Bandwidth Inc (BAND) 2024 Q1 法說會逐字稿

Good day, and welcome to the Bandwidth Inc.'s first-quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Bandwidth Inc. 2024 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

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

現在，我想將會議交給投資人關係副總裁 Sarah Wallace。請繼續。

Thank you. Good morning, and welcome to Bandwidth's first-quarter 2024 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 2024 年第一季財報電話會議。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 Morgan, 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戴維摩根 (David Morgan)；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 second 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，包括有關我們對 2024 年第二季度和全年財務指導的聲明。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 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，我們將參考某些非公認會計準則財務指標。我們今天稍早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，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 first-quarter 2024 earnings call. We had an impressive start to the year, exceeding first-quarter guidance with record quarterly revenue and our highest ever adjusted EBITDA result for a first quarter.

謝謝你，莎拉。歡迎參加 Bandwidth 2024 年第一季財報電話會議。我們今年有一個令人印象深刻的開局，超出了第一季的預期，創下了季度收入和第一季歷史最高調整後 EBITDA 業績。

Given the overperformance, we are raising our full-year outlook on top and bottom lines. The team is grateful for the trust of our customers place in us every day and for our bandmates who go the extra mile to support them, and I thank God for the opportunities He's given us.

鑑於出色的表現，我們上調了全年營收和淨利的預期。團隊感謝客戶每天對我們的信任，也感謝樂團成員盡力的支持，我也感謝上帝給我們的機會。

This morning, I've asked Darryl to first walk through our quarterly results and our updated outlook for 2024, along with our recent capital structure achievements. I'll then use the rest of the call to provide a broader perspective highlighting our fast-growing customer category, direct to enterprise, where we are seeing very encouraging progress.

今天早上，我請 Darryl 首先介紹我們的季度業績和 2024 年的最新展望，以及我們最近的資本結構成就。然後，我將利用通話的剩餘時間提供更廣闊的視角，重點介紹我們快速成長的客戶類別，直接面向企業，我們在其中看到了非常令人鼓舞的進展。

Darryl?

達裡爾？

Thank you, David, and good morning, everyone. We're off to a solid start in 2024. Feeding guidance for the first quarter, raising our full-year outlook, and dramatically strengthening our capital structure.

謝謝你，大衛，大家早安。2024 年，我們將有一個好的開始。提供第一季的指引，提高全年預期，並大幅加強我們的資本結構。

First-quarter revenue of $171 million grew 24% year over year, exceeding the midpoint of guidance by $6 million. Within that result, cloud communications revenue grew 12% year over year. Adjusted EBITDA of $16 million was up 215% year over year, exceeding the midpoint of our guidance by $4 million, reflecting the top line beat and good cost control.

第一季營收 1.71 億美元，年增 24%，超出預期中位數 600 萬美元。其中，雲端通訊收入較去年同期成長12%。調整後 EBITDA 為 1,600 萬美元，較上年同期成長 215%，超出我們預期中位數 400 萬美元，反映出營收超出預期且成本控制良好。

Just a few days ago, we strengthened our capital structure by expanding our existing undrawn revolving credit facility to $100 million with a new five-year term. This facility led by Bank of America and Wells Fargo improves our flexibility by doubling the previous available revolver amount from that established last August with our banking partners.

就在幾天前，我們透過將現有的未提取循環信貸額度擴大至 1 億美元並以新的五年期限加強了我們的資本結構。由美國銀行和富國銀行牽頭的貸款將我們去年 8 月與銀行合作夥伴確定的循環信貸額度增加了一倍，提高了我們的靈活性。

Yesterday, we entered into agreements with certain convertible noteholders to repurchase $140 million of our 2026 convertible notes at a discount to their face value. This leverage reducing yield accretive repurchase exercise reduced the outstanding balance of these notes to just $35 million from an initial issued principal balance of $400 million.

昨天，我們與某些可轉換票據持有人達成協議，以低於票面價值的價格回購 1.4 億美元的 2026 年可轉換票據。此次降低槓桿、增加收益的回購行為將這些票據的未償還餘額從最初發行的 4 億美元本金餘額減少至僅 3,500 萬美元。

I'd like to take a moment and talk about our capital structure strategy. We're proud to deliver growth, profit, and to be judicial with our capital structure. In November 2022, we repurchased $160 million of these notes at a very large discount, recognizing a $40 million gain.

我想花點時間談談我們的資本結構策略。我們很自豪能夠實現成長、獲利，並合理運用資本結構。2022 年 11 月，我們以很大的折扣回購了 1.6 億美元的這些票據，並實現了 4,000 萬美元的收益。

We then repurchased an additional amount in March 2023 at a discount and recognizing another gain. And now in early 2024, we have essentially eliminated the subject of the maturity of these notes through yesterday's repurchase exercise. We estimate our third gain from yesterday's repurchase will be roughly $12 million.

然後，我們在 2023 年 3 月以折扣價回購了額外金額，並確認了另一筆收益。現在到了 2024 年初，透過昨天的回購活動，我們基本上消除了這些票據到期的問題。我們估計昨天回購的第三次收益將約為 1200 萬美元。

Going forward, our on-hand cash and securities balances, our revolver access to undrawn liquidity, and our cash flow generating potential positions us very well to seize the market opportunities that are before us while growing our business profitably.

展望未來，我們手頭上的現金和證券餘額、我們的未提取流動資金的循環信貸管道以及我們的現金流創造潛力使我們能夠很好地抓住擺在我們面前的市場機遇，同時實現業務盈利增長。

Rounding out our first-quarter results, as I noted, cloud communications revenue of $128 million was up 12% from last year. From a product standpoint, messaging continued to be a strong driver, growing 50% year over year and resulting in messaging now reaching 21% of cloud communications revenue.

正如我所指出的，在我們的第一季業績中，雲端通訊收入為 1.28 億美元，比去年增長了 12%。從產品角度來看，訊息傳遞功能持續成為強勁的驅動力，年成長 50%，目前已佔雲端通訊收入的 21%。

Within that result, commercial messaging grew 34%. While it is difficult to differentiate cyclical political campaign-related usage from the ongoing commercial civic engagement usage derived from the same cohort of customers, we estimate that political campaign messaging revenue from the US primary elections contributed approximately $3 million in the first quarter.

在此結果之下，商業資訊傳輸成長了 34%。雖然很難區分週期性的政治競選相關使用和來自同一批客戶的持續商業公民參與使用，但我們估計，來自美國初選的政治競選資訊收入在第一季度貢獻了約 300 萬美元。

Customer demand from political campaigns did appear earlier than we had expected attributed to presidential primary spend.

由於總統初選支出，政治競選活動的客戶需求確實比我們預期的出現得早。

Turning to our three market categories. First quarter global communications plans revenue growth was 4% year over year as we expected, reflecting an improvement from last year's usage trends.

轉向我們的三個市場類別。正如我們預期的那樣，第一季全球通訊計畫營收年增 4%，反映出去年的使用趨勢有所改善。

Our programmable services category grew 49% year over year, reflecting the strong demand for messaging driven by continued healthy demand from commercial customers in e-commerce, financial services, and healthcare, as well as the previously mentioned $3 million tailwind from cyclical political campaign messaging.

我們的可程式服務類別年增 49%，反映了電子商務、金融服務和醫療保健領域的商業客戶持續健康的消費需求以及前面提到的周期性政治競選信息帶來的 300 萬美元順風推動對信息傳遞的強勁需求。

In our direct-to-enterprise customer category, we grew revenue 20% year over year, reflecting Bandwidth's ability to solve the complex communications challenges of global enterprises and the continued execution of our enterprise go-to-market strategy. Our pipeline remains full of new opportunities across verticals and geographies.

在我們的直接面向企業的客戶類別中，我們的收入同比增長了 20%，這反映了 Bandwidth 解決全球企業複雜通信挑戰的能力以及我們持續執行企業上市策略的能力。我們的管道仍然充滿了跨垂直領域和跨地域的新機會。

In terms of operating metrics, our first quarter net retention rate was 107%, an improvement of 6 percentage points from the fourth quarter of 2023. Our customer name retention rate once again remained in excess of 99%. Evidence of the reliability and breadth of our global communications cloud paired with our unwavering focus on customer success and continuous innovation.

從營運指標來看，我們第一季的淨留存率為 107%，比 2023 年第四季提高了 6 個百分點。我們的客戶姓名保留率再次維持在 99% 以上。我們的全球通訊雲的可靠性和廣度的證據，以及我們對客戶成功和持續創新的堅定關注。

Our average annual revenue per customer climbed to a record $190,000, reflecting our continued focus on attracting and serving large enterprises. Our non-GAAP gross margin was 57% for the first quarter, up 300 basis points from the prior year's quarter. This is a really great gross margin result for the company. And it's worth reminding that gross margin can fluctuate a small amount quarter to quarter.

我們每位客戶的平均年收入攀升至創紀錄的 19 萬美元，這反映出我們持續致力於吸引和服務大型企業。我們第一季的非公認會計準則毛利率為 57%，較去年同期上升 300 個基點。對於公司來說，這是一個非常好的毛利率結果。值得提醒的是，毛利率每季可能會有小幅波動。

We continue to expect our full-year 2024 gross margin to grow roughly 100 basis points in line with our previously provided expectations. The first quarter free cash flow result reflects a $4 million use of cash due to seasonal timing of working capital.

我們繼續預期 2024 年全年毛利率將成長約 100 個基點，符合我們先前提供的預期。第一季的自由現金流結果反映出由於營運資本的季節性變化而導致的 400 萬美元的現金使用。

We remain on track to achieve greater than $50 million free cash flow in 2024, which draws us closer to our 15% free cash flow margin medium-term target.

我們仍有望在 2024 年實現超過 5,000 萬美元的自由現金流，這使我們更接近 15% 的自由現金流利潤率的中期目標。

We're raising our full-year guidance to pass through the first quarter beat on top and bottom lines. For the full year 2024, we expect revenue to now be $715 million at the midpoint of our range, reflecting a $15 million raise to our previous guidance, and adjusted EBITDA to be $74 million at the midpoint, also reflecting the beat and raise.

我們正在上調全年業績預期，以實現第一季營收和淨利潤雙雙超出預期的目標。對於 2024 年全年，我們預計收入現在為 7.15 億美元（處於我們預期範圍的中點），比我們之前的預期高出 1500 萬美元，調整後的 EBITDA 為 7400 萬美元（處於中點），也反映了超出預期和增長。

Importantly, while the timing of campaign revenue has somewhat accelerated, our full year outlook for 2024 continues to project a $40 million contribution from political campaign messaging and associated surcharges.

重要的是，雖然競選收入的時間有所加快，但我們對 2024 年全年的展望仍預計政治競選訊息和相關附加費將帶來 4000 萬美元的貢獻。

That means, at this point, our full-year guidance raise is driven by our commercial customers as opposed to our political campaign customers. In terms of sequencing political campaign revenue across the remaining three quarters of the year, while it's difficult to discern and predict, based on conversations with our customers, we expect the second quarter to reflect a relative low in political campaign messages with activity ramping in the third quarter and peaking in the fourth quarter with the election concluding in November.

這意味著，目前，我們全年預期的成長是由商業客戶而不是政治競選客戶所推動的。就今年剩餘三個季度的政治競選收入排序而言，雖然很難辨別和預測，但根據與客戶的對話，我們預計第二季度的政治競選信息將相對較低，第三季度活動將增加，並在第四季度達到頂峰，因為大選將於 11 月結束。

In closing, our excitement about 2024 remains high. We're pleased that we're able to raise our full year guidance on the top and bottom lines while improving our balance sheet and capital structure flexibility.

最後，我們對於 2024 年依然充滿期待。我們很高興能夠提高全年營收和淨利潤預期，同時改善我們的資產負債表和資本結構靈活性。

Two years ago, we told you of our plans to grow our business profitably, and we are delivering. These results and our recent capital structure achievements give us comfort in achieving both our near-term and medium-term targets.

兩年前，我們告訴大家我們的業務獲利性成長計劃，我們正在實現這項計劃。這些結果和我們最近的資本結構成就使我們有信心實現近期和中期目標。

Now I'd like to turn the call back to David.

現在我想把電話轉回大衛。

Thank you, Daryl.

謝謝你，達裡爾。

A little over a month ago at Enterprise Connect, we met with a number of customers, partners, prospects, and investors. These conversations show the strength of our direct-to-enterprise strategy.

一個多月前，在 Enterprise Connect 上，我們會見了許多客戶、合作夥伴、潛在客戶和投資者。這些對話展現了我們直接面向企業的策略的實力。

The enterprise category with year-over-year revenue growth of 20% in the first quarter following a year of 21% growth in 2023 is driven by innovations we have brought to market and the opportunity that our award-winning Maestro platform provides.

企業類別的收入在 2023 年同比增長 21% 之後，第一季同比增長 20%，這得益於我們帶入市場的創新以及我們屢獲殊榮的 Maestro 平台提供的機會。

Global 2000 organizations know that moving their communications to the cloud is the fastest way to leverage relevant new AI technologies and deliver the rich new customer and employee experiences that are key to staying competitive. At the same time, these enterprises are dealing with enormous complexity from past implementations and legacy tech debt that have built up over time.

全球 2000 強企業都知道，將其通訊轉移到雲端是利用相關新 AI 技術並提供豐富的新客戶和員工體驗的最快方式，而這些體驗對於保持競爭力至關重要。同時，這些企業也要應對過去實施過程中產生的巨大複雜性以及隨著時間的推移而累積起來的遺留技術債。

Maestro solves this complexity and provides a smooth enterprise route to the cloud. It is software automation, and it's central to our portfolio of offerings that are aligned with what Global 2000 customers tell us they need and value most, interoperability, freedom of choice, and solutions to their global communications challenges.

Maestro 解決了這種複雜性並提供了一條通往雲端的順暢的企業路線。它是軟體自動化，它是我們的產品組合的核心，這些產品與全球 2000 強客戶告訴我們他們最需要和最重視的東西相一致，即互通性、選擇自由以及解決全球通訊挑戰的解決方案。

Formally announced at last year's Enterprise Connect, where we won Best of Show, Maestro was quickly welcomed with significant client and industry excitement. As the name suggests, Maestro is an orchestration software platform, complementing the offerings of our cloud communications customers to facilitate seamless integration capability for enterprises to deploy and manage best-in-class real-time voice apps across unified communications, cloud contact centers, and AI platforms.

Maestro 在去年的 Enterprise Connect 上正式發布，並榮獲最佳展示獎，很快便受到了廣大客戶和業界的熱烈歡迎。顧名思義，Maestro 是一個編排軟體平台，它補充了我們雲端通訊客戶的服務，為企業提供無縫整合能力，以便在統一通訊、雲端聯絡中心和 AI 平台上部署和管理一流的即時語音應用程式。

Our Global 2000 customers are finding Maestro can dramatically reduce the complexity of moving to the cloud while optimizing costs and increasing control of contact center and employee communications in the cloud. These capabilities enable enterprises to achieve faster time to value and a better customer and employee experience across a wide range of industry verticals.

我們的全球 2000 家客戶發現 Maestro 可以顯著降低遷移到雲端的複雜性，同時優化成本並增強對雲端聯絡中心和員工通訊的控制。這些功能使企業能夠在廣泛的垂直行業中更快地實現價值並獲得更好的客戶和員工體驗。

For example, in financial services, Maestro serves as the foundational element for vendor-agnostic cloud communications for both cloud-first fintechs and mature giants both looking to modernize.

例如，在金融服務領域，Maestro 是雲端優先金融科技公司和尋求現代化的成熟巨頭實現與供應商無關的雲端通訊的基礎元素。

They can unlock the power of teams Genesis, Five9 and more, along with best-in-class fraud and AI tools while simultaneously lowering costs and simplifying vendor management. And they view Bandwidth as a partner with established expertise to help them navigate a competitive and highly regulated global landscape.

他們可以釋放 Genesis、Five9 等團隊的力量，以及一流的詐欺和人工智慧工具，同時降低成本並簡化供應商管理。他們將 Bandwidth 視為擁有成熟專業知識的合作夥伴，幫助他們在競爭激烈且嚴格監管的全球環境中找到方向。

As another Maestro example, in the hospitality and retail verticals, a customer may have a complex global system of independent franchises and want to add new customer experience applications and AI. Now, they can build once with Maestro, integrating all their locations to deliver a unified customer experience everywhere in the world.

另一個 Maestro 範例是，在飯店和零售垂直領域，客戶可能擁有一個複雜的全球獨立特許經營系統，並希望添加新的客戶體驗應用程式和人工智慧。現在，他們只需使用 Maestro 進行一次構建，即可整合所有地點，在世界各地提供統一的客戶體驗。

Some enterprises are choosing to use system integrators and managed service providers to map and build their new cloud-based communications. Our growing channel strategy creates partnerships with the largest players doing these enterprise transformations.

一些企業選擇使用系統整合商和託管服務提供者來映射和建立新的基於雲端的通訊。我們不斷發展的通路策略與進行這些企業轉型的最大參與者建立了合作關係。

For example, we recently worked with NWN Carousel, a leading managed service provider to transform the customer experience platform for the largest US domestic airline. Bandwidth replaced a legacy telecom carrier to power the airline's new cloud-based high-capacity customer call center as well as integrate their customer and employee communications platforms.

例如，我們最近與領先的託管服務提供商 NWN Carousel 合作，為美國最大的國內航空公司改造客戶體驗平台。頻寬取代了傳統的電信營運商，為該航空公司新的基於雲端的高容量客戶呼叫中心提供支持，並整合其客戶和員工通訊平台。

The airline is also rolling out Bandwidth's text messaging API to enable its service representatives to easily send text to customers as part of its multi-channel communication strategy.

作為其多通路溝通策略的一部分，該航空公司還推出了 Bandwidth 的簡訊 API，以便其服務代表能夠輕鬆地向客戶發送簡訊。

We completed the project with NWN in a short time frame and are pleased to report flawless performance during peak holiday season. In examples like all of these, Maestro can be a real differentiator and valuable addition to our enterprise customers' communications deployments. Its software automation, interoperability, and AI enablement capabilities uniquely distinguished Bandwidth as a leader in cloud communications.

我們在短時間內與 NWN 完成了項目，並且很高興地報告了我們在假期高峰期表現出色。在所有這些例子中，Maestro 可以成為我們企業客戶通訊部署的真正差異化因素和寶貴補充。其軟體自動化、互通性和人工智慧支援功能使 Bandwidth 成為雲端通訊領域的領導者。

As the largest enterprises come to us to help them navigate complexity, we're also investing in our legendary customer support offering. This includes new predictive AI enhanced analytics to identify and solve potential incidents before they escalate. We believe this is a significant differentiator and it was honored last month with a Gold Stevie Award for customer service innovation.

當最大的企業來找我們幫助他們解決複雜問題時，我們也在投資我們傳奇的客戶支援服務。這包括新的預測性人工智慧增強分析，用於在潛在事件升級之前識別並解決它們。我們相信這是一個重要的區別因素，上個月該公司因客戶服務創新而獲得了史蒂夫金獎。

Congratulations to everyone on our operations team for this achievement. At a time when many of our competitors have made it harder to get help, much less to talk to a real person, we are distinguished by our customer support, and it remains a true competitive advantage for Bandwidth. So again, very encouraging progress in our fast-growing category of direct-to-enterprise.

恭喜我們營運團隊的所有成員取得這項成就。當我們的許多競爭對手使得獲取幫助變得更加困難，更不用說與真人交談時，我們的客戶支援脫穎而出，這仍然是 Bandwidth 真正的競爭優勢。因此，我們在快速成長的直接面向企業類別中取得了非常令人鼓舞的進展。

At the same time, our other two market categories are also performing very well, as you heard just now from Daryl. In our programmable services business, we saw earlier than expected demand in political messaging related to the US election season. Meanwhile, we are consistently expanding our customer base in commercial messaging with notable contract wins such as a premier digital vehicle presentation provider in the automotive industry.

同時，正如您剛才從達裡爾那裡聽到的，我們的其他兩個市場類別也表現得非常好。在我們的可編程服務業務中，我們發現與美國選舉季相關的政治資訊需求比預期更早。同時，我們正在不斷擴大商業資訊傳遞領域的客戶群，並贏得了一些顯著的合同，例如汽車行業首屈一指的數位車輛演示提供者。

This customer transitioned to Bandwidth's toll-free messaging solution. Our specialized support and deep expertise were instrumental in helping them navigate the intricate and evolving messaging landscape, significantly enhancing the deliverability of their communications.

該客戶已轉向使用 Bandwidth 的免費訊息解決方案。我們的專業支援和深厚的專業知識幫助他們駕馭複雜且不斷發展的訊息傳遞環境，大大提高了其通訊的可傳遞性。

In our global communication plans category, we benefit from expanding wallet share with existing customers as well as new customer additions. For example, in Q1, a leader in healthcare engagement and payment solutions selected Bandwidth as the sole provider for their inbound voice traffic, valuing our exceptional customer support, network reliability, and automated number provisioning and porting processes.

在我們的全球通訊計畫類別中，我們受益於現有客戶和新客戶的不斷擴大的錢包份額。例如，在第一季度，醫療保健參與和支付解決方案的領導者選擇 Bandwidth 作為其入站語音流量的唯一提供商，看重我們卓越的客戶支援、網路可靠性以及自動號碼配置和移植流程。

Before we wrap up, I want to remark on the leadership change we announced today. Anthony Bartolo, our Chief Operating Officer, is leaving to pursue other opportunities. He will stay until later this year to ensure a smooth transition.

在結束之前，我想就我們今天宣布的領導層變動發表評論。我們的營運長 Anthony Bartolo 將離職以尋求其他機會。他將留任到今年晚些時候以確保順利過渡。

Anthony joined us a little over two years ago to scale our global growth and his accomplishments are clearly evident in our strong operating results. He radically improved our strategic planning process, overhauled our product segmentation, brought in excellent new leadership, and executed with outstanding day-to-day rigor and discipline.

兩年多前，安東尼加入我們，以擴大我們的全球成長，他的成就在我們強勁的營運表現中得到了明顯的體現。他從根本上改善了我們的策略規劃流程，徹底改革了我們的產品細分，帶來了優秀的新領導，並以出色的日常嚴謹性和紀律性執行。

We were fortunate to have Anthony with us at a time important in Bandwidth's evolution, and we're a much better company as a result. He is a world-class global leader and I'm confident that someday soon, you'll see him leading a company that's fortunate to have him on point. I will always count him as a friend.

我們很幸運，在 Bandwidth 發展的重要時期有 Anthony 加入我們，我們也因此成為了更好的公司。他是一位世界級的全球領導者，我相信不久的將來，你會看到他領導一家很幸運有他領導的公司。我會永遠把他視為朋友。

I know all bandmates worldwide join me in thanking Anthony for his excellent leadership and in wishing him all the best in the future, fair wins and following sees to the entire Bartolo family.

我知道世界各地的樂隊成員都會和我一起感謝安東尼的出色領導，並祝他未來一切順利，贏得公平的勝利，並祝愿整個巴托洛家族一切順利。

In closing, as we reflect on a quarter marked by strategic achievements and solid growth, I want to reiterate our unwavering commitment to innovation and customer excellence. The advancements we've made with our Maestro platform, our expanding partnerships, our award-winning customer service, and our disciplined operating team are all pivotal elements in our mission to lead the worldwide cloud communications revolution.

最後，當我們回顧這個以策略成就和穩健成長為標誌的季度時，我想重申我們對創新和客戶卓越的堅定承諾。我們在 Maestro 平台方面取得的進步、我們不斷擴大的合作夥伴關係、我們屢獲殊榮的客戶服務以及我們訓練有素的營運團隊都是我們引領全球雲端通訊革命的關鍵要素。

Our team has demonstrated the ability to deliver on our core operating principles of profitable growth, operating leverage and cash flow generation from the foundation of a durable franchise as a leader in our space. I'm incredibly proud of what we have accomplished together this quarter, and I am even more excited about the opportunities that lie ahead.

作為產業領導者，我們的團隊已證明有能力在持久特許經營的基礎上實現我們的核心營運原則，即獲利性成長、營運槓桿和現金流創造。我對我們本季共同取得的成就感到無比自豪，而我對未來的機會感到更加興奮。

I'll now turn the call over to the operator to begin the question-and-answer portion of our call. Thank you.

我現在將把電話轉給接線員，開始通話的問答部分。謝謝。

(Operator Instructions) Ryan MacWilliams, Barclays.

（操作員指示）巴克萊銀行的 Ryan MacWilliams。

Thanks for the question. I want to say that while I'm sad to see Anthony Bartolo moving on. I know we did a lot to include the business. And to use a Bandwidth expression, I'm glad he's leaving on a high note.

謝謝你的提問。我想說，我很難過看到安東尼·巴托洛離開。我知道我們為這項業務做了很多努力。用頻寬表達來說，我很高興他能以高調離開。

So for David, looks like 1Q saw improving net retention and stronger average annual customer spend. Are your customers feeling better from a macro standpoint? And how are upsells like Maestro helping support these metrics?

因此對 David 來說，第一季的淨留存率似乎有所提高，平均年度客戶支出也更高。從宏觀角度來看，您的客戶感覺更好嗎？那麼，像 Maestro 這樣的追加銷售如何幫助支持這些指標呢？

Thanks, Ryan. I just want to reiterate what you said at the outset. Indeed, Anthony, is a master conductor and has left us -- and is leaving us on a very high note. And we are sorry to see him go and so grateful for the 10 quarters during which he executed flawlessly. So thanks for mentioning that.

謝謝，瑞安。我只是想重申你一開始所說的話。確實，安東尼是一位大師級的指揮家，他離開了我們——並以一種非常高昂的姿態離開了我們。我們很遺憾看到他離開，但我們非常感謝他在 10 節比賽中的完美表現。感謝您提到這一點。

In terms of the macro, we talked to customers in all of our segments consistently about their plans and outlooks and we do factor that into the guide and the results from the first quarter, notwithstanding, there are always concerns in these days that we live in about macro and policy and international events.

在宏觀方面，我們與所有部門的客戶持續討論他們的計劃和展望，並將其納入第一季的指南和業績中，儘管如此，在當今時代，我們總是對宏觀、政策和國際事件感到擔憂。

But all that said, we increased our guide on the top and bottom according to the overarching sentiment that we pick up across all segments with our customer base. So we're excited about executing throughout the rest of this year.

但儘管如此，我們根據從所有客戶群中了解到的整體情緒，提高了最高和最低的指導價格。因此，我們對今年剩餘時間的執行感到非常興奮。

And then for Daryl, Glad to see continued debt pay down. How are you thinking about the full year guide here after a stronger raise in the top line compared to the bottom line? Is this mostly you just pass through the commentary around the strength that you're seeing in your commercial messaging business? Just a little more detail there. Thanks.

對達裡爾來說，很高興看到債務繼續償還。在營收較淨利潤有較大幅度成長的情況下，您如何看待全年業績預期？這主要是您對商業資訊業務的優勢的評論嗎？這裡還有更多細節。謝謝。

Yes. Ryan. We raised our revenue guidance by $15 million at the two midpoints. Roughly two-thirds of that is related to surcharges and one-third is related to commercial cloud communications revenue. And so that roughly one-third is falling through at margin is the -- represents the increase in -- the approximate increase in the EBITDA raise to the full year once.

是的。瑞安。我們將收入預期在兩個中間點上調了 1500 萬美元。其中約三分之二與附加費有關，三分之一與商業雲端通訊收入有關。因此，大約三分之一的利潤率下降意味著 EBITDA 大約會增加，達到全年水準。

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

Hey. Good morning. You've got Jamie on for Meta. I guess just two quick questions from my end. I guess, one, is there any sort of way we can kind of track the progress that you guys are getting with Maestro, either a number of customers on the platform or that sort of thing?

嘿。早安.您已讓 Jamie 為 Meta 效力。我想我只想問兩個簡單問題。我想，首先，我們有什麼方法可以追蹤你們使用 Maestro 所取得的進展，無論是平台上的客戶數量還是諸如此類的東西？

And then as a follow-up, it looks like capital investment has picked up a little bit over the past couple of quarters. Should we look at recent trends as the new run rate?

然後作為後續行動，看起來過去幾季的資本投資有所回升。我們是否應該將近期趨勢視為新的營運率？

Yeah. Thanks for your question. Enterprise customers and Maestro adoption continues really, really well. And while we haven't called out specific numbers on our customers, the growth percentage wise in these early days since going general availability back in August has been substantial.

是的。感謝您的提問。企業客戶和 Maestro 的採用持續得非常順利。雖然我們沒有公佈客戶的具體數字，但自八月全面上市以來，初期的成長百分比相當可觀。

So we've talked in the past about that growth, and it is actually continuing to grow at that same rate or faster. So we haven't decided if we're going to call out Maestro adoption as a particular KPI, but enterprise customer additions and Maestro adoption continues to really be favorable.

我們過去曾談論過這種增長，實際上它仍以相同或更快的速度增長。因此，我們尚未決定是否將 Maestro 的採用作為特定的 KPI，但企業客戶的增加和 Maestro 的採用仍然非常有利。

Hey, and good morning, Jamie. It's nice to speak with you, and please give our regards to Meta. On the capital expenditures for the first quarter. Traditionally, we have incurred more in the first quarter or the first part of the year versus the last year.

嘿，早上好，傑米。很高興與您交談，請代我們向 Meta 致以問候。關於第一季的資本支出。傳統上，我們在第一季或今年上半年的支出比去年同期要多。

I think it's a natural business phenomenon. Everyone has zeal and zest when it comes to the first part of the year and getting on with their investment plans. With that said, we are -- we hold our guidance at around 3% of revenue for CapEx, and that's what you all should be considering. I don't take anything with the slightly higher amount in the first quarter.

我認為這是一個自然的商業現象。當談到年初並開始實施投資計畫時，每個人都充滿熱情和幹勁。話雖如此，我們將資本支出預期維持在收入的 3% 左右，這也是大家應該考慮的。我不會接受第一季金額略高的任何事物。

Ryan Koontz, Needham & Company.

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

Thanks for the question. I would ask you about the messaging business? It sounds like that was broad-based in terms of your strength there, really strong growth on the cloud comms piece there. I assume that's mostly US-based, first question.

謝謝你的提問。我想問您關於訊息傳遞業務的問題嗎？聽起來你們的實力是廣泛的，雲端通訊部分的成長非常強勁。我認為這主要是基於美國，這是第一個問題。

And second here, as it relates to international, and your presence you gained from Voxbone. Can you expand on your thoughts about how that market develops for you going forward? Thank you.

其次，這與國際有關，以及您從 Voxbone 獲得的影響力。能否詳細談談對於該市場未來發展的看法？謝謝。

Thank you. Thanks for your question. Total messaging is up 50% year over year. Commercial showed strong growth of 34% year over year and enterprise momentum also really solid.

謝謝。感謝您的提問。總簡訊發送量比去年同期增加了 50%。商業年增 34%，企業成長動能也十分強勁。

So your question about domestic versus international. We recently announced international, which is part of our solution selling to large enterprise globally. And that's a really positive and strong addition that rounds out our offer portfolio. However, these results do reflect the preponderance of the messaging growth domestically. So international is strong growth upside for us going forward.

您的問題是關於國內和國際的。我們最近宣布了國際化，這是我們向全球大型企業銷售解決方案的一部分。這是一個真正積極和強大的補充，完善了我們的產品組合。然而，這些結果確實反映了國內簡訊業務成長的主導地位。因此，國際市場對於我們未來發展具有強勁的成長潛力。

The second part of your question about international business generally continues to be a very real differentiator for us on both voice and now messaging footprint. Globally, our voice footprint is unsurpassed, and enterprises really value that single partner solution. And now with messaging coming on alongside it globally, we expect the international business to continue to outperform our expectations, and we're pleased with how it's doing.

你的問題的第二部分是關於國際業務，一般來說，這對我們來說在語音和現在的訊息傳遞方面仍然是一個非常現實的區別因素。在全球範圍內，我們的語音足跡是無與倫比的，企業非常重視單一合作夥伴解決方案。現在，隨著訊息傳遞功能在全球範圍內的普及，我們預計國際業務將繼續超越我們的預期，我們對它的表現感到滿意。

So maybe I can interpret that. It sounds like your global presence has given you a lot of strength to win domestic deals to have an international reach and you're planning to pivot more to direct international sales now a little harder?

所以也許我可以解釋這一點。聽起來，你們的全球影響力為你們贏得了國內交易並獲得了國際影響力提供了很大的力量，而你們現在計劃更加努力地直接進行國際銷售嗎？

Well said.

說得好。

Patrick Walravens, Citizen's JMP.

Patrick Walravens，公民 JMP。

Oh, great. Thank you. So Dave, this question is going to seem a little unusual, but I think the context will be super helpful. So can you just step back and help people who don't know the story that well, understand what's been going on in this business over the last couple of years and how you're positioned now?

噢，太好了。謝謝。所以戴夫，這個問題看起來有點不尋常，但我認為背景會非常有幫助。那麼，您能否退一步幫助那些不太了解這個故事的人，了解過去幾年這個行業發生的事情以及您現在的定位？

And just for context, I mean, the stock peaked at almost $190 in March 2021. Last year, went all the way down to 9% and change. And now at 42% year to date plus pre-market is up another 9%.

僅作為背景說明，我的意思是，該股在 2021 年 3 月達到了近 190 美元的峰值。去年，更是一路下滑至9%左右。今年迄今已上漲 42%，盤前漲幅達 9%。

So just help us understand the big picture in terms of what has been going on? Why there's so much volatility? And where we're headed from here -- not commenting on the stock where we're headed from here. But where the business is headed from here?

那麼能幫助我們了解發生的事情的整體情況嗎？為何波動性這麼大？而我們接下來要去哪裡呢？但接下來業務將走向何方？

Thank you, Pat. Thanks for the opportunity to speak to the longer term and the background. So we enjoyed COVID tailwinds as did many in our space when remote work seem to become the foreseeable future. And those tailwinds certainly dissipated after the COVID era ended. Our whole space and peers were similarly impacted as valuations plummeted, but executing is really what matters.

謝謝你，帕特。感謝有機會談論長期前景和背景。因此，當遠距工作似乎成為可預見的未來時，我們和我們領域的許多人一樣，享受著 COVID 的順風。在新冠疫情時代結束後，這些順風勢頭顯然已經消散。由於估值暴跌，我們整個領域和同行也受到了同樣的影響，但執行才是真正最重要的。

And I can't answer the question about the last two years without appropriately tipping my hat to my bandmate Anthony Bartolo, who is going to be the CEO someday soon of a powerful company somewhere. We can't wait to see where that might be, and there's certainly nothing to announce.

在回答過去兩年的問題時，我必須向我的樂隊夥伴安東尼·巴托洛 (Anthony Bartolo) 致敬，他很快就會成為某個強大公司的首席執行官。我們迫不及待地想知道那會是怎樣，但目前還沒有什麼可宣布的。

But I want to say this, Anthony came on Board and with Daryl Raiford, our CFO, articulated excellently our mid and longer-term plans at our first-ever Investor Day, and we've executed ever since.

但我想說的是，安東尼加入董事會後，和我們的首席財務官達裡爾·雷福德 (Daryl Raiford) 在我們的首個投資者日上出色地闡述了我們的中期和長期計劃，從那時起我們一直在執行。

And this space is in the very early days of a transformation of taking 100 years of business telephony that has been premise-based and migrating it to the cloud and doing so with platforms like Maestro, which allow them to abandon incumbent carriers and instead go completely software-driven with how they move calls and messages around the world.

這個領域正處於轉型的初期，將基於前提的 100 年的商業電話遷移到雲端，並使用 Maestro 等平台進行遷移，這使他們能夠拋棄現有的運營商，而是完全由軟體驅動，實現在全球範圍內傳輸呼叫和訊息。

We are in the vanguard of companies that have helped these enterprises globally do that. And so I think we're going to look back and see the COVID era spikes in valuation has been an anomaly in a much longer period of growth that fundamentally changes the way enterprise businesses do communications and voice and text.

我們是幫助全球這些企業實現這一目標的先鋒企業。因此，我認為，回顧過去，我們會看到，COVID 時代的估值飆升是更長增長期內的一個異常現象，它從根本上改變了企業業務進行通訊、語音和文字的方式。

And again, the platform approach that we've taken, the leadership that Anthony and myself and Daryl have had in place over the last two years has contributed to the outperformance that you see today.

再說一遍，我們所採取的平台方法，以及安東尼、我和達裡爾在過去兩年中所發揮的領導作用，都為今天我們所看到的優異表現做出了貢獻。

And if I'm an investor, and I'm looking at that pattern that you mentioned over time where we shot up and then created and now we're crawling our way back out of that basement to a bright horizon, it would be with confidence that the macro technology shifts that we are a part of are going to persist and the team and the technology that we've built are durable for that future.

如果我是投資者，我正在觀察您提到的隨著時間的推移我們的發展模式，即我們先是突飛猛進，然後開始創造，現在我們正從地下室爬出來，走向光明的前景，我有信心，我們所參與的宏觀技術變革將會持續下去，我們組建的團隊和技術將會在未來經久不衰。

So this is our 27th quarter of achieving the guidance that we put out to the world. And we hope and pray that we continue to do that against the backdrop of a very real technology shift in communications.

這是我們實現向世界發布的指導目標的第 27 季。我們希望並祈禱能夠在通訊技術真正轉變的背景下繼續這樣做。

So I hope that answers the question, Pat.

所以我希望這能回答這個問題，帕特。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞、威廉·布萊爾。

Thank you, guys, and great job on the quarter here. Maybe first to start with. I noticed that the net retention rate had a nice uptick from Q4 to Q1. It sounds like some of the usage growth is coming back, messaging a strong, enterprise is strong.

謝謝你們，大家，你們本季的表現非常出色。或許首先要從這裡開始。我注意到淨留存率從第四季到第一季有大幅上升。聽起來有些使用量成長正在回升，訊息傳遞功能強大，企業功能強大。

Can you maybe just give us a sense of how net retention might progress through the year and embedded in that? I assume there's also some Maestro but would love to hear how that might benefit that net retention figure as we progress through the year here.

您能否向我們介紹淨留存率在全年將如何變化以及其中蘊含的內容？我猜也有一些 Maestro，但我很想知道隨著我們今年的進展，這對淨保留數字有何好處。

Good morning, Arjun. This is Daryl. It's nice to hear from you. Let me just plainly say that we expect net retention to continue to grow.

早安，阿瓊。這是達裡爾。很高興收到你的來信。我只想坦白說，我們預期淨留存率將繼續成長。

Over the last 18 months, we've spoke each quarter about churning small inconsequential customers from our customer base and replacing them each quarter with larger enterprise customers.

在過去的 18 個月裡，我們每季都會談論從我們的客戶群中剔除那些不重要的小客戶，並用更大的企業客戶取而代之。

On net retention, when we remove existing customers, there is no more net retention, and so that will lower the rate. But when in that same quarter, we've replaced them with other customers, it's a year in the formula before net retention is reflected.

關於淨留存，當我們刪除現有客戶時，就不再有淨留存，因此這會降低費率。但是，當在同一季度，我們用其他客戶取代他們時，公式中需要一年的時間才能反映出淨留存率。

It's now been a year and going. We're very happy with our enterprise customer outcome. Our average annual revenue per customer grew to the record $190,000 and we're expecting through the year, net retention will be growing back to what a normal rates would have been, should have been had we not architected the churn over the last 18 months.

現在已經過去一年了。我們對我們的企業客戶成果非常滿意。我們每位客戶的平均年收入增長至創紀錄的 190,000 美元，並且我們預計，全年淨留存率將恢復到正常水平，如果我們沒有在過去 18 個月內設計客戶流失，那麼正常水平就應該是這樣的。

Okay. Perfect. That's really helpful. And then the other one I just wanted to touch on is gross margins. Again, I think you've called out that there will be a about 100 basis point improvement there year over year. But when I look at the Q1 performance, especially, it seems like there's been some outperformance there.

好的。完美的。這真的很有幫助。然後我想談的另一個問題是毛利率。再次，我認為您已經指出，該數字將同比提高約 100 個基點。但當我看第一季的表現時，似乎有一些出色的表現。

Again, can you just give us a sense for the puts and takes on gross margin? And I guess when I'm looking at this year and Q1 performance, maybe I'm extrapolating too much, but why can't it be higher than 100 basis point improvement as we're looking at 2024?

再次，您能否向我們介紹毛利率的利弊？我想，當我回顧今年和第一季的表現時，也許我推斷得太多了，但為什麼當我們展望 2024 年時，它不能高於 100 個基點的改善？

It is a -- the first quarter was, as I said, a really great performance. It touches the record that we set about 5 quarters ago in terms of a quarterly gross margin performance. We are still expecting it, as you said, to be 100 basis points higher for the full year over last year. We -- product mix certainly helps. We have -- we're also driving for cost efficiencies, which we continue to do.

正如我所說，第一季的表現確實非常出色。就季度毛利率表現而言，這觸及了我們大約五個季度前創下的記錄。正如您所說，我們仍然預計全年漲幅將比去年高出 100 個基點。我們——產品組合肯定有幫助。我們也在努力提高成本效率，我們會繼續這樣做。

And as our international grows, it will improve margin as well. But for now, for the full year, taking all things together and our investments that we're considering as well in terms of our network costs and the like, we're calling for a 100 basis point improvement. Is it conservative? Possibly, but that's what we're calling for right now.

隨著我們國際業務的成長，利潤率也將提高。但就目前而言，就全年而言，綜合考慮所有因素以及我們在網路成本等方面的投資，我們預計將實現 100 個基點的改善。它是保守的嗎？有可能，但這就是我們現在所呼籲的。

Quinton Gabrielli, Piper Sandler.

昆頓·加布里埃利，派珀·桑德勒。

Hey. Thanks, guys.I'm on for Jim Fish here at Piper Stanley. Just one question for us. As we think about your core use cases, really specifically in messaging, you're seeing strong messaging growth. Is there any material change in those kind of core use cases you're seeing or providing for customers? Or should we think about it as similar use cases as historical kind of provided by Bandwidth, it's just you're gaining more share in these kind of deployments? Thank you.

嘿。謝謝大家。我們只有一個問題。當我們考慮您的核心用例時，特別是在訊息傳遞方面，您會看到訊息傳遞業務的強勁成長。您所看到的或為客戶提供的這些核心用例是否發生了重大變化？或者我們應該將其視為與頻寬提供的歷史類似的用例，只是您在這些類型的部署中獲得了更多的份額？謝謝。

It's broad, Quinton. We have adoption across fintech, healthcare, large enterprise, retail, the messaging need for engagement is very, very broad. We expect that to continue. The share that we'll take both domestic and international is from incumbent providers as well as some of our competitors.

它很寬闊，昆頓。我們已在金融科技、醫療保健、大型企業、零售等領域採用此技術，參與資訊傳遞的需求非常非常廣泛。我們預計這種情況將持續下去。我們在國內和國際市場佔有的份額來自於現有供應商以及我們的一些競爭對手。

But the emerging use cases that displace conventional e-mail or even snail mail are significant. And so there's lots of upside once you're into a large enterprise account. So you should consider the success that we've had in messaging in enterprise, which has been broad to continue.

但取代傳統電子郵件甚至蝸牛郵件的新興用例具有重要意義。因此，一旦您進入大型企業帳戶，就會有很多好處。所以你應該考慮到我們在企業訊息傳遞領域所取得的成功，這種成功將會繼續廣泛延續。

Will Power, Baird.

威爾鮑爾、貝爾德。

Hi. This is [Yamis Mota] from Will Power. Thanks for taking the question. So could you just walk us through the drivers of your enterprise business in Q1? And how those -- some of those drivers of some of that upside might have changed here versus last quarter?

你好。我是 Will Power 的 [Yamis Mota]。感謝您回答這個問題。那麼您能否向我們介紹第一季企業業務的驅動因素？與上一季相比，這些上漲驅動因素可能發生了怎樣的變化？

I think the drivers are similar. Our Maestro product adoption is accelerating. It hasn't yet been a year since general availability. We have more awareness of our solution and our AI approach to enabling enterprises to easily get to the cloud. And that transition is not easy if you're working with an incumbent. You've got lots of use cases around AI that require orchestration of your voice and messaging services.

我認為驅動因素是相似的。我們的 Maestro 產品的採用正在加速。自全面上市至今不到一年。我們對我們的解決方案和 AI 方法有了更多的認識，使企業能夠輕鬆進入雲端。如果你與現任者共事，這種轉變並不容易。您在 AI 方面有很多用例，需要協調您的語音和訊息服務。

And so I think the enterprise adoption that we've seen in past quarters continues to pick up speed. And I think it's a function of the product strategy and our path to market. We've got great sales leadership. And again, I'd be remiss if I didn't call out Anthony Bartolo, our COO, and his leadership during this past period, driving the results that you see today.

因此我認為我們在過去幾季看到的企業採用速度正在持續加快。我認為這是我們的產品策略和市場路徑的功能。我們擁有出色的銷售領導力。再次強調，如果我不讚揚我們的營運長安東尼·巴托洛 (Anthony Bartolo) 以及他在過去這段時期的領導能力，那我就是失職了，正是他的領導才帶來了大家今天所看到的成果。

Okay, awesome. Thanks. And then just looking at messaging. I was hoping you could discuss the messaging outlook for the balance of the year. Maybe just a framework for some of the growth expectations there. Or I guess, what some key drivers could be there too? Any drivers of upside you call out?

好的，太棒了。謝謝。然後只查看訊息。我希望您能討論一下今年剩餘時間的訊息傳遞前景。這可能只是一些成長預期的框架。或者我猜測，還可能存在哪些關鍵驅動因素？您認為有哪些有利因素？

Messaging grew 50% in the first quarter, 34% in commercial messaging. I think our outlook for the second quarter would have a similar growth for commercial messaging. And then in messaging in total with the additional $40 million less $3 million, $37 million that would be called for in our projections, in the second quarter, you can expect messaging to definitely pick up in the second half of the year. That would be driven by continued robust commercial and the increased wedge of political campaign.

第一季簡訊業務成長了 50%，其中商業簡訊業務成長了 34%。我認為，我們對第二季商業訊息傳遞的展望也將出現類似的成長。然後，就第二季的訊息傳遞總額而言，加上額外的 4000 萬美元減去 300 萬美元，即 3700 萬美元，您可以預期訊息傳遞業務在下半年肯定會回升。這將受到持續強勁的商業活動和日益加劇的政治競選活動的推動。

And this concludes our question-and-answer session as well as the conference. Thank you very much for attending today's presentation. You may now disconnect and have a great day.

我們的問答環節和會議到此結束。非常感謝您參加今天的演講。現在您可以斷開連接並享受美好的一天。