Bandwidth Inc (BAND) 2023 Q3 法說會逐字稿

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

下午好，歡迎參加 Bandwidth Inc. 2023 年第三季財報電話會議。 （操作員指示）請注意，此事件正在記錄中。現在，我想將會議交給投資者關係副總裁 Sarah Walas。請繼續。

Thank you. Good afternoon, and welcome to Bandwidth's Third 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. 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.

謝謝。下午好，歡迎參加 Bandwidth 2023 年第三季財報電話會議。今天，我們將討論收盤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報告可在 investor.bandwidth.com 的投資者關係頁面上找到。今天下午與我一起參加電話會議的有我們的執行長 David Morken 和我們的財務長 Daryl Raiford。他們將首先發表準備好的發言，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 fourth 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.

在電話會議中，我們將做出與我們的業務相關的可能被視為前瞻性的聲明，包括有關我們 2023 年第四季度和全年財務指導的聲明。

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. 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. 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.

本次電話會議和簡報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更新它們。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 文件中的內容，該文件已由其他 SEC 文件更新，所有這些文件均可在我們網站 bandwidth.com 的投資者關係部分和美國證券交易委員會網站 sec.gov 上查閱。在今天的電話會議中，我們將參考某些非公認會計準則財務指標。我們在今天收盤後發布的新聞稿以及收益報告中包含了 GAAP 與非 GAAP 指標的對帳表，這些內容可在我們的網站 investor.bandwidth.com 上找到。

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

說完這些，讓我把電話轉給大衛。

Thank you, Sarah. Welcome to Bandwidth's Q3 2023 earnings announcement. Despite the continued choppy macroeconomic environment, we are pleased to announce that we have exceeded both our revenue and profitability guidance for the quarter and made strong progress toward our goal of growing profitability by 30% for the full year. We want to express our appreciation to our customers for building and scaling their mission-critical communications with us to our band mates around the world whose hard work drives all our success and to God for giving us this opportunity.

謝謝你，莎拉。歡迎關注 Bandwidth 2023 年第三季財報公告。儘管宏觀經濟環境持續波動，我們仍然高興地宣布，本季度我們的收入和盈利能力均超出預期，並在實現全年盈利能力增長 30% 的目標方面取得了長足進步。我們要向我們的客戶表示感謝，感謝他們與我們一起建立和擴展了他們的關鍵任務通信，向遍布世界各地的樂隊夥伴表示感謝，他們的辛勤工作推動了我們的成功，向上帝表示感謝，感謝上帝給予我們這個機會。

In today's economy, migrating voice, text messaging and emergency calling to the cloud is the fastest way for enterprises to build a better brand experience, reduce operating costs and leverage new AI technologies. At Bandwidth, we provide one of the most compelling routes to the cloud, thanks to the global and owned and operated network that we have at Bandwidth. Enterprise-grade APIs with best-in-class integrations through our Maestro software platform and trusted expertise from years of powering Gartner leaders and hyperscalers. Our aim is to streamline complex global communications into one strategic partnership with one contract, one customer experience, one trusted adviser and one source for software integrations. Our Maestro software platform is already integrated with the services we offer, reducing IT development time from months to hours.

在當今的經濟環境下，將語音、簡訊和緊急呼叫遷移到雲端是企業建立更好的品牌體驗、降低營運成本和利用新 AI 技術的最快方式。在 Bandwidth，我們提供了最引人注目的雲端路線之一，這得益於我們在 Bandwidth 擁有並經營的全球網路。透過我們的 Maestro 軟體平台實現一流整合的企業級 API，以及多年來為 Gartner 領導者和超大規模企業提供支援所累積的值得信賴的專業知識。我們的目標是將複雜的全球通訊簡化為一個策略合作夥伴關係，一份合同，一個客戶體驗，一個值得信賴的顧問和一個軟體整合來源。我們的 Maestro 軟體平台已經與我們提供的服務集成，將 IT 開發時間從數月縮短至數小時。

Further, we've added new best-in-class services to Maestro, such as our new AI bridge solution launched in Q3 with 2 recognized leaders in conversational AI, Google Dialogflow and Cognigy. Conversational AI is so powerful because it not only empowers enterprises to improve their customer experience and operate 24/7, but also reduces costs by resolving contact center calls right in the communications cloud without needing a live agent, and it's available today.

此外，我們也為 Maestro 增加了新的一流服務，例如我們在第三季與兩家公認的對話式 AI 領導者 Google Dialogflow 和 Cognigy 合作推出的全新 AI 橋接解決方案。對話式人工智慧之所以如此強大，是因為它不僅能夠幫助企業改善客戶體驗並實現全天候運營，而且還可以透過直接在通訊雲中解決聯絡中心呼叫而無需現場代理來降低成本，而且它現在已投入使用。

We have focused our go-to-market strategy on bringing the future of cloud communications to 3 distinct customer categories; global communications plans, programmable services and direct to enterprise. Each of these delivered solid customer wins in the third quarter. Let me highlight an example for each. In our global communications plan category, a European-based cloud contact center customer managing many carrier relationships around the world chose to make Bandwidth their primary provider across several regions. Our programmable voice quality and reliability, award-winning support and the ease of use of our API-driven portal all help them now more efficiently and effectively manage fewer relationships for all their communication needs. They understand that the Bandwidth communications cloud provides effortless global expansion opportunities for wherever their business takes them in the future.

我們的市場策略重點是將雲端通訊的未來帶給 3 個不同的客戶類別；全球通訊計劃、可程式服務和直達企業。這些公司都在第三季贏得了客戶的青睞。讓我為每個例子強調一下。在我們的全球通訊計畫類別中，一家總部位於歐洲的雲端聯絡中心客戶管理著全球各地的多家營運商關係，選擇將 Bandwidth 作為其在多個地區的主要供應商。我們可編程的語音品質和可靠性、屢獲殊榮的支援以及易於使用的 API 驅動門戶，全部可幫助他們更有效率、更有效地管理更少的關係，滿足他們的所有通訊需求。他們明白，無論他們的業務未來走向何處，頻寬通訊雲端都能提供輕鬆的全球擴張機會。

In our programmable services portfolio, we recently welcomed a new client that specializes in consumer engagement for the automotive industry. Car dealerships are revving up their text message marketing strategies to connect with customers and our customer has helped to lead the charge in this area. With our help, this customer was able to speed up their time to market and scale up operations to meet strong demand, especially during the peak season for car sales. This is just one example of the growing trend of text messaging being used for conversational commerce across various retail industries as more and more retail sales shift online, 60% of brands have recognized the power of text messaging for marketing their products. Why? Because text messaging offers unparalleled engagement potential with a 98% open rate and 90% of messages being read within the first 3 minutes.

在我們的可程式服務組合中，我們最近迎來了一位專門從事汽車行業消費者參與的新客戶。汽車經銷商正在加快他們的簡訊行銷策略來與客戶建立聯繫，而我們的客戶已在這一領域發揮了引領作用。在我們的幫助下，該客戶能夠加快產品上市時間並擴大營運規模以滿足強勁需求，尤其是在汽車銷售旺季。這只是簡訊在各個零售業用於對話式商務日益增長的趨勢的一個例子，隨著越來越多的零售銷售轉移到網上，60% 的品牌已經認識到短信在營銷其產品方面的力量。為什麼？因為簡訊具有無與倫比的參與潛力，開啟率高達 98%，並且 90% 的訊息在前 3 分鐘內被閱讀。

We are proud to offer a dynamic and scalable messaging platform that powers some of the most demanding, high-volume customers in e-commerce. Our platform provides global reach, reliability, security and unbeatable customer support. We are committed to helping our clients succeed and grow by providing them with the tools and solutions they need to connect with their customers effectively and efficiently.

我們很自豪能夠提供一個動態且可擴展的訊息傳遞平台，為電子商務領域中一些要求最嚴格、業務量最大的客戶提供支援。我們的平台提供全球影響力、可靠性、安全性和無與倫比的客戶支援。我們致力於為客戶提供有效、有效率地與客戶建立聯繫所需的工具和解決方案，從而幫助他們取得成功和發展。

Turning to our enterprise category. I want to share an example of what we often hear from the largest multinational organizations, how to migrate to the cloud in stages rather than all at once. A Global 2000 manufacturing conglomerate with over 30,000 employees came to us with an extraordinary complex challenge to move the internal portion of their communications to the cloud while simultaneously preserving their contact center physical infrastructure on-premises for a future migration. Solving this level of what we call telecomplexity has become one of our specialties. That's because with Bandwidth, our communications cloud can support both types of environments simultaneously. We help the customer deploy state-of-the-art dynamic 911 and voice services for their employee communications stack, and they will be able to take advantage of our Maestro platform as they migrate future phases to Microsoft Teams direct routing. While this customer's ultimate goal is to be 100% cloud-based, they chose Bandwidth as their trusted guide to help them make the transition at their own pace.

轉向我們的企業類別。我想分享一個例子，是我們經常從最大的跨國組織聽到的，如何分階段而不是一次性遷移到雲端。一家擁有超過 30,000 名員工的全球 2000 強製造企業集團向我們提出了一項極其複雜的挑戰，即將其通信的內部部分遷移到雲端，同時保留其聯絡中心實體基礎設施以供將來進行遷移。解決這一層面的所謂遠程複雜性已經成為我們的專長之一。這是因為有了頻寬，我們的通訊雲可以同時支援這兩種類型的環境。我們協助客戶為其員工通訊堆疊部署最先進的動態 911 和語音服務，並且他們將能夠在未來階段遷移到 Microsoft Teams 直接路由時利用我們的 Maestro 平台。雖然該客戶的最終目標是 100% 基於雲，但他們選擇頻寬作為值得信賴的指南，以幫助他們按照自己的步調進行轉換。

Our ability to meet the customer where they are and help them navigate even the most complex digital transformations is what sets us apart in the tech industry. Regardless of the challenge, we are committed to providing our customers with the best possible solutions, the highest level of support and the kind of innovative thinking they need to thrive in a rapidly involving communications landscape.

我們能夠根據客戶需求，滿足他們的需要，幫助他們應對最複雜的數位轉型，這正是我們在科技產業中脫穎而出的原因。無論面臨什麼挑戰，我們都致力於為客戶提供最佳的解決方案、最高水準的支援以及在快速發展的通訊領域中蓬勃發展所需的創新思維。

In summary, we are pleased with our progress and how we've navigated through this year as a team. For example, in recognition of our unique culture that lists each other up to better serve our customers, we were honored yet again to win a Best Place to Work award in our home region of Raleigh, North Carolina. We've executed well against the choppiness we expected at the beginning of this year, and we are looking forward to finishing out 2023 with strong momentum. With 2024 on the horizon, we are encouraged by our track record of success, strong financial position and our commitment to innovation. We are confident Bandwidth will remain fully on track to achieve our 2026 medium-term targets we laid out at our Investor Day last February.

總而言之，我們對我們的進步以及我們作為一個團隊如何度過今年感到滿意。例如，為了表彰我們獨特的互相幫助、更好地服務客戶的企業文化，我們再次榮幸地在我們的家鄉北卡羅來納州羅利地區贏得了「最佳工作場所」獎。儘管我們在今年年初預期會出現波動，但我們表現良好，並期待以強勁勢頭結束 2023 年。 2024年即將到來，我們成功的業績、強勁的財務狀況和對創新的承諾令我們備受鼓舞。我們相信，Bandwidth 將完全按計劃實現我們去年 2 月在投資者日制定的 2026 年中期目標。

I'll now turn it over to Daryl to walk through the details of our Q3 financial results.

現在我將把時間交給 Daryl 來介紹我們第三季財務表現的詳細資訊。

Thank you, David, and thanks, everyone, for joining this call this afternoon. Accelerating sustainable, profitable growth is a core principle for Bandwidth, and our results this quarter reflect exactly that with revenue and adjusted EBITDA both beating the high end of guidance ranges as we benefited from our growing market position in commercial messaging and strong operating discipline. Third quarter revenue of $152 million grew 5% from last year when excluding surcharges and the year-over-year effect of $7 million of cyclical political campaign messaging revenue in 2022. We are very pleased with the revenue contribution from commercial messaging which grew 51% from last year, benefiting from usage tailwinds into e-commerce, conversational marketing and financial services sectors.

謝謝 David，也謝謝大家參加今天下午的電話會議。加速永續、獲利的成長是 Bandwidth 的核心原則，我們本季的業績恰恰反映了這一點，由於我們受益於在商業資訊領域不斷增長的市場地位和強大的營運紀律，收入和調整後的 EBITDA 均超過了預期範圍的上限。第三季營收為 1.52 億美元，扣除附加費和 2022 年 700 萬美元週期性政治競選資訊收入的同比影響後，較去年增長 5%。

Total messaging revenue in the quarter represented 17% of revenue, excluding carrier surcharges. Pass-through carrier surcharges associated with messaging were $32 million in the third quarter compared to $27 million last year. We've been making strategic investments in software features and messaging capabilities to drive sustained growth. The returns are beginning to be evident. In our programmable services category, which mainly utilizes our messaging portfolio to drive a multitude of commercial use cases, our revenue grew 47%, excluding prior year's political campaign messaging revenue. We're very pleased with the strong 47% growth in our commercial usage and the favorable implications it has on future performance.

不包括營運商附加費，本季的總消息收入佔總收入的 17%。第三季與訊息傳遞相關的轉接業者附加費為 3,200 萬美元，去年同期為 2,700 萬美元。我們一直在軟體功能和訊息功能方面進行策略性投資，以推動持續成長。回報已開始顯現。在我們的可編程服務類別中，主要利用我們的訊息傳遞組合來推動大量商業用例，我們的收入成長了 47％，不包括去年的政治競選訊息傳遞收入。我們對商業使用量 47% 的強勁成長及其對未來業績的有利影響感到非常高興。

In our direct to enterprise customer category, we grew 19% year-over-year, benefited by new customer additions as well as healthy growth with existing customers. Our direct to enterprise pipeline is dominated by cloud contact center opportunities and fueled by our expanding software solutions. For example, our award-winning Maestro product, along with dividends from our extensive partnerships and integrations with the CCaaS industry leaders, including Genesys, Five9 and NICE, to name a few. We're pleased to see our investments pay off and continue to see a lot of tailwind from the CCaaS partnerships.

在直接面向企業客戶類別中，我們比去年同期成長了 19%，這得益於新客戶的增加以及現有客戶的健康成長。我們直接面向企業的管道主要由雲端聯絡中心機會主導，並由我們不斷擴展的軟體解決方案推動。例如，我們屢獲殊榮的 Maestro 產品，以及與 CCaaS 產業領導者（包括 Genesys、Five9 和 NICE 等）建立廣泛合作夥伴關係和整合所帶來的紅利。我們很高興看到我們的投資獲得回報，並繼續看到 CCaaS 合作夥伴關係帶來的許多推動力。

The programmable and direct enterprise customer categories are cornerstones of our strategy, and we believe our ability to enable better brand experiences, reduce our customer operating costs and leverage new AI technologies will keep the momentum going.

可程式化和直接企業客戶類別是我們策略的基石，我們相信，我們提供更好的品牌體驗、降低客戶營運成本和利用新人工智慧技術的能力將保持這一勢頭。

In our remaining customer category, global communications plans, our third quarter revenue, excluding surcharges, was in line with our expectations as our volumes from customers with a large voice component continued to be pressured. In terms of operating metrics, our focus on growing the programmable and direct enterprise customer categories is again evident in the results. Average annual revenue per customer, which has steadily increased over the past 6 quarters, reached $177,000 in the third quarter, again demonstrating our success in serving large customer opportunities.

在我們剩下的客戶類別，即全球通訊計畫中，我們的第三季收入（不包括附加費）符合我們的預期，因為我們來自語音分量較大的客戶的數量繼續受到壓力。在營運指標方面，我們對擴大可程式化和直接企業客戶類別的關注在結果中再次體現。自過去 6 個季度以來，每位客戶的平均年收入一直穩步增長，第三季度達到了 177,000 美元，這再次證明了我們在服務大客戶機會方面取得的成功。

In the third quarter, non-GAAP gross margin was 55%, in line with our expectations and unchanged sequentially. A reminder that quarterly gross margins can modestly vary within any given year from fluctuations in usage across voice and messaging. We've made great progress over the last several years with growing gross margins, yet again another demonstration of sustainable profitable growth and expect to see margins continue to rise towards our 2026 goal of greater than 60% driven by additions of enterprise customers, a favorable product mix and continued scale of our network.

第三季度，非公認會計準則毛利率為55%，符合我們的預期，與上一季持平。需要提醒的是，由於語音和訊息傳遞使用情況的波動，季度毛利率在任何一年內都會有小幅變化。過去幾年，我們取得了長足的進步，毛利率不斷增長，再次體現了可持續的盈利增長。 我們預計，在企業客戶增加、產品組合有利和網絡規模持續擴大的推動下，利潤率將繼續上升，朝著 2026 年超過 60% 的目標邁進。

The power of our business model to drive profitable growth was evident in the third quarter as we achieved quarterly adjusted EBITDA of $14 million. We ended the quarter with a cash and securities balance of $139 million, a more than sufficient amount to meet our business needs and provide a great deal of financial flexibility. Also, for the third quarter, we reached an inflection point by accelerating quarterly free cash flow to a record $18 million. We said before that we expect free cash flow to accelerate, and we think this last quarter's free cash flow result is a good proxy for our cash flow producing potential.

我們的商業模式推動獲利成長的力量在第三季度得到了明顯體現，我們實現了季度調整後 EBITDA 1400 萬美元。截至本季末，我們的現金和證券餘額為 1.39 億美元，足以滿足我們的業務需求並提供極大的財務靈活性。此外，第三季度，我們的季度自由現金流加速至創紀錄的 1,800 萬美元，達到了轉捩點。我們之前說過，我們預期自由現金流將會加速，我們認為上個季度的自由現金流結果可以很好地反映我們的現金流產生潛力。

For example, taking our third quarter free cash flow achievement of $18 million and annualizing it is a powerful illustration. The third quarter annualized result taken into the implied 2023 revenue guidance, excluding surcharges, results in a 2023 annualized FCF margin that is essentially already achieving our 2026 medium-term target of 15% free cash flow margin. Looking forward, we continue to expect 2023 full year revenue to be approximately $590 million and also continue to expect 2023 profit to improve by 30% from last year to $45 million at the midpoint.

例如，將我們第三季的自由現金流實現 1800 萬美元並將其年化就是一個有力的例證。將第三季的年化業績納入隱含的 2023 年收入指引（不包括附加費）後，2023 年的年化 FCF 利潤率基本上已經實現了我們 2026 年的中期目標，即 15% 的自由現金流利潤率。展望未來，我們繼續預期 2023 年全年營收約 5.9 億美元，同時繼續預期 2023 年利潤將比去年成長 30%，達到中位數 4,500 萬美元。

In closing, we feel confident that our third quarter financial results along with momentum from commercial messaging and enterprise customers positions us for a solid fourth quarter and full year of profitable growth against a macro backdrop that does remain constrained. With 2024 on the horizon, we're pleased that our focus on our enterprise and programmable customer categories is generating strong momentum. This year, we've emerged as a leading and trusted platform for a multitude of commercial use cases valued by our programmable and enterprise customers after coming off a strong campaign season in 2022, and we expect another strong campaign season in 2024.

最後，我們相信，在宏觀背景仍然受到限制的情況下，我們的第三季度財務業績以及商業資訊和企業客戶的強勁增長勢頭將使我們在第四季度和全年實現穩健的盈利增長。隨著 2024 年即將到來，我們很高興看到我們對企業和可編程客戶類別的關注正在產生強勁勢頭。今年，在經歷了 2022 年強勁的競選季之後，我們已成為可編程和企業客戶重視的眾多商業用例的領先和值得信賴的平台，我們預計 2024 年將迎來另一個強勁的競選季。

We believe both commercial and campaign will be strong drivers of growth and profitability and feel confident we are fully on track to achieve our 2026 medium-term targets, which are all about sustainable, profitable growth. With revenue CAGR of 15% to 20%, growing gross margins greater than 60%, greater than 20% profit margins and greater than 15% free cash flow margins.

我們相信商業和活動都將成為成長和獲利的強大驅動力，並有信心我們完全有望實現 2026 年的中期目標，即可持續的獲利成長。營收複合年增率為15%至20%，毛利率成長超過60%，利潤率超過20%，自由現金流利潤率超過15%。

Now with that, I'd like to turn the call back to the operator for questions.

現在，我想將電話轉回給接線員以便回答問題。

(Operator Instructions) Our first question will come from Ryan MacWilliam with Barclays.

（操作員指示）我們的第一個問題來自巴克萊銀行的 Ryan MacWilliam。

This is [Amin] on for Ryan. How did usage volumes trend throughout third quarter? And have volumes been more challenged from macro headwinds so far in the fourth quarter?

這是 [Amin] 為 Ryan 主持的。第三季的使用量趨勢如何？到目前為止，第四季度的宏觀不利因素是否為銷售帶來了更大的挑戰？

This is David. We've navigated through the environment, which we described as choppy and as expected throughout the year. Usage trends across our categories of service are as we would have hoped that supported our results for the period. And we think that looking into the fourth quarter that they'll continue to trend the way we've expected and guided, and we're encouraged about what that will mean for 2024, if that answers your question.

這是大衛。我們已經度過了一年來一直處於的、被我們描述為動盪且預料之中的環境。我們各類服務的使用趨勢正如我們所希望的那樣，能夠支持我們當期的業績。我們認為，展望第四季度，它們將繼續以我們預期和指導的方式呈現趨勢，如果這回答了您的問題，我們對這對 2024 年意味著什麼感到鼓舞。

No, it's perfect. And then just for next year, how are your enterprise customers thinking about usage and their budgets for 2024?

不，它是完美的。那麼就明年而言，您的企業客戶如何考慮 2024 年的使用情況和預算？

Well, we've got a number of different categories of customers, and so my answer would vary depending. Certainly, some sectors are more challenged than others, but there are really an enormous number of improvements being made in the contact center space that's driving lots of activity and lots of energy, but it's very difficult to characterize in a universal statement how customers broadly are thinking. Certainly, in the enterprise space, we're seeing the digital transformation and movement to the cloud continuing. That's not changing at all.

嗯，我們有許多不同類別的客戶，所以我的答案會有所不同。當然，有些領域比其他領域面臨更大的挑戰，但聯絡中心領域確實正在進行大量改進，這推動了大量活動和精力，但很難用一個普遍的說法來描述客戶的廣泛想法。當然，在企業領域，我們看到數位轉型和向雲端的遷移正在持續進行。這根本沒有改變。

There's some pressure on folks to get there and get to the cloud because of the emerging applications that are helping both employees and an efficiency and productivity context do better. But in the contact center, there's an enormous amount of activity going into contact center rep call resolution, adding AI into call flows and doing very, very important things. And so, if you're not in the cloud, you don't get to take advantage of any of that. So, usage and uptake of our Maestro platform and of our global solution, we think going into next year is certainly healthy, but difficult to characterize broadly a customer sentiment.

由於新興應用程式正在幫助員工以及提高效率和生產力，因此人們面臨進入雲端的壓力。但是在聯絡中心，有大量的活動用於聯絡中心代表的呼叫解決、將人工智慧添加到呼叫流程以及執行非常非常重要的事情。因此，如果您不在雲端，您就無法利用任何優勢。因此，我們認為，進入明年，我們的 Maestro 平台和全球解決方案的使用和吸收肯定是健康的，但很難廣泛地描述客戶情緒。

Our next question will come from Jamie Reynolds with Morgan Stanley.

我們的下一個問題來自摩根士丹利的傑米雷諾茲。

You've got Jamie on for Meta. I guess just firstly, where are you seeing initial traction with Maestro? And what is the priority list for integrations to bring in so that it can scale further?

您已讓 Jamie 為 Meta 效力。我想首先，您認為 Maestro 最初的吸引力在哪裡？為了進一步擴大規模，需要引入哪些優先集成清單？

We launched general availability in September. We've already got 6 customers on the platform. We're excited about the prospect of this orchestration tool for consuming the services that we offer globally. So, we're fired up. The customer value prop is obvious once someone's experienced the solution, and we've added AI bridge capabilities with both Google and Cognigy Solutions. And so, we've watched financial sector customers, industrials, manufacturing, transportation, it's broad, and it's supposed to be broad. So, we're excited about it and so are our customers.

我們在九月推出了全面上市版本。我們的平台上已經有 6 位客戶了。我們對這項編排工具用於我們在全球範圍內提供的服務的前景感到非常興奮。因此，我們很興奮。一旦有人體驗過該解決方案，客戶價值主張就顯而易見，並且我們已經透過 Google 和 Cognigy Solutions 添加了 AI 橋接功能。因此，我們關注金融業客戶、工業、製造業、運輸業，它的覆蓋範圍很廣泛，而且應該是廣泛的。因此，我們對此感到非常興奮，我們的客戶也是如此。

Got it. And then are there any use cases that you're seeing outsized traction with respect to Maestro? And that's all my questions.

知道了。那麼，您是否看到 Maestro 在某些用例上具有超乎尋常的吸引力？這就是我的全部問題。

Yes. No, it's a good question, and thank you. Maestro's appeal is broad. You have so many different third-party integrations across different use cases involved that if you're a C-level decision maker to a large enterprise, Maestro solves very elegantly a challenge that is the breadth and depth of which we think will not just appeal to the sectors I just mentioned, but around different use cases for that decision maker across their entire business.

是的。不，這是個好問題，謝謝你。 Maestro 的吸引力非常廣泛。您有如此多涉及不同用例的第三方集成，如果您是一家大型企業的 C 級決策者，Maestro 可以非常優雅地解決這一挑戰，我們認為其廣度和深度不僅會吸引我剛才提到的領域，而且還會吸引決策者整個業務中的不同用例。

(Operator Instructions) Our next question will come from Arjun Bhatia with William Blair.

（操作員指示）我們的下一個問題來自 William Blair 的 Arjun Bhatia。

I appreciate you guys taking the question here. I heard the commercial messaging growth was 51%. It sounded like you said, I think e-commerce, conversational messaging among some of the contributors there. What is your sense for how durable that is? I mean, we all know that it's a little bit of a choppy macro but it's a very strong growth rate. How do you anticipate that might trend through Q4 and into next year?

我很感謝你們在這裡回答這個問題。我聽說商業資訊發送量增加了 51%。聽起來就像你說的，我認為電子商務，一些貢獻者之間的對話訊息。您覺得它的耐用性如何？我的意思是，我們都知道宏觀經濟有點不穩定，但成長率非常強勁。您預測第四季以及明年的趨勢會如何？

I'll use the example that we laid out in the quarter of a customer in the automotive industry. They've engaged with us for commercial messaging and are using messaging to have conversations in a marketing context. That's an example of something that we think is very durable. Messaging drives open rates that are extraordinary, 98%, for example. That kind of effectiveness is going to lead to more and more uptake. And the reason why a customer like we talked about for the quarter came to us is they value the support that we have, especially for enterprise users of messaging and the scalability. They can grow massively. They can grow globally with us. And so, when you look at use cases, whether you're driving with the relationships you have with businesses you relate to or if you look out there at examples that we're using messaging between businesses and end users and customers is only going to increase. And so, we think it's quite durable.

我將使用我們在汽車行業客戶季度中列出的例子。他們與我們合作進行商業訊息傳遞，並使用訊息傳遞在行銷環境中進行對話。這是一個我們認為非常耐用的例子。訊息傳遞的開啟率非常高，例如 98%。這種有效性將會導致越來越多的人接受。我們本季談到的客戶之所以選擇我們，是因為他們重視我們提供的支持，尤其是針對企業用戶的訊息傳遞和可擴展性的支持。它們可以大量生長。他們可以與我們一起在全球範圍內成長。因此，當您查看用例時，無論您是在推動與您相關的企業之間的關係，還是查看我們在企業和最終用戶與客戶之間使用訊息傳遞的範例，訊息傳遞都只會增加。因此我們認為它非常耐用。

Got it. Understood. Very helpful. And then just when you're thinking of -- I guess, for Q3 and maybe what you're seeing thus far in Q4, are there any verticals that stick out that are doing relatively better or some that are doing maybe relatively worse, just given the macro backdrop here?

知道了。明白了。非常有幫助。然後，當您想到——我想，對於第三季度以及您目前在第四季度看到的情況，是否有一些垂直行業表現相對較好，或者有些垂直行業表現相對較差，僅僅是考慮到這裡的宏觀背景？

No, I appreciate the question, but I don't have any particular vertical that we call out is under more pressure than others.

不，我很感謝你提出這個問題，但我並沒有指出哪個垂直產業比其他產業承受更大的壓力。

This concludes our question-and-answer session. The conference has now concluded. Thank you for attending today's presentation. You may 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。您現在可以斷開連線。