Bandwidth Inc (BAND) 2023 Q4 法說會逐字稿

Hello, and welcome to the Bandwidth Inc.'s fourth-quarter and full-year 2023 earnings conference call. (Operator Instructions)

您好，歡迎參加 Bandwidth Inc. 2023 年第四季和全年財報電話會議。（操作員指令）

I would now like to hand the call to Sarah Walas. Please go ahead.

現在我想把電話交給莎拉‧瓦拉斯 (Sarah Walas)。請繼續。

Thank you. Good morning, and welcome to Bandwidth's fourth-quarter 2023 earnings call. Today, we'll discuss the results announced in our press release issued earlier this morning. 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。早安，歡迎參加 Bandwidth 2023 年第四季財報電話會議。今天，我們將討論今天早上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。

With me on the call this morning 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.

今天早上與我一起參加電話會議的是我們的執行長 David Morken；以及我們的財務長 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 first quarter and full year of 2024. 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. 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.

在電話會議中，我們將發表與我們的業務相關的可能被視為前瞻性的聲明，包括有關 2024 年第一季和全年財務指引的聲明。我們提醒您不要過度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表達或暗示的任何未來結果或結果有重大差異。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。

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。

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 earlier this morning as well as in the earnings presentation, which we are located on our website at investors.bandwidth.com.

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。我們今天早上發布的新聞稿和收益報告中包含了 GAAP 與非 GAAP 指標的對帳表，我們的網站為 investor.bandwidth.com。

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 Q4 2023 earnings call.

謝謝你，莎拉。歡迎參加 Bandwidth 2023 年第四季財報電話會議。

We're pleased to report we exceeded our guidance for the fourth quarter capping off a full year of solid execution. We grew and diversified our revenue by adding a number of significant customers across our commercial messaging and direct to large enterprise categories. We invested in our business and introduced new products like our next-generation Maestro platform and AIBridge.

我們很高興地報告，我們超出了第四季度的預期，為全年的穩健執行畫上了圓滿的句號。我們透過在商業訊息傳遞和直接針對大型企業類別增加一些重要客戶來增加和多樣化我們的收入。我們對我們的業務進行了投資，並推出了新產品，例如下一代 Maestro 平台和 AIBridge。

And we grew profitability 39% year over year, delivering a record adjusted EBITDA in the fourth quarter and yielding record second half of free cash flow.

我們的獲利能力年增了 39%，第四季度調整後 EBITDA 創下歷史新高，下半年自由現金流也創下歷史新高。

The team is grateful and honored by our customers' trust in Bandwidth to provide their business-critical communication services around the world. Thank you to our band mates for serving our customers, executing our mission and delivering these strong results. And I thank God as we charge into our 25th year as a company.

我們的團隊非常感激並很榮幸客戶信任 Bandwidth 能夠為其在全球範圍內提供關鍵業務通訊服務。感謝我們的樂隊成員為我們的客戶服務，執行我們的使命並取得這些出色的成績。我感謝上帝，我們的公司已經進入第 25 年。

Last year, during our Investor Day, we laid out a four-year plan and said we were more confident about our mission to develop and deliver the power to communicate than when we started the company or at any time since. After exceeding our plans for the first year, we are even more confident today. That's because Bandwidth is leading in the front ranks of the worldwide cloud communications revolution, which is a secular trend still in its early stages.

去年，在我們的投資者日期間，我們制定了一項四年計劃，並表示我們對開發和提供溝通能力的使命比我們創立公司時或之後的任何時候都更有信心。在第一年超額完成計劃之後，我們今天更加自信。這是因為 Bandwidth 在全球雲端通訊革命中處於領先地位，而這一長期趨勢仍處於早期階段。

Automating voice, text messaging, and emergency calling through cloud software is the fastest way for enterprises to build a better brand experience, reduce operating costs, leverage emerging AI technologies, and simplify and derisk digital transformation company wide. And they're doing it with Bandwidth because we are the only provider in our space with a unique combination of global owned and operated cloud network, AI ready capabilities, programmable software APIs, and deep regulatory insight.

透過雲端軟體自動實現語音、簡訊和緊急呼叫是企業建立更好的品牌體驗、降低營運成本、利用新興人工智慧技術以及簡化和降低全公司數位轉型風險的最快方式。他們之所以與 Bandwidth 合作，是因為我們是我們領域中唯一擁有並經營全球雲端網路、AI 就緒功能、可程式軟體 API 和深度監管洞察力獨特組合的供應商。

Today, we are the only CPaaS provider with our own global communications cloud. The depth and breadth of our competitive moat is evidenced by the fact that we serve all the world's leading power platforms in cloud communications, as recognized by Gartner Research.

今天，我們是唯一擁有自己的全球通訊雲端的 CPaaS 供應商。我們為全球所有領先的雲端通訊動力平台提供服務，這一事實證明了我們競爭障礙的深度和廣度，這一點得到了 Gartner Research 的認可。

Whether it's iconic hyperscalers like Microsoft, Google or Zoom for hybrid work; customer experience, pioneers like AWS; Genesys and Five9 for cloud contact centers or the many innovative SaaS and application companies building text messaging into everything from healthcare to conversational e-commerce, Bandwidth is their communications cloud. All these players count on us for global reach, scale, reliability, security, leading edge innovation and incredible customer support that is always available 24/7.

無論是像微軟、Google這樣的標誌性超大規模企業，或是用於混合工作的 Zoom；客戶體驗，像 AWS 這樣的先驅； Genesys 和 Five9 適用於雲端聯絡中心，或許多創新的 SaaS 和應用程式公司，它們將文字訊息功能建置到從醫療保健到對話式電子商務等各個領域，Bandwidth 是他們的通訊雲。所有這些參與者都信賴我們的全球影響力、規模、可靠性、安全性、前沿創新和全天候提供的優質客戶支援。

During the past year, we continued to expand our investment in innovation with a launch of many new features and capabilities. In our global communications plans category, we improved our already best-in-class customer experience with expansive new self-service capabilities. That's why TNS, a provider serving 27,000 separate businesses, switched to Bandwidth from a key competitor, placing their trust in us as the sole provider for their mission-critical toll-free calling and other programmable voice services.

在過去的一年裡，我們繼續擴大對創新的投資，並推出了許多新的功能和能力。在我們的全球通訊計畫類別中，我們透過廣泛的新自助服務功能改善了我們已經一流的客戶體驗。這就是為什麼 TNS（為 27,000 家獨立企業提供服務的供應商）從主要競爭對手轉向 Bandwidth，信任我們作為其關鍵任務免費通話和其他可編程語音服務的唯一供應商。

In our enterprise category, we launched 10 new products, including Bandwidth Maestro, our AI-ready, next gen software platform, which was judged by our peers to be such a game changer that it won best of show at Enterprise Connect.

在企業類別中，我們推出了 10 款新產品，其中包括 Bandwidth Maestro，這是我們支持 AI 的下一代軟體平台，我們的同行認為它具有重大的變革意義，並因此贏得了 Enterprise Connect 最佳展示獎。

In fact, industry recognition for Maestro continues as it won a product of the year award from INTERNET TELEPHONY just last week. These new offerings, each substantial in their own right, drove our opportunity pipeline to new highs, accelerated our enterprise revenue growth 21% year over year and led to new customer wins like Ally Financial, Western Union, Children's Health, Fabletics, and so many others. All chose Bandwidth to improve their customer experiences and to adopt conversational AI.

事實上，業界對 Maestro 的認可仍在繼續，因為它上週剛剛榮獲《網路電話》雜誌頒發的年度產品獎。這些新產品本身就具有重要意義，它們將我們的機會管道推向了新的高度，使我們的企業收入同比增長了 21%，並贏得了 Ally Financial、Western Union、Children's Health、Fabletics 等新客戶。所有公司都選擇 Bandwidth 來改善客戶體驗並採用對話式 AI。

In our programmable services category, we are adding new global two-way messaging capabilities in more markets around the world, which we expect to continue to fuel our growth.

在我們的可編程服務類別中，我們正在全球更多市場添加新的全球雙向訊息功能，我們預計這將繼續推動我們的成長。

Last year, we grew commercial messaging 32% year over year. The most demanding, high-volume senders are using our global messaging API for diverse commercial use cases across fintech, healthcare, patient engagement, civic engagement, conversational e-commerce, and more. Like WellSky, for example, a premier health and community care technology provider in North America, which in Q4 moved the rest of its HIPAA-compliant messaging and voice to Bandwidth from a competitor, trusting us to deliver vital communications between their more than 600,000 caregivers and 4,000 personal care agencies across the US and Canada.

去年，我們的商業資訊發送量年增了 32%。要求最嚴格、訊息量最大的發送者正在使用我們的全球訊息傳遞 API，用於金融科技、醫療保健、患者參與、公民參與、對話式電子商務等各種商業用例。例如北美首屈一指的健康和社區護理技術提供者 WellSky，在第四季度將其其餘符合 HIPAA 要求的消息和語音服務從競爭對手那裡轉移到 Bandwidth，並委託我們為其遍布美國和加拿大的 600,000 多名護理人員和 4,000 家個人護理機構之間提供重要通信。

In 2024, we expect our growth in commercial messaging to be joined by further benefit from the US election season, where our capabilities uniquely serve many longstanding customers. Each one of these examples demonstrates the growth and rapid innovative capabilities of the Bandwidth communications cloud.

到 2024 年，我們預計商業資訊傳遞業務的成長將得益於美國大選季的進一步推動，屆時我們的能力將以獨特的方式服務於眾多長期客戶。每一個例子都展現了頻寬通訊雲端的成長和快速創新能力。

As we reflect on the past year, we are pleased with our execution and forward momentum through any crosswinds in the current macro environment. For example, we hosted more in-person visits in 2023 from large Global 2000 enterprise customers and prospects than in any other year by far. We launched Maestro and AIBridge our biggest innovations ever. And as you would expect from a durable franchise, our profitability has shown remarkable growth, significantly outpacing our revenue increases as we deliver on our promise to grow revenue profitably.

回顧過去的一年，我們對自己在當前宏觀環境下克服困難的執行力和前進的動力感到滿意。例如，2023 年我們接待的全球 2000 強大型企業客戶和潛在客戶的現場訪問量遠遠超過其他任何一年。我們推出了 Maestro 和 AIBridge，這是我們迄今為止最大的創新。正如您對一個持久特許經營的期望一樣，我們的盈利能力顯示出顯著的增長，大大超過了我們的收入增長，因為我們兌現了盈利性增長收入的承諾。

As we enter our milestone 25th year as a company, we are more confident in our mission and our opportunity than ever before.

當我們進入公司成立25週年的里程碑時，我們對我們的使命和機會比以往任何時候都更有信心。

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

現在我將把時間交給 Daryl 來介紹我們的財務表現和前景的細節。

Thank you, David, and good morning, everyone.

謝謝你，大衛，大家早安。

Our team performed exceptionally well in the fourth quarter, rounding out a solid year of consistent performance and positioning us to reach our 2026 medium-term targets. We're proud of what we've accomplished and confident that our dedication, hard work, and unwavering commitment to excellence will continue to drive us forward.

我們的團隊在第四季度表現出色，為全年的穩定表現畫上了圓滿句號，並有望實現 2026 年的中期目標。我們為所取得的成就感到自豪，並堅信我們的奉獻、努力和對卓越的不懈追求將繼續推動我們前進。

The team's laser focus on accelerating sustainable, profitable growth is evident in our results once again with fourth quarter and full-year revenue and adjusted EBITDA, both exceeding high-end of guidance ranges as we benefited from strong usage in commercial messaging and operating discipline.

團隊專注於加速可持續的盈利增長，這一點再次體現在我們的業績中，第四季度和全年收入以及調整後的 EBITDA 均超過了指導範圍的上限，這得益於我們大力推廣商業信息傳遞和運營紀律。

Fourth quarter total revenue of $165 million, increased 5% year over year. Cloud communications revenue, which is total revenue excluding pass-through messaging surcharges was $126 million, up 12% when excluding the year-over-year effect of $11 million of cyclical political campaign messaging revenue in 2022. Our full-year 2023 revenue was $601 million, up 5% year over year. Cloud communications revenue was $479 million, also up 5% year over year when excluding last year's political campaign messaging benefit.

第四季總營收1.65億美元，年增5%。雲端通訊收入（即不包括傳遞訊息附加費的總收入）為 1.26 億美元，若不包括 2022 年 1,100 萬美元的週期性政治競選訊息收入的同比影響，則增長 12%。我們的 2023 年全年營收為 6.01 億美元，年增 5%。雲端通訊收入為 4.79 億美元，若不包括去年的政治競選資訊收益，則年增 5%。

Messaging continues to be a valuable tool businesses use to engage with customers and differentiate themselves in the market. The strong demand for messaging and Bandwidth's software automated ability to deliver at scale drove 32% revenue growth year over year in commercial messaging, driven by increasing usage in conversational e-commerce, conversational marketing, and financial services sectors. Total messaging for the full year reached 18% of cloud communication revenue.

訊息傳遞仍然是企業用來與客戶互動並在市場中脫穎而出的寶貴工具。市場對訊息傳遞的強勁需求以及 Bandwidth 軟體自動化大規模交付的能力推動了商業訊息傳遞業務的收入同比增長 32%，這得益於對話式電子商務、對話式行銷和金融服務領域的使用不斷增加。全年簡訊業務總量達到雲端通訊收入的18%。

At Investor Day, one year ago, we provided a new view of our revenue by market offer and shared our expectations and market growth rates for those three categories. In our global communications plans category, revenue growth for 2023 was roughly flat as expected due to usage patterns in the macro environment last year.

一年前的投資者日，我們提供了按市場供應劃分的收入新視角，並分享了我們對這三個類別的預期和市場成長率。在我們的全球通訊計畫類別中，由於去年宏觀環境的使用模式，2023 年的營收成長與預期基本持平。

In 2023, our programmable services category, which primarily utilizes our messaging portfolio, delivered commercial revenue growth of 31% year over year. This growth in our programmable services category far outpaced the expected market growth CAGR of 21% we cited at our Investor Day one year ago. We're very pleased with this performance, which provides meaningful support towards our 2026 medium-term revenue and gross margin targets.

2023 年，主要利用我們的訊息傳遞產品組合的可程式服務類別實現了商業收入年增 31%。我們的可編程服務類別的成長遠遠超過了我們一年前在投資者日提到的預期市場複合年增長率 21%。我們對這樣的表現非常滿意，這為我們2026年的中期收入和毛利率目標提供了有意義的支持。

Last year in our direct to enterprise customer category, we grew 21% year over year, handily exceeding the estimated market growth CAGR of 14% shared at Investor Day. Our customers love Bandwidth's software automation. Our capabilities to simplify global communications, facilitate migration to the cloud, enable conversational AI experiences, and orchestrate call flows between best in brief platforms aligns perfectly with the goals and objectives of the Global 2000.

去年，我們直接面向企業客戶的類別年增了 21%，輕鬆超過了投資者日分享的預期市場複合年增長率 14%。我們的客戶喜歡 Bandwidth 的軟體自動化。我們簡化全球通訊、促進向雲端的遷移、實現對話式 AI 體驗以及協調最佳平台之間的呼叫流的能力與全球 2000 強的目標和宗旨完全一致。

I'd also like to remind you that programmable services and direct to enterprise enjoys gross margins in excess of our aggregate company gross margin of 55%. We're thrilled with the trajectory of the programmable and enterprise categories and expect them to be consistent contributors to achieving our 2026 medium-term gross margin target of greater than 60%.

我還想提醒您，可編程服務和直接面向企業的毛利率超過了我們公司總體毛利率 55%。我們對可編程和企業類別的發展軌跡感到非常興奮，並期望它們能夠持續為我們實現 2026 年中期毛利率超過 60% 的目標做出貢獻。

Now turning to operating metrics. Average annual revenue per customer continued to climb, reaching $178,000 in the fourth quarter, reflecting our continued focus on and ability to serve large customer opportunities.

現在來談談營運指標。每位客戶的平均年收入持續攀升，第四季達到 178,000 美元，這反映了我們持續專注並有能力服務大客戶機會。

Our customer name retention rate once again remained at excess of 99%, a result that speaks to the loyalty and durability of our customer base. Our 2023 net retention rate, which understandably reflected downward pressure from the absence of 2022 campaign revenue not present in 2023 was 101%. Adjusting for that absence, our net retention rate achieved 109%, an excellent growth result from our commercial customers for a year characterized by macro cross wins.

我們的客戶姓名保留率再次保持在 99% 以上，這一結果證明了我們客戶群的忠誠度和持久性。我們的 2023 年淨保留率為 101%，這可以理解地反映了由於 2022 年競選收入的缺失而帶來的下行壓力。經過這項缺席調整後，我們的淨留存率達到了 109%，這是一年來我們商業客戶取得的出色成長成果，其特點是宏觀交叉勝利。

I'm especially proud of our outstanding progress in accelerating profitability and generating cash. We achieved a record 39% growth in adjusted EBITDA in 2023 and reached an inflection point in free cash flow, generating a record $31 million in the second half of the year. We ended the year with a cash and securities balance of $153 million, far exceeding our business needs and providing us with a great deal of financial flexibility.

我對我們在加速獲利和創造現金方面取得的傑出進步感到特別自豪。我們在 2023 年實現了調整後 EBITDA 創紀錄的 39% 增長，並達到了自由現金流的拐點，在下半年創造了創紀錄的 3,100 萬美元。截至年底，我們的現金和證券餘額為 1.53 億美元，遠遠超出了我們的業務需求，並為我們提供了極大的財務靈活性。

We're excited as we look ahead to 2024, where we're expecting continued accelerating growth in commercial revenue and a tailwind from cyclical political campaign messaging related to the US election season.

展望 2024 年，我們充滿期待，預計商業收入將繼續加速成長，並受到與美國選舉季相關的周期性政治競選訊息的推動。

Revenue in 2024 is expected to grow 16% to approximately $700 million and assumes a projected $40 million contribution from political campaign messaging and associated surcharges from the US election season. We expect to continue our acceleration in profitability with adjusted EBITDA growth of 50% year over year, accomplish through a combination of higher revenue and continued operating and spending discipline.

預計 2024 年的營收將成長 16% 至約 7 億美元，並假設美國選舉季的政治競選資訊和相關附加費將帶來 4,000 萬美元的貢獻。我們預計獲利能力將繼續加速提升，調整後的 EBITDA 年成長 50%，這透過更高的收入和持續的營運與支出限制來實現。

We also expect 2024 free cash flow margins to make further progress towards our medium-term target of 15% margin and provide the flexibility to address our 2026 convertible notes and fully fund our business needs.

我們也預計 2024 年自由現金流利潤率將進一步朝著我們 15% 的中期目標邁進，並提供靈活性來處理我們的 2026 年可轉換票據並充分資助我們的業務需求。

I'd like to put a fine point on our healthy balance sheet. As I said, we ended 2023 with $153 million in cash and securities. Our March 2026 debt maturity has an outstanding face value of $175 million. With our adjusted EBITDA projection of approximately $72 million in 2024, a relatively light capital expenditures outlook of 3% of revenue and modest working capital, it's reasonable to project we could generate approximately $50 million of cash yielding a year in cash and securities balance clearly in excess of our 2026 debt requirements, a full 14 months in advance of that maturity.

我想特別強調一下我們健康的資產負債表。正如我所說，到 2023 年底，我們的現金和證券總額為 1.53 億美元。我們的 2026 年 3 月到期債務未償還票面價值為 1.75 億美元。根據我們預測的 2024 年調整後 EBITDA 約為 7,200 萬美元、資本支出預計相對較輕（佔收入的 3%）且營運資本適中，可以合理地預測，我們可以產生約 5000 萬美元的現金，一年的現金和證券餘額明顯超過我們 2026 年的債務要求，比到期日提前整整 14 個月。

All of this gives us confidence in reiterating our 2026 medium-term targets of 15% to 20% revenue CAGR, greater than 60% non-GAAP gross margins, greater than 20% adjusted EBITDA margins and greater than 15% free cash flow margins.

所有這些都使我們有信心重申我們的 2026 年中期目標，即 15% 至 20% 的收入複合年增長率、超過 60% 的非 GAAP 毛利率、超過 20% 的調整後 EBITDA 利潤率和超過 15% 的自由現金流利潤率。

In closing, I want to emphasize the remarkable journey Bandwidth has embarked upon this past year. Our record-breaking performance in profitability and free cash flow, alongside the successful launch of our groundbreaking Maestro platform, underscore our unwavering commitment to innovation and excellence.

最後，我想強調一下 Bandwidth 在過去的一年裡走過的非凡歷程。我們在獲利能力和自由現金流方面的破紀錄表現，以及我們突破性的 Maestro 平台的成功推出，凸顯了我們對創新和卓越的堅定承諾。

The trust and partnership of our global customer base, powered by our unique blend of software automation, global network, AI-ready capabilities, and regulatory expertise solidify our leadership in the cloud communications revolution.

我們獨特的軟體自動化、全球網路、人工智慧功能和監管專業知識相結合，贏得了全球客戶群的信任與合作，鞏固了我們在雲端通訊革命中的領導地位。

Looking ahead, we remain focused on leveraging our competitive strengths to drive sustainable growth, enhance customer experiences and deliver long-term value to our shareholders. I am incredibly proud of our team's hard work and dedication, confident in our clear and focused strategic direction and excited about how we are executing the vision we outlined at Investor Day one year ago. Thank you again for your continued support to Bandwidth.

展望未來，我們將繼續專注於利用我們的競爭優勢來推動永續成長，增強客戶體驗並為股東創造長期價值。我為我們團隊的辛勤工作和奉獻精神感到無比自豪，對我們明確而專注的策略方向充滿信心，並對我們如何執行一年前投資者日提出的願景感到興奮。再次感謝您對 Bandwidth 的持續支持。

I'd now like to turn the call over to the operator to begin the question-and-answer portion.

現在我想將電話轉給接線員，開始問答部分。

(Operator Instructions) Arjun Bhatia, William Blair.

（操作員指令）Arjun Bhatia，William Blair。

Perfect. Thank you and congrats on the strong results here and the positive outlook for '24. I wanted to start maybe just on some of the traction that you're seeing both in the enterprise and programmable services, but I certainly wanted to maybe think about it a little bit from a new customer perspective. I know you mentioned there was a pretty strong pipeline going into Q4, and it sounds like you're executing on that. But if we kind of calibrate the net retention rate versus the top-line growth that you're delivering, it seems like there was kind of a bit of traction.

完美的。謝謝您，並祝賀您取得的強勁業績以及對 24 年的積極展望。我想先談談您在企業和可程式服務中看到的一些發展趨勢，但我當然想從新的客戶角度稍微思考一下。我知道您提到第四季度的銷售管道非常強勁，聽起來您正在執行這一點。但如果我們將淨留存率與您實現的營收成長進行對比，似乎有一點牽引力。

Maybe can you just talk a little bit about what you're seeing on that front and whether you're seeing more opportunities from competitors come in into Q4 and going into '24 here?

您能否簡單談談您在這方面看到的情況，以及在第四季度和2024年，您是否看到來自競爭對手的更多機會？

Thanks, Arjun. This is David. We are enjoying strong success in both enterprise and programmable services. The success is across different verticals and from different competitors as well as greenfield opportunities. So the pipeline is -- it's deep in large opportunities. And so we're benefiting from that. We called out a number of different specific customer cases.

謝謝，阿瓊。這是大衛。我們在企業和可編程服務方面都取得了巨大的成功。成功來自於不同垂直領域、不同競爭對手、綠地機會。因此，這個管道蘊藏著巨大的機會。我們從中受益。我們列舉了許多不同的具體客戶案例。

And in those, again, we're winning across competitors and across verticals based on the efficiency and the uniqueness of the platforms that we offer in the global network. So the pipeline has been not just successfully ending '23, but it looks robust going into '24.

在這些方面，我們再次憑藉我們在全球網路中提供的平台的效率和獨特性戰勝了競爭對手和垂直行業。因此，該管道不僅在23年成功結束，而且在進入24年時看起來也很強勁。

Okay. That's really helpful. And then just when you're thinking about Maestro and AIBridge, can you give us a sense of where you are in adoption because it certainly seems like potential game-changing products? And is that still kind of a little bit in the exploratory phase with customers or are we seeing -- starting to see real adoption of those solutions yet?

好的。這真的很有幫助。那麼，當您想到 Maestro 和 AIBridge 時，您能否告訴我們您們的採用情況，因為它看起來確實像是有可能改變遊戲規則的產品？對於客戶來說，這是否仍處於探索階段，還是我們已經開始看到這些解決方案真正被採用？

We went GA midyear and are experiencing real genuine adoption and scaling across enterprise customers. Again, our AI strategy is one that we embarked upon long ago. And we have a very strong conviction that it's early days in terms of picking winners in AI and what's more vital to the enterprise global customer is having a platform that allows them to integrate leading AI opportunities as they emerge into their existing environments and to do so easily, to do so quickly with integrations that are already done on Maestro. And so both of our product initiatives in the AI space are bearing fruit already, even though we only went general release midyear.

我們在年中推出了 GA，並正在經歷企業客戶的真正採用和擴展。再次強調，我們的人工智慧策略是我們很早就開始實施的。我們堅信，在人工智慧領域挑選贏家還為時過早，對於企業全球客戶來說，更重要的是擁有一個平台，讓他們能夠將領先的人工智慧機會融入到他們現有的環境中，並且能夠輕鬆、快速地利用已經在 Maestro 上完成的整合來完成這項操作。儘管我們只是在年中才全面發布產品，但我們在人工智慧領域的兩個產品計劃都已取得成果。

Ryan MacWilliams, Barclays.

巴克萊銀行的瑞安‧麥克威廉斯 (Ryan MacWilliams)。

Thanks for taking the question. David, how are your enterprise customers talking about 2024 at this point? Do they feel better? Do they expect to grow of 2023? And for Daryl, how should we think about some of the drivers of the solid 4Q revenue growth you saw in the quarter?

感謝您回答這個問題。大衛，你的企業客戶現在對 2024 年有什麼看法？他們感覺好些了嗎？他們預計 2023 年會成長嗎？對於 Daryl，我們應該如何看待本季第四季營收穩健成長的一些驅動因素？

So when we think about our enterprise customers that we work with today and how they're talking about their business, of course, it varies widely. We have tremendous customers in hyperscaler examples among our internet giants. We've got financial enterprise customers. Everyone is experiencing a different variable depending upon the vertical that they're in.

因此，當我們考慮今天與我們合作的企業客戶以及他們如何談論他們的業務時，當然，情況千差萬別。在我們的網路巨頭中，我們擁有大量超大規模客戶。我們有金融企業客戶。每個人都會經歷不同的變量，這取決於他們所處的垂直位置。

Certainly, your -- we have always tuned into and projected in a usage-based model, how our customers are doing in real time and factoring that into our guide. So as we think about the broader macro, we've executed and navigated across front choppier occurrence in '23 and think that '24 as our strong guide indicates is filled with even more promise than last year.

當然，我們始終關注並預測基於使用情況的模型，了解客戶的即時表現，並將其納入我們的指南中。因此，當我們考慮更廣泛的宏觀時，我們已經執行並度過了'23年的前期波動，並且認為'24年，正如我們的強有力的指導表明的那樣，比去年充滿了更多的希望。

Thanks, David. And Ryan, to your question, you're right, we did finish 2023 very strong in the fourth quarter. We grew cloud communications revenue sequentially $6 million. Part of that is related to we grew our commercial messaging, commercial meaning not with the political campaign effect. We grew commercial messaging 32% for the year and we grew at 66% in the fourth quarter, off of a 51% growth in the third quarter. So that -- of course, that helped. We also have the seasonal benefit of Black Friday, Cyber Monday, which we had included in our guide. But the overachievement of Black Friday, Cyber Monday also shines through in these results.

謝謝，大衛。瑞安，對於你的問題，你是對的，我們確實在第四季度以非常強勁的成績結束了 2023 年。我們的雲端通訊收入連續成長了 600 萬美元。部分原因在於我們拓展了商業訊息，商業意義而非政治競選成效。我們全年的商業資訊業務成長了 32%，第四季的成長率為 66%，而第三季的成長率為 51%。所以—這當然是有幫助的。我們還有黑色星期五和網路星期一的季節性優惠，我們已將其納入指南中。但「黑色星期五」和「網路星期一」的超額成績也在這些結果中閃現。

And last one for me. I'm really impressed by the profitability improvement versus in the year prior and especially with the guide going forward. How can we see Bandwidth achieve better leverage? Like besides revenue growth, like what are some of the line items? Or what are the things that you're doing to just be able to put through these better set EBITDA free cash flow numbers?

對我來說這是最後一個。與去年同期相比，獲利能力的提高令我印象深刻，尤其是與未來的指導相比。我們如何才能看到頻寬實現更好的利用？除了收入成長之外，還有哪些項目？或者您正在做哪些事情來實現更好的 EBITDA 自由現金流數字？

Well, that points to our medium-term targets where we've set out through 2026, the 15% to 20% revenue CAGR growing to above 60% gross margin and growing to above 20% EBITDA margin, yielding an above 15% free cash flow margin. So how are we doing that? Well, yes, revenue growth. We have the four drivers for gross margin, which includes scale, product mix, our international growth and operating efficiencies, and we're on track to do that.

好吧，這指向了我們在 2026 年設定的中期目標，即收入複合年增長率為 15% 至 20%，毛利率增長至 60% 以上，EBITDA 利潤率增長至 20% 以上，產生 15% 以上的自由現金流利潤率。那我們該怎麼做呢？嗯，是的，收入成長。我們有四個推動毛利率的因素，包括規模、產品組合、國際成長和營運效率，我們正在按計劃實現這些目標。

And we said at Investor Day, and we're continuing to focus on that. As a percent of cloud communications revenue, our operating expense last year was above -- was down from 2022 as a percent, but still above 40%. We're going to be scaling to something at 40% or slightly less. And so we don't -- while we do expect our operating expenses to continue to increase led primarily by our innovation investments, we expect to get scale out of our operating expense and we have been doing that, and that will yield us above 20% and above 15% free cash flow.

我們在投資者日上說過，我們將繼續關注這一點。作為雲端通訊收入的百分比，我們去年的營運費用高於 - 比 2022 年下降了百分比，但仍高於 40%。我們將把規模縮減到 40% 或略低一些。因此，雖然我們確實預計我們的營運費用將繼續增加，這主要得益於我們的創新投資，但我們預計我們的營運費用將實現規模化，而且我們一直在這樣做，這將為我們帶來 20% 以上的自由現金流和 15% 以上的自由現金流。

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

Great, thanks. Maybe a couple of questions. So you guys laid out the political messaging would be about $40 million in 2024. What would be the biggest contributor to the rest of kind of the growth that you're expecting considering that will only be about half of the growth? So is it kind of continued growth in commercial messaging? Is it some of Maestro? Is it some of the other products kicking in? Just a sense of where you're seeing the rest of that growth come from.

太好了，謝謝。也許有幾個問題。所以你們所闡述的政治訊息到 2024 年將會達到約 4,000 萬美元。考慮到這只佔成長的一半左右，您預計其餘成長的最大貢獻者是什麼？那麼商業訊息傳遞是否會持續成長呢？這是 Maestro 的嗎？是不是其他一些產品也開始發揮作用了？只是了解一下其餘成長來自何處。

And then maybe just a second, any update on kind of the CCaaS relationships that you've joined or kind of that channel as a driver of growth? Thanks.

然後也許只需一秒鐘，您加入的 CCaaS 關係或作為成長動力的管道有什麼更新嗎？謝謝。

Thanks, Meta. To answer the first part of your question, we are seeing our strongest growth among enterprise customers in our enterprise segment that's growing fastest. Commercial messaging turns out to be quite durable, even among customers that do participate in cyclical campaign-related activities. And they're diversifying their practice and their business.

謝謝，Meta。回答你問題的第一部分，我們發現在企業客戶中，我們的企業客戶成長最為強勁，這也是成長最快的領域。事實證明，商業訊息傳遞具有相當持久的影響力，即使在參與週期性活動的客戶中也是如此。他們正在使其實踐和業務多樣化。

So yes, commercial messaging is going to continue to be buoyant. And as we look for the medium-term targets to be achieved in '25 and '26, both enterprise, commercial messaging, global messaging, which we just launched will all contribute significantly towards us doing what we've consistently done, which has achieved the guidance that we lay out.

所以，商業訊息傳遞將會繼續活躍。當我們展望25年和26年要實現的中期目標時，我們剛推出的企業、商業訊息傳遞和全球訊息傳遞都將為我們一貫所做的工作做出重大貢獻，從而實現我們所製定的指導方針。

Then the update on the contact center -- yes.

然後是聯絡中心的更新--是的。

I think -- and just to make sure, can you repeat the question, so I understand what part of the contact center dynamic you're focusing on?

我想——只是為了確認一下，您能否重複一下這個問題，以便我了解您關注的是聯絡中心動態的哪一部分？

So I think you had done some relationships with Five9 and others. So I just kind of wanted to get a sense on that as a channel of growth.

所以我認為你與 Five9 和其他公司建立了一些關係。所以我只是想了解這作為一種成長管道。

Yes, you bet. I think what I would call out is the customer case that we mentioned for the quarter. Contact center is healthy, and we with Fabletics were chosen to power their Genesys cloud experience and did that by winning away that business from an incumbent. So we're hand in glove with Genesys in that contact center with that customer, which is a tremendous opportunity that we took away from an incumbent.

是的，確實如此。我想我要說的是我們本季提到的客戶案例。聯絡中心狀況良好，我們與 Fabletics 合作，為他們的 Genesys 雲端體驗提供支持，並從現任者手中獲得了這項業務。因此，我們與 Genesys 在該客戶的聯絡中心密切合作，這是我們從現任者手中獲得的巨大機會。

And so we're seeing more and more conquest opportunities against incumbents in our pipeline in contact center. So for us, as a challenger we're seeing great success that may separate us and distinguish us from others in CCaaS and those of us powering the contact center and enterprise.

因此，我們在聯絡中心管道中看到了越來越多戰勝現有企業的機會。因此對我們來說，作為挑戰者，我們看到了巨大的成功，這可能會使我們與 CCaaS 領域的其他人以及為聯絡中心和企業提供支援的人區分開來。

James Fish, Piper Sandler.

詹姆斯·菲什，派珀·桑德勒。

Nice end of the year here, and I appreciate the morning call, actually. Like it. Just going back to a question a little bit ago. What are you guys seeing for Maestro attach? Or how should we think about Maestro sizing at this point? And I know we've talked about different monetization strategies with it, which strategy is kind of gaining the most traction at this point.

今年的結尾很美好，事實上，我很感謝早上打來的電話。喜歡它。回到剛才的一個問題。大家對於 Maestro 附件有什麼看法？或者我們現在應該如何考慮 Maestro 的尺寸？我知道我們已經討論過不同的獲利策略，哪種策略目前最有吸引力。

So in terms of attach, James, it's the catalyst or the inflection for enterprise conversations regarding how they're doing voice and messaging for their constituencies even with their employees, because it's a platform that allows them to orchestrate voice and messaging elegantly across different solutions, it is the catalyst conversation. You have to have a vision and an execution path forward regarding AI. And if you don't have when that's both effective and takes into account how fluid things are, you're not going to win.

因此，就附加而言，詹姆斯，它是企業對話的催化劑或轉折點，關於他們如何為他們的選民甚至他們的員工進行語音和訊息傳遞，因為它是一個平台，允許他們在不同的解決方案之間優雅地協調語音和訊息傳遞，它是催化劑對話。你必須對人工智慧有一個願景和一條執行路徑。如果你沒有既有效又能考慮到事物變化的因素，你就不會贏。

Right now, what we are seeing across incumbents, we compete with and win from is a complete lack of vision for supporting any of the creative emerging opportunities for enterprises using voice and messaging with AI. And so our orchestration tool, Maestro, was generally released for availability midyear. It is already being engaged by dozens of enterprise customers successfully at GA.

目前，我們看到與我們競爭並從中獲勝的現有企業完全缺乏遠見，無法支援企業利用人工智慧語音和訊息技術創造新興機會。因此，我們的編排工具 Maestro 通常會在年中發布。它已經在 GA 上被數十家企業客戶成功採用。

And the monetization strategy to address the second part of your question, what is getting the most traction is what we've consistently maintained, which in addition to the usage-based model that we have. This, for us, is a very real new opportunity to serve customers in a software platform model that monetizes as you would expect SaaS software to happen. So a platform fee and gross margins that you would expect from SaaS software.

為了回答你問題的第二部分，我們制定了貨幣化策略，除了我們基於使用情況的模型之外，我們一直堅持最受關注的策略。對我們來說，這是一個真正的新機遇，可以透過軟體平台模式為客戶提供服務，就像您期望 SaaS 軟體獲利一樣。因此，您可以預期 SaaS 軟體會收取平台費用和毛利率。

And Daryl, for you. On the guide can you help frame it up a little bit more in terms of what you're expecting for expansion rates and back in 2022? I appreciate the political messaging color there. But back in '22, you guys had just about $40 million, if the numbers are right here and it wasn't really the major election cycle. So why wouldn't it be higher given it's kind of a bigger stage at this point? And any way to think about the three product segments for the year end? I know a lot of question, appreciate the details. Thanks, guys.

還有 Daryl，送給你。在指南中，您能否協助進一步闡述您對 2022 年擴張率和前景的預期？我很欣賞那裡面的政治訊息色彩。但回到 1922 年，如果數字正確且當時還不是主要的選舉週期，你們只有大約 4000 萬美元。那麼，既然目前的舞台更大，為什麼它不會更高呢？有什麼方法可以考慮年底的三大產品類別嗎？我知道很多問題，很感謝提供詳細資訊。謝謝大家。

No, I love 18-part questions. Thank you, Jam. I appreciate all that. Let me start with walking through just a breakdown of the guidance. I think that will be helpful. We're projecting -- we're called in our outlook, essentially $100 million of revenue growth in '24 over '23.

不，我喜歡由 18 個部分組成的問題。謝謝你，Jam。我對此表示感謝。首先，讓我先簡單介紹一下該指南的具體內容。我認為這會有幫助。我們預計，2024 年的營收將比 2023 年增加 1 億美元。

You can think of that breaking into $50 million in cloud communications revenue and $50 million in surcharges. Of the $50 million increase in cloud communications revenue that's essentially two-thirds coming from in our view in our outlook, two-thirds coming from our commercial which means non-political, our commercial revenue growth and a third coming from political.

你可以想像這筆錢將來自雲端通訊收入 5,000 萬美元和附加費 5,000 萬美元。在我們看來，在雲端通訊收入增加的 5,000 萬美元中，基本上有三分之二來自我們的展望，三分之二來自我們的商業收入成長，也就是非政治收入成長，三分之一來自政治收入成長。

We did experience taken altogether around $37 million of revenue off the '22 election cycle. We're calling in our guide around $40 million for this. So you're right. About what is the outlook? A little less about 10%, something little less than in end up. It is possible, it is certainly possible it could be higher. But we're calling for it to be around $40 million right now.

我們確實在 22 年選舉週期中總共獲得了約 3700 萬美元的收入。我們預計該項目的預算約為 4,000 萬美元。所以你是對的。前景如何？大約少 10%，最後會少一點。這是有可能的，當然有可能還會更高。但我們現在預計該金額約為 4,000 萬美元。

Now in terms of the second part of the question, which was related to the categories. And the categories, I believe, driving our '24 view. We are calling for each one of the categories. It's embedded in our guide to have a revenue increase. Our largest revenue category is global communications plans, it will likewise the increased revenue will probably be more muted because of its large base.

現在談論問題的第二部分，該部分與類別有關。我相信，這些類別推動了我們的『24』觀點。我們正在呼籲每一個類別。它已嵌入我們的指南中，以提高收入。我們最大的收入類別是全球通訊計劃，同樣，由於其基數龐大，其收入的成長可能會更加溫和。

We just experienced 32% revenue growth for commercial messaging in the 2023 full year. But again, that was 51% in Q3 and 66% in Q4. So we see accelerated growth in terms of our commercial messaging, which is driving principally the programmable services growth. Those are the commercial use cases that are not political and are related to the one -- the cases that David and I had called out on the call.

我們剛剛經歷了 2023 年全年商業資訊傳輸收入 32% 的成長。但第三季這一比例為 51%，第四季為 66%。因此，我們看到商業訊息傳遞方面的加速成長，這主要推動了可編程服務的成長。這些都是非政治性的商業用例，並且與戴維和我在電話中提到的案例相關。

And in enterprise, we did grow 21% enterprise for the year. Our pipeline looks really good. Enterprise is a very profitable growth for us, given the dynamic. And of course, there's also a major -- once adopted, a very sticky and very loyal, very durable customer base. And so we are expecting that to well outgrow the 16% overall guide that we've given on the $100 million increase to $700 million for '24. Does that help, Jim?

在企業方面，我們今年的企業成長了 21%。我們的管道看起來非常好。考慮到這種動態，企業對我們來說是一個非常有利可圖的成長。當然，一旦採用，就會擁有一個非常黏性和非常忠誠、非常持久的客戶群。因此，我們預計這一數字將遠遠超過我們給出的 16% 的整體指導值，即 2024 年將成長 1 億美元至 7 億美元。這有幫助嗎，吉姆？

Yes. Apologies for the loaded question. Just had a lot of details there that we need to understand.

是的。抱歉，我問了一個引導性問題。那裡有很多我們需要了解的細節。

Mike Walkley, Canaccord Genuity.

Canaccord Genuity 的 Mike Walkley。

Thanks for taking my questions and congrats on the strong results. I guess first question for me, it's just going back to the political messaging. I live in a state that's already had primaries and received a lot of political messaging. So for that $40 million, is it still kind of a Q3, Q4 heavy weighted? Or how does that kind of ramp throughout the year?

感謝您回答我的問題，並祝賀您取得的優異成績。我想對我來說第一個疑問就是回到政治訊息傳遞。我居住的州已經舉行了初選並收到了很多政治訊息。那麼對於這 4,000 萬美元來說，它是否仍然是第三季、第四季的重中之重？或者說這種成長在全年內是如何發生的？

Hey, Mike, I think that it's rational to expect increased activity throughout the year. Super Tuesday is actually an inflection point earlier than the back half. But yes, I think post primary with the candidate selected for both sides, you'll see accelerated growth throughout the back half.

嘿，麥克，我認為預期全年活動增加是合理的。超級星期二其實是比後半段更早的一個轉捩點。不過是的，我認為在初選之後，隨著雙方選出候選人，你會看到整個後半段的成長加速。

Okay, great. That's helpful for modeling. And then just in terms of the success you're having with your larger enterprise customers, are you still in the process of churning some lower spend customers? And how are you seeing ARPU trends building with the large customer base?

好的，太好了。這對於建模很有幫助。那麼，就您與大型企業客戶所取得的成功而言，您是否仍在流失一些消費較低的客戶？您如何看待隨著客戶群的擴大，ARPU 趨勢逐漸形成？

We are. Our customer base remained relatively right at steady, like exactly steady at the 3,300 figure and change. We removed or churned 80 customers in that figure, and nearly right at the exact same number, we added customers, so it remained flat. I'm really excited about the [edience]. I'm excited about the fact that our ARR per customer once again increased now reaching $178,000 because it's exactly on strategy to where we wanted to be with our Global 2000 and our larger customer opportunities.

是的。我們的客戶群保持相對穩定，穩定在 3,300 這個數字上並且還在變化。我們在這個數字中剔除了或流失了 80 名客戶，而幾乎在同樣的數字下，我們又增加了客戶，因此這個數字保持穩定。我非常興奮[編輯]。我很高興我們的每位客戶的 ARR 再次增加，目前已達到 178,000 美元，因為這正是我們希望透過全球 2000 強和更大的客戶機會實現的策略。

And the 80 that we churned are something around $2,500 annual revenue and so that's just really not a concern for us. It's right on strategy to where we think we need to be.

我們生產的 80 台機器的年收入約為 2,500 美元，所以這對我們來說真的不是什麼問題。我們認為這完全符合我們需要的策略。

Ryan Koontz, Needham & Company.

瑞安·孔茨 (Ryan Koontz)，Needham & Company。

Thanks for taking questions. Sorry about my voice here. Nice to see the voice business returning to growth. Can you walk us through maybe, David, how your go-to-market is developing for enterprise? Any metrics that you could share in terms of headcount, where you've been and where you're going in terms of that team?

感謝您的提問。抱歉，我在這裡說話的聲音不好。很高興看到語音業務恢復成長。大衛，您能否向我們介紹一下您的企業行銷策略是如何發展的？您能分享一些關於員工人數、您曾任職於何處以及您將帶領團隊走向何方等指標嗎？

It's a great question. Unlike so many of our competitors, our go-to-market team is as large or larger going into '24 than it was going into '23. So we have only continued to put the fuel in the fire that we have consistently used going forward. So many in so many different spaces have eviscerated go-to-market teams in sales, marketing, sales ops, and we haven't done any layoffs.

這是一個很好的問題。與我們的許多競爭對手不同，我們進入24年的行銷團隊與進入23年的市場行銷團隊一樣大，甚至更大。因此，我們只會繼續火上加油，就像我們一直以來所做的那樣。許多不同領域的許多人已經裁減了銷售、行銷、銷售營運等行銷團隊，但我們卻沒有裁員。

And so we are fully loaded for bear in the enterprise space going out and prospecting new customers, and we're also fully staffed supporting existing customers. So again, unlike so many other company profiles, we've held the line on growing our team and the benefits are manifest in the '23 report and also in the '24 guide.

因此，我們在企業領域已做好充分準備，出去尋找新客戶，我們也配備了充足的人員來支援現有客戶。因此，與許多其他公司簡介不同，我們一直堅持擴大團隊，並且其好處在 23 年報告和 24 年指南中均有體現。

Patrick Walravens, Citizens JMP.

Patrick Walravens，公民 JMP。

Great. Thank you and congratulations. Dave, can we go back in time a little bit and talk about how internationals worked out? So you acquired Voxbone in 2020. And I remember, originally, you had lighthouse customers that we're pushing Bandwidth to provide a kind of great communication services in Europe as they had in the US And then COVID made the integration really challenging. So how has that all worked out? How is international versus the US?

偉大的。謝謝你，恭喜你。戴夫，我們可以稍微回顧一下並討論國際賽事是如何進行的嗎？所以你們在 2020 年收購了 Voxbone。我記得，最初，您有一些燈塔客戶，我們正在推動 Bandwidth 在歐洲提供像他們在美國那樣的優質通訊服務，但 COVID 讓整合變得非常具有挑戰性。那麼這一切進展如何？國際上與美國相比如何？

Hey. Thanks, Pat. It is 18% of our total business, but much more meaningful than that reflects. Every conversation with a Global 2000 customer includes our 65 countries where we have full PSTN replacement, emergency service inbound outbound and now just recently includes international messaging. So it has been vital for our customers that they can use us as a single partner globally and that role is essential in a world that's become very fragmented where regulatory pace of approvals have, if anything, slowed down.

嘿。謝謝，帕特。它占我們總業務的18％，但意義遠不止於此。與全球 2000 強客戶的每一次通話都涉及我們 65 個國家/地區，在這些國家/地區，我們擁有完整的 PSTN 替代方案、緊急服務入站出站服務，最近還增加了國際訊息傳遞功能。因此，對於我們的客戶來說，能夠將我們作為他們在全球範圍內的單一合作夥伴至關重要，而在這個變得非常分散的世界裡，監管審批的速度如果有的話，已經放緩，這一角色至關重要。

So international strategically was an essential component. You're right, it was slow for us during COVID, during the integration. But heroic efforts by the teams to unify. And indeed, we are coming to the end of having a single global platform and experience for our customers post Voxbone acquisition. We're thrilled about it. Our team has worked long to get there. But back the crux of your question, 18% of our business and growing, and we expect it to continue to grow with the addition of global messaging right now but vital for every single enterprise conversation.

因此，國際化戰略是必不可少的組成部分。您說得對，在 COVID 期間，在整合期間，我們的進展很慢。但各隊都為團結一致做出了英勇的努力。事實上，在收購 Voxbone 之後，我們即將不再為客戶提供單一的全球平台和體驗。我們對此感到非常興奮。為了實現這一目標，我們的團隊已經努力了很長時間。但回到你問題的關鍵，我們的業務佔 18%，而且還在成長，我們預計，隨著全球訊息功能的增加，這一比例還將繼續成長，但這對於每一次企業對話都至關重要。

Thank you. This concludes our question-and-answer session, and the conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.

謝謝。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。現在您可以斷開線路了。