our next question comes from Matt Stotler with William Blair.

我們的下一個問題來自馬特·斯托勒和威廉·布萊爾。

Maybe just one more on Maestro to start. Obviously, still early, but would love to kind of get your thoughts on how the Cisco relationship kind of opens up the go-to-market for that product with you. And then, how you're thinking about monetization of Maestro from here?

也許只是再從 Maestro 開始。顯然，還為時過早，但我很想了解您對思科關係如何與您一起打開該產品上市的想法。那麼，您對 Maestro 的貨幣化有何看法？

Matt, we did talk about the Cisco innovation that we announced with Maestro that we're excited about. And it allows somebody that has had a premise-based solution historically to engage in the cloud and to do so with Maestro and to begin their journey to the cloud in a very elegant way from an administrative point of view. So we're excited about that. In particular, with Maestro I just forgot the second part of your question.

馬特，我們確實談論了與 Maestro 一起宣布的思科創新，我們對此感到興奮。它允許曾經擁有基於前提的解決方案的人參與雲並與 Maestro 一起參與，並從管理的角度以一種非常優雅的方式開始他們的雲之旅。所以我們對此感到興奮。特別是，對於 Maestro，我剛剛忘記了你問題的第二部分。

So the monetization of Maestro going forward.

因此，Maestro 的貨幣化正在向前推進。

Yes. So it is a software application. And as an orchestration tool, we are planning for Maestro to be a revenue-enhancing product that we offer that is -- that you should understand to be in the revenue model with SaaS-based cloud-based software. There will be usage associated with it, but the platform fee element will be what you're used to when you think about cloud-based software charges and billing.

是的。所以它是一個軟件應用程序。作為一種編排工具，我們計劃將 Maestro 打造成我們提供的一款增加收入的產品，即您應該了解它屬於基於 SaaS 的雲軟件的收入模式。會有與之相關的使用情況，但是當您考慮基於雲的軟件收費和計費時，平台費用元素將是您所習慣的。

Got it. It's very helpful. And then maybe just one more broader question on the -- on your partner investments. I mean a number of announcements this quarter, right? Cisco, obviously, MiraTEC, expanded relationship with [Ribbon]. So let's just get a broader update on the partner ecosystem, your investments there and what you're prioritizing at this point.

知道了。這非常有幫助。然後也許只是一個更廣泛的問題——關於您的合作夥伴投資。我的意思是本季度有很多公告，對吧？顯然，Cisco、MiraTEC 擴大了與 [Ribbon] 的關係。因此，讓我們更廣泛地了解合作夥伴生態系統、您在其中的投資以及您目前的優先事項。

So you've known us to go to market well with some great brands and names historically. We've continued, I think, through the leadership of the senior executive team to reach out to more and more ecosystem partners, whether the ones that you just mentioned, whether it's distribution related, whether it's folks that we buy from and integrate with, whether it's folks like Cisco, who we go to market with and the early innings of our channel strategy also, you do have lots of new folks that we're engaging with. .

所以您知道我們歷史上曾以一些偉大的品牌和名稱很好地進入市場。我認為，通過高級管理團隊的領導，我們繼續接觸越來越多的生態系統合作夥伴，無論是您剛才提到的合作夥伴，還是與分銷相關的合作夥伴，無論是我們向其購買產品並與其整合的人，無論是像思科這樣的人，我們與他們一起進入市場，還是我們的渠道戰略的早期階段，我們確實有很多新人正在與他們接觸。 。

And I don't have any others in particular to announce on this call, but whether it's go to market, whether it's a collaboration with other application providers, we are being approached by lots of ecosystem names to help them navigate the complexity of global regulatory landscape of technology changes like AI.

我在這次電話會議上沒有特別要宣布的任何其他內容，但無論是進入市場，還是與其他應用程序提供商合作，許多生態系統名稱都在與我們接洽，以幫助他們應對全球監管的複雜性像人工智能這樣的技術格局正在發生變化。

And so it's a wonderful time to collaborate in our space. Everybody is talking to each other about how they can add value in CCaaS and UCaaS and with enterprise. And so we like the announcements, and we like the conversations going on right now, upstack and downstack and around the world.

因此，這是在我們的領域進行合作的美好時光。每個人都在互相討論如何在 CCaaS 和 UCaaS 以及企業中增加價值。所以我們喜歡這些公告，我們喜歡現在正在進行的對話，無論是上層還是下層以及世界各地。

(Operator Instructions) Our next question comes from Tom Blakey with KeyBanc Capital Markets.

（操作員說明）我們的下一個問題來自 KeyBanc Capital Markets 的 Tom Blakey。

Congratulations on the results. Maybe, David, starting with you on the -- many CIOs, we talked to about consolidating spend, you mentioned that a little bit in your prepared remarks. Wondering how those conversations have maybe evolved through the year here as more CIOs are looking to cut spend or consolidate spend, especially given kind of the go-to-market kind of mission or messaging from Bandwidth is we can do more for less. I just wanted to know if there's -- in terms of -- and this is all in the context of your strong commentary about enterprise direct or direct enterprise in the prepared remarks.

祝賀結果。大衛，也許，從您開始，我們與許多首席信息官討論了合併支出的問題，您在準備好的講話中提到了這一點。想知道隨著越來越多的首席信息官尋求削減支出或整合支出，這些對話在這一年中可能會如何演變，特別是考慮到進入市場的使命或來自帶寬的信息是我們可以用更少的錢做更多的事情。我只是想知道是否存在——就……而言——這一切都是在您在準備好的發言中對企業直接或直接企業進行強烈評論的背景下進行的。

Yes. Thank you, Tom. We did call out during the prepared remarks, the contact services provider that consolidated 30-plus country needs with us and we saved them 20% when we did so. We talked about another one that took 7 partners and consolidated them down into using Bandwidth. And in each case, those are incumbents. And ultimately, you have among those CIOs and decision-makers in a very complex and cost-sensitive world, a need to optimize mission-critical communications and to really bet on a trusted partner. And before us, there weren't many you could consolidate geographically with.

是的。謝謝你，湯姆。在準備好的發言中，我們確實呼籲聯繫服務提供商將 30 多個國家/地區的需求與我們整合在一起，當我們這樣做時，我們為他們節省了 20%。我們討論了另一個項目，該項目吸引了 7 個合作夥伴，並將他們整合為使用帶寬。在每種情況下，這些都是現任者。最終，在一個非常複雜且成本敏感的世界中，首席信息官和決策者需要優化關鍵任務通信並真正押注於值得信賴的合作夥伴。在我們之前，可以在地理上進行整合的公司並不多。

So we've had the advantage of expanding footprint to allow a CIO or a decision maker to say, "Wow, I can use Bandwidth instead of 8, 9, 10 or even 20 partners, why wouldn't I do that? In addition to that, you now have with Maestro, the opportunity to consolidate, optimize and trust us with an orchestration layer for both your voice, your messaging and your third-party apps in the communications space.

因此，我們的優勢在於擴大覆蓋範圍，讓首席信息官或決策者能夠說：“哇，我可以使用帶寬而不是 8、9、10 甚至 20 個合作夥伴，為什麼我不這樣做呢？此外為此，您現在可以通過Maestro 來鞏固、優化並信任我們，為您的語音、消息傳遞和通信領域的第三方應用程序提供編排層。

So you've got geography driving, as we've seen historically, consolidation and bedding on Bandwidth as a trusted partner. And now you have our software platform that is also driving an opportunity for those CIOs to say it's time for us to believe and Bandwidth is our primary partner to reduce complexity, to reduce costs. And these are conversations not just about unit volumes or price, these are very deep conversations about being architectural partners, production partners globally, and that relationship that we have is indeed in the C-suite and among the senior-most executives at the very largest companies in the Global 2000. And I'm excited about how those conversations have developed and we should -- we expect more of them going forward.

因此，正如我們在歷史上看到的那樣，您有地理驅動力，可以作為值得信賴的合作夥伴對帶寬進行整合和鋪墊。現在我們的軟件平台也為那些首席信息官提供了一個機會，讓我們相信帶寬是我們降低複雜性、降低成本的主要合作夥伴。這些對話不僅僅是關於單位數量或價格，這些是關於成為全球建築合作夥伴、生產合作夥伴的非常深入的對話，我們的這種關係確實存在於最高管理層和最大的最高管理人員之間全球2000強中的公司。我對這些對話的進展感到興奮，我們應該——我們期望未來會有更多這樣的對話。

That was a perfect segue, David, to my second question. In terms of the more strategic architectural partnership that you're kind of like seeing in some of these conversations. What's -- I think you've made the comments in the past that you're comfortable or maybe members of your team in my conversations that you're comfortable with the infrastructure, lack of a better way, your sales and marketing go-to-market expenses that you have in place to attack this G2K opportunity. Could you just maybe update us that and maybe in the probability of potential for -- now they have to like spend a little bit more to attack this opportunity if it takes off from here. And thank you very much for the questions again.

大衛，這是我第二個問題的完美延續。就您在其中一些對話中看到的更具戰略性的架構合作夥伴關係而言。我認為您過去曾在我的談話中說過，您對基礎設施感到滿意，或者您的團隊成員對基礎設施感到滿意，但缺乏更好的方法，您的銷售和營銷首選-您為抓住這個G2K 機會而準備的市場費用。您能否向我們介紹一下這一情況，也許有可能——現在，如果這個機會從這裡起飛，他們必須花更多的錢來抓住這個機會。非常感謝您再次提出問題。

Yes. You bet, Tom. The opportunity to invest will be behind success. We will reinforce success if we see it and if the opportunity for yield from that additional sales investment to materialize within our profitability discipline. That's what you would see us reinforce. But we are very happy with the sales leadership that we have with the global sales team that we have with the enterprise team that's focused on the G2K, as you mentioned, they're staffed, they're building pipeline, they're executing. We've got strong senior leadership and sales operations globally. So we like our approach.

是的。你敢打賭，湯姆。投資機會將是成功的背後。如果我們看到成功，並且如果額外銷售投資的收益機會在我們的盈利能力範圍內實現，我們將加強成功。這就是你會看到我們加強的。但我們對全球銷售團隊和專注於 G2K 的企業團隊的銷售領導力感到非常滿意，正如您提到的，他們配備了人員，他們正在建設管道，他們正在執行。我們在全球擁有強大的高級領導和銷售業務。所以我們喜歡我們的方法。

We've got a channel that's developing and emerging in a really promising way that we've never had before. So you've seen investments made in the past. You've seen current leadership focused on it. The way that you would see us invest in any additional manner is, again, if the yield from doing so was clearly within the profitability discipline that we've outlined in our midterm guidance.

我們的渠道正在以一種我們以前從未有過的真正有前途的方式發展和新興。所以你已經看到了過去的投資。你已經看到當前的領導層專注於此。同樣，您會看到我們以任何其他方式進行投資的方式是，這樣做的收益率是否明顯在我們在中期指導中概述的盈利能力範圍內。

This concludes our question-and-answer session. The conference has also now concluded. Thank you for attending today's presentation. You may all now disconnect.

我們的問答環節到此結束。會議現已結束。感謝您參加今天的演講。你們現在可以斷開連接了。