Bandwidth Inc (BAND) 2024 Q2 法說會逐字稿

Good day and welcome to the Bandwidth, Inc., second quarter 2024 earnings conference call. Today, all participants will be in a listen only mode. (operator instructions) After today's presentation, there will be an opportunity to ask your questions. (operator instructions) Please note that today's event is being recorded.

美好的一天，歡迎參加 Bandwidth, Inc. 2024 年第二季財報電話會議。今天，所有參與者都將處於僅聽模式。（操作員說明）今天的演示結束後，您將有機會提問。（操作員說明）請注意，今天的活動正在錄製中。

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

我現在想將會議交給投資者關係副總裁莎拉華萊士 (Sarah Wallace)。請繼續。

Thank you and welcome to Bandwidth second quarter 2024 earnings call. Today, we will discuss the results announced in our press release issued earlier today. The press release and an earnings presentation with historical financial highlights can be found on the Investor Relations page at investors.Bandwidth.com.

感謝您並歡迎參加 Bandwidth 2024 年第二季財報電話會議。今天，我們將討論今天早些時候發布的新聞稿中宣布的結果。新聞稿和包含歷史財務亮點的收益演示可在 Investors.Bandwidth.com 的投資者關係頁面上找到。

With me on the call today 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.

今天與我一起參加電話會議的是我們的執行長 David Morken；和我們的財務長達裡爾·雷福德 (Daryl Raiford)。他們將從準備好的演講開始，然後我們將開始問答環節。

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

在電話會議期間，我們將做出可能被視為前瞻性的與我們業務相關的聲明，包括有關我們 2024 年第三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明示或暗示的任何未來結果或結果產生重大差異。

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

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對其進行更新。有關可能影響我們實際結果的重大風險和其他重要因素的討論，請參閱我們最新的10-K 文件中包含的內容（由其他SEC 文件更新），所有這些內容均可在我們網站的投資者關係部分取得： Bandwidth.com 和 SEC 網站 sec.gov。

During the course of today's call, we will refer to certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in our press release issued 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，我們將提及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以及收益報告中包含了 GAAP 與非 GAAP 指標的對賬，這些資訊位於我們的網站 Investors.Bandwidth.com 上。

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

現在，讓我把電話轉給大衛。

Thank you, Sarah. Welcome to Bandwidth's second quarter 2024 earnings call. We're pleased to report a very strong first half toward our plan for 2024. In the second quarter, we delivered solid revenue growth across all categories while accelerating profitability and cash flow.

謝謝你，莎拉。歡迎參加 Bandwidth 2024 年第二季財報電話會議。我們很高興地報告，我們的 2024 年計劃上半年表現非常強勁。第二季度，我們在所有類別中實現了穩健的收入成長，同時加速了獲利能力和現金流。

We are a disciplined operating team with a steady focus on expanding profitability, creating unique software innovations like Maestro and AIBridge and broadening the reach of our global Bandwidth Communications Cloud to deliver a sustainable competitive advantage.

我們是一支紀律嚴明的營運團隊，始終專注於擴大獲利能力、創造 Maestro 和 AIBridge 等獨特的軟體創新，並擴大我們的全球頻寬通訊雲端的覆蓋範圍，以提供可持續的競爭優勢。

The team is grateful for the trust our customers place in us every day and for our Bandmates who go the extra mile to support them. And I thank God for our opportunity to help connect people around the world.

團隊感謝客戶每天對我們的信任，以及不遺餘力支持他們的樂團成員。我感謝上帝給我們機會幫助世界各地的人們建立聯繫。

Voice communication is a large growing market and a pillar of our business delivered through our global communications plans and enterprise market offers. Bandwidth powers all the leaders in the Gartner Magic Quadrant for both unified communications and contact center as a Service.

語音通訊是一個不斷成長的龐大市場，也是我們透過全球通訊計畫和企業市場產品提供的業務支柱。頻寬為 Gartner 魔力像限中的所有領導者提供了統一通訊和聯絡中心即服務的支援。

Now, larger enterprises are increasingly recognizing the potential of cloud contact centers to transform customer experience and leading CCaaS platforms are capitalizing. Microsoft recently announced its new dynamics platform, where we are a foundational partner through Operator Connect and Direct Routing.

現在，大型企業越來越意識到雲端聯絡中心在改變客戶體驗方面的潛力，領先的 CCaaS 平台正在利用雲端聯絡中心。微軟最近宣布了其新的動態平台，我們透過 Operator Connect 和 Direct Routing 成為該平台的基礎合作夥伴。

We've also seen other top CCaaS players announce historic contracts with large numbers of seats. This is a trend that we expect will contribute to future growth in our GCP and enterprise categories. For example, a nationwide provider of medical claims management selected Bandwidth as their exclusive provider for voice, valuing our exceptional customer support and the flexibility of our Maestro product to orchestrate an enhanced call routing to their CCaaS platform.

我們還看到其他頂級 CCaaS 參與者宣布了擁有大量席位的歷史性合約。我們預計這一趨勢將有助於我們的 GCP 和企業類別的未來成長。例如，全國性的醫療索賠管理提供者選擇 Bandwidth 作為他們的獨家語音提供商，重視我們卓越的客戶支援以及 Maestro 產品的靈活性，以協調增強的呼叫路由到他們的 CCaaS 平台。

When CCaaS platforms add customers, we benefit as the underlying provider. And when the largest global organizations need to simplify and unify their communications Bandwidth gives them choice and control via our direct-to-enterprise market offer.

當CCaaS平台增加客戶時，我們作為底層提供者受益。當最大的全球組織需要簡化和統一其通訊時，頻寬可以透過我們直接面向企業的市場產品為他們提供選擇和控制。

Moving communications to the cloud and unifying voice, messaging and emergency services into a single cloud software experience is the fastest way for enterprises to simplify digital transformation company-wide, all while leveraging new AI solutions.

將通訊轉移到雲端並將語音、訊息傳遞和緊急服務統一到單一雲端軟體體驗是企業簡化全公司數位轉型的最快方式，同時利用新的人工智慧解決方案。

We have a proven track record of successfully orchestrating complex global cloud migrations for some of the largest enterprises. Our partnerships with hyperscalers, cloud platforms and Global 2000 customers continue to grow stronger and stronger through close collaboration and co-creation in this rapidly evolving market.

我們在為一些最大的企業成功協調複雜的全球雲端遷移方面擁有良好的記錄。透過在這個快速發展的市場中的密切合作和共同創造，我們與超大規模企業、雲端平台和全球 2000 強客戶的合作夥伴關係不斷發展壯大。

We foresee a long-term expansion of voice because it's the durable customer preference for two key use cases in the contact center high value transactions with human agents and convenient self-service through conversational AI.

我們預計語音將長期擴展，因為它是客戶對聯絡中心與人工座席的高價值交易和透過對話式人工智慧提供便利自助服務這兩個關鍵用例的持久偏好。

Human to human interactions like understanding a health insurance issue or rebooking cancelled flights, are sole business critical even a rare outage can cause significant loss of revenue or reputational damage to a brand. That's why more enterprises are turning to Bandwidth's redundant, resilient voice solutions.

人與人之間的互動（例如了解健康保險問題或重新預訂已取消的航班）對於唯一的業務至關重要，即使罕見的停機也可能會導致重大收入損失或品牌聲譽受損。這就是為什麼越來越多的企業轉向 Bandwidth 的冗餘、彈性語音解決方案。

For example, a leading provider of patient transportation, meal delivery, remote patient monitoring and personal and home care chose Bandwidth to power its cloud contact center. Our powerful API's, network reliability and comprehensive fail over protection offered by our Call Assure product resonated with the customer to safeguard their business critical voice calls.

例如，一家領先的患者運輸、送餐、遠端患者監控以及個人和家庭護理提供者選擇 Bandwidth 為其雲端聯絡中心提供支援。我們的 Call Assure 產品提供的強大的 API、網路可靠性和全面的故障轉移保護引起了客戶的共鳴，以保護他們的關鍵業務語音呼叫。

Reliability also motivated a trusted provider of business insurance to switch to Bandwidth as their sole provider for voice. They valued our advanced call routing solution, which efficiently directs their contact center traffic along with our superior back-end reporting tools.

可靠性也促使一家值得信賴的商業保險提供者轉而使用 Bandwidth 作為其唯一的語音提供者。他們非常看重我們先進的呼叫路由解決方案，該解決方案能夠有效地引導他們的聯絡中心流量以及我們卓越的後端報告工具。

As consumers grow more comfortable resolving lower level issues like a lost credit card by speaking to an AI powered virtual agents, Bandwidth is exceptionally well positioned to enable these interactions as well through our Maestro platform and global communications cloud.

隨著消費者越來越習慣透過與人工智慧驅動的虛擬代理對話來解決信用卡遺失等較低層級的問題，Bandwidth 處於非常有利的位置，可以透過我們的 Maestro 平台和全球通訊雲端實現這些互動。

AI powered voice automation leverages Bandwidth's voice network similarly to an interaction with a human agent, resolving many customer issues before they ever reach the contact center. For these technologies to work properly, especially with capabilities like fraud detection, the clarity and fidelity of the voice call are crucial.

人工智慧驅動的語音自動化利用 Bandwidth 的語音網絡，類似於與人工代理的交互，在客戶到達聯絡中心之前解決許多客戶問題。為了使這些技術正常運作，尤其是詐騙偵測等功能，語音通話的清晰度和保真度至關重要。

Bandwidth uniquely provides this quality because we own and operate our network. Our AIBridge product, available with Maestro, enables contact center operators to utilize pre-integrated conversational AI providers like Google Dialogflow and Cognigy, and we intend to announce more partners soon.

頻寬獨特地提供了這種質量，因為我們擁有並經營我們的網路。我們的 AIBridge 產品與 Maestro 一起提供，使聯絡中心操作員能夠利用預先整合的對話式 AI 提供者（例如 Google Dialogflow 和 Cognigy），並且我們打算很快宣布更多合作夥伴。

In summary, voice is a durable interface for customer service, whether through a human agent or via conversational AI even as getting support becomes faster, easier and more satisfying than ever before. In a world where enterprise customers must balance the need for reliability with the complexities of building trust and customer experience through service channels, Bandwidth is exceptionally well positioned.

總而言之，語音是一種持久的客戶服務介面，無論是透過人工代理還是透過對話式人工智慧，即使獲得支援變得比以往更快、更容易、更令人滿意。在企業客戶必須平衡可靠性需求與透過服務管道建立信任和客戶體驗的複雜性之間，Bandwidth 處於非常有利的地位。

We are capitalizing on the tailwinds of innovation within voice by becoming the platform of choice for industry leaders in this space, and it will all run on the Bandwidth global communications cloud.

我們正在利用語音創新的順風，成為該領域行業領導者的首選平台，並且一切都將在 Bandwidth 全球通訊雲端上運行。

With more innovative enterprises incorporating business texting alongside voice in their customer journeys, our programmable services offer is also well positioned to be a trusted single source provider. The Bandwidth Communications Cloud provides deliverability, scalability and insightful analytics that enterprises need to manage these complex customer interaction.

隨著越來越多的創新企業將商務簡訊與語音結合到其客戶旅程中，我們的可編程服務產品也有能力成為值得信賴的單一來源提供者。頻寬通訊雲端提供企業管理這些複雜的客戶互動所需的可交付性、可擴展性和富有洞察力的分析。

For example, a long-standing customer that provides communications solutions for hospitality, healthcare and municipal clients significantly increase their messaging business with us in the second quarter alongside the voice services, they already consume.

例如，一家為飯店、醫療保健和市政客戶提供通訊解決方案的長期客戶在第二季大幅增加了與我們的訊息業務以及他們已經消費的語音服務。

Our unique ability to provide local telephone numbers for SMS messaging in the many markets where their customers operate played a pivotal role in securing this additional business along with our deep industry knowledge, messaging, compliance expertise, and outstanding customer service.

我們在客戶經營的許多市場中提供簡訊簡訊本地電話號碼的獨特能力，以及我們深厚的行業知識、簡訊、合規專業知識和出色的客戶服務，在確保這項額外業務方面發揮了關鍵作用。

We believe our strength in commercial messaging give us a unique advantage in providing infrastructure and technology that drives future growth in some of the biggest market opportunities where messaging is a key driver of end user engagement, including the trillion-dollar e-commerce vertical, healthcare, IT and financial services.

我們相信，我們在商業訊息傳遞方面的優勢使我們在提供基礎設施和技術方面具有獨特的優勢，這些基礎設施和技術可推動一些最大市場機會的未來成長，其中訊息傳遞是最終用戶參與的關鍵驅動因素，包括價值數兆美元的電子商務垂直領域、醫療保健領域、IT 和金融服務。

Before I wrap up, I am delighted to announce that Devesh Agarwal has been appointed Interim Chief Operating Officer in just two years as our Chief Software Strategy Officer, Devesh has had a significant impact, including realigning our global engineering resources and accelerating time to delivery for key innovations like our Maestro platform.

在結束演講之前，我很高興地宣布Devesh Agarwal 在擔任我們的首席軟體策略官的短短兩年內被任命為臨時首席營運官，Devesh 產生了重大影響，包括重新調整我們的全球工程資源並加快交付時間關鍵創新，例如我們的 Maestro 平台。

In his new role, Devesh will draw on his significant prior global sales, go-to-market, product development and P&L leadership experience at large organizations, including Oracle. He is respected by all of us who work with him and I look forward to partnering with Devesh In his expanded mission.

在他的新職位上，Devesh 將利用他先前在 Oracle 等大型組織的重要全球銷售、上市、產品開發和損益領導經驗。他受到我們所有與他共事的人的尊重，我期待與德維什合作，完成他的擴展使命。

In closing, I am pleased to mark the halfway point of 2024 with solid performance. We are building a durable franchise based on disciplined operation, expanded profitability, differentiated product innovations, global reach, and unmatched dedication to serving our customers around the world.

最後，我很高興以穩健的表現標誌著 2024 年已過半。我們正在建立一個持久的特許經營權，其基礎是規範的運營、擴大的盈利能力、差異化的產品創新、全球影響力以及為世界各地的客戶提供無與倫比的奉獻精神。

Our space is dynamic and growing. Our market offers have attracted large, innovative and loyal customers who have relied upon our platform in some cases for over a decade, and we are still in the early stages of the cloud communications and AI revolution.

我們的空間充滿活力且不斷發展。我們的市場產品吸引了大批創新且忠誠的客戶，他們在某些情況下依賴我們的平台已有十多年了，而我們仍處於雲端通訊和人工智慧革命的早期階段。

Our leadership continues to be reinforced by industry recognition such as the UC award for best CPaaS platform, which was just announced in the past week. For all these reasons, I'm excited about what we'll achieve in the remainder of 2024 and beyond.

我們的領導地位因行業認可而不斷加強，例如上週剛宣布的 UC 最佳 CPaaS 平台獎。基於所有這些原因，我對我們在 2024 年剩餘時間及以後將取得的成就感到興奮。

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

現在我將把它交給達裡爾，讓他詳細介紹我們的財務表現和前景。

Thank you, David, and thanks, everyone, for joining us today.

謝謝大衛，也謝謝大家今天加入我們。

Bandwidth had a strong second quarter. We reported total revenue of $174 million, up 19% from last year and above the midpoint of our guidance range, an adjusted EBITDA of $19 million, up 77% from the prior year and surpassing the high end of our guidance. Free cash flow was $18 million, significantly higher than the first quarter and nearly $20 million over last year's quarter.

第二季頻寬表現強勁。我們報告的總收入為 1.74 億美元，比去年增長 19%，高於我們指導範圍的中點，調整後 EBITDA 為 1900 萬美元，比上年增長 77%，超過我們指導範圍的上限。自由現金流為 1,800 萬美元，顯著高於第一季度，比去年同期接近 2,000 萬美元。

This robust performance underscores how we are delivering on the commitment we made at our Investor Day 18 months ago to achieve sustainable, profitable growth, operating leverage and cash flow generation and an optimized capital structure.

這一強勁的業績突顯了我們如何兌現 18 個月前投資者日所做的承諾，以實現可持續的盈利增長、營運槓桿和現金流生成以及優化的資本結構。

Rounding out our second quarter results, again, total revenue grew to $174 million and consisted of cloud communications revenue of $128 million, up 8% from last year, and messaging surcharges of $45 billion.

第二季業績再次圓滿結束，總營收成長至 1.74 億美元，其中雲端通訊收入為 1.28 億美元，比去年成長 8%，訊息附加費為 450 億美元。

Our cloud communications revenue benefited from strong growth across all of our products and was led by messaging, which continued to be a strong driver, growing 33% year-over-year. The large bulk of our second quarter messaging revenue is derived from expanding commercial demand from new and existing customers across a variety of verticals and use cases, and also benefited from about $3 million in political campaign demand.

我們的雲端通訊收入受益於我們所有產品的強勁成長，並以訊息傳遞為主導，訊息傳遞仍然是強勁的推動力，較去年同期成長 33%。我們第二季訊息傳遞收入的很大一部分來自於各種垂直領域和用例的新舊客戶不斷擴大的商業需求，並且還受益於約 300 萬美元的政治競選需求。

A reminder that we go to market serving three customer categories, global communications plans customers, programmable services customers and direct enterprise customers. For global communications plans, our second quarter revenue grew 2% year-over-year, fully in line with our expectations, reflecting stable momentum across our CCaaS and UCCaaS power platform customers.

提醒我們，我們進入市場服務三類客戶：全球通訊計畫客戶、可程式服務客戶和直接企業客戶。對於全球通訊計劃，我們第二季的營收年增 2%，完全符合我們的預期，反映出我們的 CCaaS 和 UCCaaS 電力平台客戶的穩定動能。

Our programmable services category grew 31% year-over-year, driven by continued healthy messaging demand from commercial customers in e-commerce, financial services and health care, as well as the previously mentioned, $3 million tailwind from political campaign messaging.

我們的可程式服務類別年增31%，這得益於電子商務、金融服務和醫療保健領域商業客戶持續健康的訊息傳遞需求，以及前面提到的政治競選訊息傳遞帶來的300 萬美元的推動力。

In our enterprise direct customer category, we grew revenue, 25% year-over-year. Our Maestro platform and global communications cloud offerings are resonating with enterprise customers across many segments, including the financial services, healthcare and travel verticals.

在我們的企業直接客戶類別中，我們的收入年增了 25%。我們的 Maestro 平台和全球通訊雲端產品與金融服務、醫療保健和旅遊垂直領域等多個領域的企業客戶產生了共鳴。

In terms of operating metrics, our second quarter net retention rate was 111%, an improvement of 5 percentage points from the year ago quarter. Our net retention rate for our customers with greater than $100,000 ARR grew to 113%, 2 percentage points higher than the total Company metrics, demonstrating the value of our offerings and durability of our large customer installed base.

就營運指標而言，我們第二季的淨留任率為111%，比去年同期提高了5個百分點。我們對 ARR 超過 100,000 美元的客戶的淨保留率增長至 113%，比公司總指標高出 2 個百分點，這證明了我們產品的價值以及我們龐大客戶群的持久性。

Our customer name retention rate once again remained in excess of 99%, evidencing the reliability and reach of our global communications cloud paired with our unwavering focus on customer success and continuous innovation.

我們的客戶名稱保留率再次保持在 99% 以上，證明了我們全球通訊雲的可靠性和覆蓋範圍，以及我們對客戶成功和持續創新的堅定關注。

Our ARPU climbed to a record $198,000, reflecting our success in attracting and serving large enterprises for their business-critical communications. Our non-GAAP gross margin was 56% for the first quarter, up approximately 1 percentage point from the prior year's quarter, benefiting from the owner economics of our global communications cloud.

我們的 ARPU 攀升至創紀錄的 198,000 美元，反映出我們在吸引和服務大型企業關鍵業務通訊方面取得了成功。第一季我們的非 GAAP 毛利率為 56%，比去年同期成長約 1 個百分點，受益於我們全球通訊雲端的所有者經濟。

We generated free cash flow of $18 million, representing 14% margin, showing strong flow-through from adjusted EBITDA and prudent management of working capital. We remain on track to achieve greater than $50 million free cash flow in 2024, positioning us closer to our medium term target of greater than 15% free cash flow margin.

我們產生了 1800 萬美元的自由現金流，相當於 14% 的利潤率，顯示出調整後的 EBITDA 和謹慎的營運資本管理帶來的強勁現金流。我們仍有望在 2024 年實現超過 5,000 萬美元的自由現金流，從而更接近自由現金流利潤率超過 15% 的中期目標。

Touching on our capital structure, we're proud to deliver revenue growth, profit growth and the rapid deleveraging of our capital structure. In May, we finalized our plans to reduce the outstanding balance of our 2026 convertible notes by repurchasing $140 million outstanding notes for approximately $127 million in cash.

談到我們的資本結構，我們很自豪能夠實現收入成長、利潤成長和資本結構的快速去槓桿化。5 月，我們敲定了減少 2026 年可轉換票據未償餘額的計劃，以約 1.27 億美元現金回購 1.4 億美元未償票據。

This action, combined with the previous repurchasing exercises first begun in November 2022, has cumulatively resulted in $365 million of our 2026 convertible notes acquired at a significant discount, recognizing a cumulative $63 million net gain. We've kept our eyes on delivering value to shareholders by growing profitably and optimizing our capital structure opportunistically.

這項行動，加上先前於 2022 年 11 月首次開始的回購活動，累計導致我們以大幅折扣收購了 3.65 億美元的 2026 年可轉換票據，累計淨收益達 6,300 萬美元。我們一直致力於透過獲利成長和機會主義優化資本結構來為股東創造價值。

Now, turning to our outlook, I'd like to remind you that in May, we raised both our full year revenue and profitability guidance following our first quarter strong performance. We are again very pleased with our second quarter strong performance and indeed our first half 2024 performance has only strengthened our confidence in the raised full year outlook of approximately $715 million for revenue and approximately $74 million for adjusted EBITDA, which is a 54% improvement over 2023. These projections reflect our expectation for solid performance across all market offers.

現在，談到我們的展望，我想提醒您，在第一季度的強勁表現之後，我們在五月提高了全年收入和盈利能力指引。我們對第二季的強勁表現再次感到非常滿意，事實上，我們2024 年上半年的業績只會增強我們對全年預期收入約7.15 億美元和調整後EBITDA 約7400 萬美元的信心，這比去年同期提高了54% 2023 年。這些預測反映了我們對所有市場報價穩健表現的預期。

Embedded in our full year projections, we estimate $20 million from political campaign messaging, which represents less than 4% of cloud communications revenue. We are laser focused on growing the commercial base of business and the results from our last four quarters, our first half of '24, and once again, our just completed second quarter clearly demonstrate excellent progress towards that objective.

在我們的全年預測中，我們估計政治競選訊息將帶來 2000 萬美元的收入，佔雲端通訊收入的不到 4%。我們專注於發展業務的商業基礎，過去四個季度、2024 年上半年的業績以及我們剛完成的第二季度再次清楚地表明了在實現這一目標方面取得的出色進展。

In closing, our excitement entering the second half of '24 remains high. This year we are delivering sustainable, profitable growth based on a solid foundation of building the future with Maestro momentum and a global cloud platform positioned at the center of the communication software AI opportunity.

最後，進入 24 年下半年，我們的興奮感仍然很高。今年，我們以 Maestro 勢頭建立未來的堅實基礎和位於通訊軟體人工智慧機會中心的全球雲端平台為基礎，實現了可持續的獲利成長。

Our results clearly show we are retaining and growing our existing customer base. We are acquiring new innovative customers. We are growing ARPU. We are growing gross margin across all products. We are accelerating profitability. We are turning that profit into free cash flow, and we have demonstrably improved our capital structure.

我們的結果清楚地表明我們正在保留並擴大現有的客戶群。我們正在獲取新的創新客戶。我們正在增長 ARPU。我們所有產品的毛利率都在成長。我們正在加速獲利。我們正在將利潤轉化為自由現金流，我們已經明顯改善了我們的資本結構。

Now I'll turn the call over to the operator to begin the question and answer portion.

現在我將把電話轉給接線員以開始問答部分。

(operator instructions) Arjun Bhatia, William Blair.

（操作員說明）Arjun Bhatia，William Blair。

Thank you and appreciate taking the question here.

謝謝並感謝您在這裡提出問題。

Daryl, maybe can you start with I noticed the net retention rate increased quite nicely from Q1. I was hoping you'd just be able to flush out some of the drivers there and where you're seeing the most expansion from customers. And is this kind of growth expansion increased? Or are you seeing more kind of favorable volumes that are limiting some of that the downtick in consumption as well? Thank you.

達裡爾（Daryl），也許你可以先說一下我注意到淨保留率從第一季開始成長得相當不錯。我希望你能夠淘汰那裡的一些驅動程序，以及你看到客戶擴張最多的地方。而這種成長擴張有增加嗎？或者您看到更多有利的銷售也限制了消費的下降？謝謝。

It is broad-based. Thank you, Arjun, it's nice to speak with you. It is broad-based. We're happy with our net retention rate. You're right, it did grow sequentially and year-over-year. That's driven by our commercial messaging customers, that cohort from last year, as well as our enterprise customers. We're onboarding new enterprise customers each quarter, but we have established a nice base and that cohort has been expanding as we cross-sell.

它基礎廣泛。謝謝你，阿瓊，很高興與你交談。它基礎廣泛。我們對我們的淨保留率感到滿意。你是對的，它確實逐年增長。這是由我們去年的商業訊息傳遞客戶以及我們的企業客戶所推動的。我們每季都會吸引新的企業客戶，但我們已經建立了良好的基礎，並且隨著我們交叉銷售，該群體一直在擴大。

Okay, got it. And then maybe one for David here. But when you think about and embedding AI in the contact center, and I think you mentioned in your prepared remarks that voice is a durable channel, but why would AI not change the channel mix dynamics in the contact center? It seems like that is one of the early areas where we'll see AI adoption. But I'm curious what gives you the confidence that the voice is the preferred channel there, even under this new technology paradigm?

好的，明白了。也許還有一個給大衛的。但是，當您考慮將人工智慧嵌入聯絡中心時，我想您在準備好的發言中提到語音是一個持久的管道，但為什麼人工智慧不會改變聯絡中心的管道組合動態呢？這似乎是我們將看到人工智慧採用的早期領域之一。但我很好奇，是什麼讓您相信，即使在這種新技術範式下，語音也是首選管道？

It's interesting, OpenAI only this week announced that they are -- for some certain subscribers, enabling voice as an interface to query and get responses from ChatGPT. And I think what that represents is our conviction as well that voice is a primary human interface that we're illustrating on this call as we speak.

有趣的是，OpenAI 本週才宣布，他們為某些特定訂閱者啟用語音作為查詢 ChatGPT 並獲取回應的介面。我認為這也代表了我們的信念，即語音是一種主要的人機介面，我們在這通電話中正在說明這一點。

So voice and response, whether it's a live agent that you're interacting with its knowledgeable about your issue and resolving it, or an AI endpoint that has authoritative information at its virtual fingertips to relay to you.

因此，語音和回應，無論是您與了解您的問題並解決問題的即時代理進行交互，還是透過虛擬指尖將權威資訊轉發給您的人工智慧端點。

In both cases, our Maestro platform, the integrations that we offer, the underlying global cloud platform, all resonate deeply. It provides voice as what we believe will very quickly become a primary channel and access interface for AI, in both in the contact center origin and in many of these cases.

在這兩種情況下，我們的 Maestro 平台、我們提供的整合、底層的全球雲端平台都引起了深刻的共鳴。它提供的語音功能很快就會成為人工智慧的主要管道和存取接口，無論是在聯絡中心還是在許多此類情況下。

All right, perfect. Thank you. Appreciate it.

好吧，完美。謝謝。欣賞它。

Ryan MacWilliams, Barclay's.

瑞安·麥克威廉斯，巴克萊銀行。

Hey guys, it's Eamon Coughlin on for Ryan MacWilliams. Thanks for taking the question. Great to see the beat on EBITDA guide and revenue coming in line. Was the decision to reiterate both of these metrics, particularly EBITDA, a sign of conservatism, or was there a shift to expectations and now the second half will perform compared to 1Q?

大家好，我是瑞恩·麥克威廉斯的埃蒙·考夫林。感謝您提出問題。很高興看到 EBITDA 指南和收入的成長符合預期。重申這兩個指標（尤其是 EBITDA）的決定是否是保守主義的跡象，或者是否存在預期轉變，現在下半年的表現將與第一季相比？

Eamon, do you mind -- So your question was related to do repeat that? You broke up on us.

艾蒙，你介意嗎──那麼你的問題與重複一遍有關嗎？你和我們分手了。

So was the decisions to reiterated both EBITDA and rev a sign of conservatism or is there a shift in expectations and how the back half will perform compared to 1Q?

那麼，重申 EBITDA 和 Rev 的決定是否是保守主義的跡象，或者預期是否發生了變化，以及與第一季相比，下半年的表現如何？

We're really pleased with the performance. The first quarter performance we grew approximately 10% to terms or 12% in terms of cloud communications revenue. We grew another 8% in the second quarter. First half has been very, very strong. It has only really strengthened our conviction around the full year. Raise got outlook from last May of 715 as a midpoint of revenue and 74 is a midpoint of EBITDA. There is some potential inherent conservatism in that, and I think derisking the second half is on is appropriate.

我們對演出非常滿意。第一季業績成長約 10%，雲端通訊收入成長 12%。第二季我們又成長了 8%。上半場非常非常強勁。它確實增強了我們全年的信念。Raise從去年5月起將715作為收入中點，74作為EBITDA中點進行展望。這其中存在著一些潛在的固有保守主義，我認為消除下半年的風險是適當的。

Perfect. And then just curious how usage volume has trended throughout the quarter? And have volumes shown similar trends so far early in the third quarter?

完美的。然後只是好奇整個季度的使用量趨勢如何？到目前為止，第三季初的銷售是否也顯示出類似的趨勢？

In terms of -- Well, leading into the leading into the first part of this third quarter, we're very pleased with the volumes. We're very pleased with our commercial volumes. Our global communications plans, commercial messaging and enterprise customers continue to show exhibit usage patterns that we would expect that drive our confidence in our full year outlook.

就——嗯，進入第三季第一季度，我們對銷售非常滿意。我們對我們的商業量非常滿意。我們的全球通訊計畫、商業資訊和企業客戶持續展現出我們預期的使用模式，這將增強我們對全年前景的信心。

Perfect. Thanks, guys.

完美的。謝謝，夥計們。

Will Power, Baird.

意志力，貝爾德。

Okay, great. Thanks. Yeah, it's great to hear based on the early traction with Maestro and Bridge AI. I guess I'd loved it maybe if we can maybe dig even deeper there as to some of the customer conversations you're having there and kind of product rollouts with the combination, kind of where are we in that evolution? I assume it's pretty early. And what does that Maestro and Bridge AI kind of pipeline look like? I'm just trying to better understand the medium, long-term opportunity there. Thanks.

好的，太好了。謝謝。是的，很高興聽到 Maestro 和 Bridge AI 的早期吸引力。我想我可能會喜歡它，如果我們可以更深入地挖掘您在那裡進行的一些客戶對話以及透過組合推出的產品，我們在這一演變中處於什麼位置？我想現在還很早。Maestro 和 Bridge AI 的管道是什麼樣的？我只是想更了解那裡的中長期機會。謝謝。

Thanks, Will. This is David. The medium and long-term opportunity for Maestro and AIBridge is fantastic. And we illustrated during this quarter some of the customer wins and I'll just highlight those. Thanks for the great question.

謝謝，威爾。這是大衛。對於 Maestro 和 AIBridge 來說，中長期機會非常好。我們在本季展示了一些贏得客戶的案例，我將重點介紹這些。感謝您提出的好問題。

First one is a nationwide provider of medical claims management. This customer provide solutions for industries like workers' comp, auto health, disability management and they manage claims and do virtual care.

第一個是全國範圍內的醫療索賠管理提供者。該客戶為工人補償、汽車健康、殘疾管理等行業提供解決方案，他們管理索賠並進行虛擬護理。

And these are complex interactions with customers. And we are providing Microsoft Teams Voice as a solution with inbound-outbound voice from Bandwidth. And Maestro helps them with this voice interface, the SMS inbound-outbound solution and the ability to integrate third party solutions that -- some are pre-integrated, some that they bring to the table. That's one example.

這些都是與客戶的複雜互動。我們提供 Microsoft Teams Voice 作為解決方案，透過 Bandwidth 提供入站和出站語音。Maestro 透過語音介面、SMS 入站/出站解決方案以及整合第三方解決方案的能力為他們提供幫助——有些是預先整合的，有些是他們提供的。這就是一個例子。

And I think what's really important to understand about this kind of a Maestro win is it represents a contract value that is orders of magnitude larger than our $198,000 average ARPU. This is an enterprise customer using an enterprise product and Maestro at an enterprise contract value that is orders of magnitude larger than our ARPU.

我認為理解這種 Maestro 勝利真正重要的是，它代表的合約價值比我們 198,000 美元的平均 ARPU 高出幾個數量級。這是一個使用企業產品和 Maestro 的企業客戶，其企業合約價值比我們的 ARPU 大幾個數量級。

The second one is a provider of patient transportation, meal delivery, remote patient monitoring and personal and home care. They also are a Maestro win. They also use our toll free Call Assure product, and the flexibility that we give them with Maestro as an orchestration layer allows them to really build a future proof. I've set of services internally for engaging with customers.

第二家是患者運輸、送餐、遠端患者監控以及個人和家庭護理的提供者。他們也是大師級的勝利。他們還使用我們的免費 Call Assure 產品，而我們透過 Maestro 作為編排層為他們提供的靈活性使他們能夠真正建立面向未來的產品。我在內部提供了一套與客戶互動的服務。

And these are complex customer interactions. And the Maestro products is so unique in the marketplace compared to the incumbents or anyone else. We're really excited. And again, this this example -- this is a three year contract at many multiples of our average ARPU that we'd experienced historically.

這些都是複雜的客戶互動。與現有產品或其他產品相比，Maestro 產品在市場上非常獨特。我們真的很興奮。再說一次，這個例子——這是一份為期三年的合同，其平均 ARPU 是我們歷史上經歷過的許多倍。

So those are just two examples. Both happened to be in health care, both nationwide, domestic. During the period we also added a global luxury brand using our platform outside the United States is another example. But in each of these cases, well, these are really smart operating teams planning for the future in a very fluid environment where there are third party solutions in AI that are emerging.

這只是兩個例子。兩人碰巧都從事醫療保健行業，無論是全國性的還是國內的。在此期間，我們還添加了一個在美國以外使用我們平台的全球奢侈品牌，這是另一個例子。但在每一種情況下，這些都是非常聰明的營運團隊，在一個非常流動的環境中規劃未來，其中人工智慧領域的第三方解決方案正在出現。

And they want to make sure they're ready with an orchestration layer. When those best-of-breed or novel new solutions emerge. And so they're planning for the future, they're signing with us, and leaving incumbents and doing so at a contract value for us that is really healthy.

他們希望確保已經準備好編排層。當那些最佳的或新穎的新解決方案出現時。因此，他們正在規劃未來，他們正在與我們簽約，並留下現任者，並以對我們來說非常健康的合約價值這樣做。

Okay. That's helpful. Thank you. And then maybe just a quick second question, whether David or Daryl, just on the messaging growth, which continues to look -- continuously to look very good, I guess up 33%. I guess the question is, is that apples-to-apples, with the 50% in Q1 and any kind of color on deceleration, is there seasonality in there? Just trying to understand kind of the delta, I guess, and the change even though was still a healthy number here.

好的。這很有幫助。謝謝。然後也許只是一個快速的第二個問題，無論是大衛還是達裡爾，只是關於訊息傳遞增長，它繼續看起來 - 持續看起來非常好，我猜增長了 33%。我想問題是，第一季的 50% 和減速的任何顏色，是否有季節性？我想，只是想了解三角洲的類型，儘管這裡仍然是一個健康的數字，但這種變化。

Yeah, thank you. It is a healthy number and we're pleased with that commercial growth. There is some seasonality, there is some usage patterns and useage timing, that goes with that. But there's nothing -- it's very healthy and there's nothing to report really on that.

是的，謝謝。這是一個健康的數字，我們對這種商業成長感到滿意。有一些季節性，有一些使用模式和使用時間，與之相伴。但沒有什麼——它非常健康，沒有什麼可以真正報告的。

Okay. Thank you all.

好的。謝謝大家。

Thanks Will.

謝謝威爾。

Patrick Walravens, JMP Securities.

帕特里克·瓦爾拉文斯 (Patrick Walravens)，JMP 證券。

Great. Thank you and congratulations to you guys. The sustained performance at Bandwidth is really great. Okay, so maybe first of all, David, very big picture, yes have this comparison between you guys and AWS in your deck, which can you just comment on that? So what are the similarities? And where does that compares to the breakdown?

偉大的。謝謝你們並恭喜你們。頻寬的持續表現確實很棒。好吧，也許首先，大衛，非常大的畫面，是的，你的甲板上有你們和 AWS 之間的比較，你能對此發表評論嗎？那麼有哪些相似之處呢？與崩潰相比，情況又如何呢？

Yeah. All analogies are helpful. Throughout all of this (inaudible) absolutely right. In this case, the cloud migration revolution is something that was pioneered by AWS, where you got rid of servers that you were racking and stacking on your prem and you are able on a global regional basis, to abstract processing, storage, compute, security and many of the things to AWS in a wonderful way.

是的。所有的類比都是有幫助的。自始至終這一切（聽不清楚）絕對正確。在這種情況下，雲端遷移革命是由 AWS 開創的，您擺脫了在本地部署和堆疊的伺服器，並且能夠在全球區域的基礎上抽象處理、儲存、計算、安全AWS 的許多功能都以一種奇妙的方式實現。

And you were liberated from hardware concerns on site, from incumbent legacy interconnections that were challenging and difficult. And it really provided the base layer for much of the amazing experiences available today digitally.

您可以從現場的硬體問題以及充滿挑戰和困難的現有遺留互連中解放出來。它確實為當今數位化的許多令人驚嘆的體驗提供了基礎層。

In the enterprise, we as an analogy to that, have really pioneered for UCaaS for CCaaS, for conferencing now for AI, across all those different use cases, that same cloud-based approach to technology for the future.

在企業中，我們以此為類比，真正開創了 UCaaS、CCaaS、現在的會議、人工智慧、跨越所有這些不同的用例，以及面向未來的相同基於雲端的技術方法。

You don't have to have on your prem, any hardware, you don't have to maintain software. You're able to leave AT&T, Verizon, Lumen and other incumbents behind and really take your voice and messaging services to the cloud with Bandwidth and do so globally. And that's really important with a single universal platform and access to our universal API, you don't have to have multiple integrations.

您無需在本地部署任何硬件，也無需維護軟體。您可以將 AT&T、Verizon、Lumen 和其他現有企業拋在後面，真正透過 Bandwidth 將您的語音和訊息服務轉移到雲端，並在全球範圍內實現。對於單一通用平台和對我們通用 API 的存取來說，這一點非常重要，您不必進行多個整合。

Now, certainly the analogy can break down. We aren't yet at the scale of AWS. That's one way in which it does not work. But certainly as an example, structurally and architecturally, it's very aligned.

現在，這個類比肯定不成立了。我們還沒有達到 AWS 的規模。這是它行不通的一種方式。但可以肯定的是，作為一個例子，在結構和架構上，它是非常一致的。

All right, great. And then, Daryl, some financial questions for you if you don't mind. First of all, can you just walk us through sort of the traunches of what remains in your debt and when they come due, so you hae the credit line, you have there 250 convert in '28, and then the is there some of the 26 left?

好吧，太好了。然後，達裡爾，如果您不介意的話，可以問您一些財務問題。首先，您能否向我們介紹一下您的債務中剩餘的部分以及它們何時到期，這樣您就有信用額度，您在 28 年有 250 個轉換，然後是一些還剩26個？

Yeah. So let's start at the first one you articulated, Pat. To close the transaction on this last repurchase exercise. On the 26 convertible notes, we drew -- we had expanded our revolving credit facility with Bank of America and Wells Fargo to $100 million and drew $50 million.

是的。所以，讓我們從你提出的第一個開始，帕特。完成最後一次回購活動的交易。我們在 26 張可轉換票據上提取了——我們已將與美國銀行和富國銀行的循環信貸額度擴大到 1 億美元，並提取了 5000 萬美元。

And that was a balance at the on a immediately upon draw. We were able to, within 45 days, reduce debt by 20%. So at the end of the quarter, we had $40 million drawn. And our pace, we expect to remain on that pace going forward here, and to reduce that balance essentially to nothing.

這是平局後立即的平衡。我們能夠在 45 天內將債務減少 20%。因此，到本季末，我們提取了 4000 萬美元。我們的步伐，我們預計將繼續保持這樣的步伐，並將這種平衡基本上消除到零。

The 26 notes have $35 million remaining on them trading at about 32. I understand, as the last time I looked at it, that $35 million is just going to sit there until March 2026 will be our intent. It is at 25 basis points. And just given the tender rules, the tender rules and the like on further repurchasing, we will just be retiring that in the ordinary course. We have the final tranches are February or 1 of March 28 -- 2028 convertible notes at 50 basis points, which is $250 million, currently trading around $160 million.

這 26 張票據剩餘 3,500 萬美元，交易價格約為 32 美元。據我所知，正如我上次看到的那樣，3500 萬美元將一直擱置到 2026 年 3 月才是我們的意圖。為25個基點。考慮到進一步回購的招標規則、招標規則等，我們將在正常過程中取消它。我們的最後一批是 2 月或 3 月 28 日的 2028 年可轉換票據，利率為 50 個基點，價值 2.5 億美元，目前交易額約為 1.6 億美元。

And that is -- we're aware of it. We do recognize that it's a little, slightly less than four years from now, and we'll just be paying attention to that as we stay on our track to produce over 15% free cash flow margin and really optimize and improve out our business.

那就是——我們知道這一點。我們確實認識到，距離現在還有不到四年的時間，我們將繼續關注這一點，以實現超過 15% 的自由現金流利潤率，並真正優化和改善我們的業務。

Yeah. All right, well fabulous. So much easier to see how you get through this now than it was before. I'm surprised, it's interesting as Joel training that was your discount seems like a disconnect, but okay.

是的。好吧，太棒了。現在比以前更容易了解自己如何度過這個難關。我很驚訝，這很有趣，因為喬爾的訓練是你的折扣，這似乎是一種脫節，但沒關係。

And then lastly, just big picture on the growth rate. I mean, like in my model. I have you going back down to 9% next year and then Dan, back up near 20 the year after. How do we think about how much you're able to even out that every other year growth rate, which is one thing, which I think, some investors have a hard time wrapping their heads around?

最後，關於成長率的整體情況。我的意思是，就像在我的模型中一樣。我讓你明年回落到 9%，然後丹，後年回升至接近 20%。我們如何看待你能夠在多大程度上平衡每隔一年的成長率，這是一件事，我認為有些投資人很難理解這一點？

Hey, Pat, this is David. I think your question about our capital strategy and how we've paid down debt addressed the viability concerns investors have had. Others have talked about surcharges. We've overcome both objections. And as to cyclicality, seasonality, it's something that, I think, represents growing pains for a business that's beginning to scale and that over time, we're definitely going to smooth out those waves. They certainly are beneficial to pay down debt and are useful in our capital strategy. But the momentum in commercial messaging and enterprise, I think, speaks for itself regarding our long term, steady, durable franchise of both revenue growth combined with profitability.

嘿，帕特，這是大衛。我認為你關於我們的資本策略以及我們如何償還債務的問題解決了投資者對生存能力的擔憂。其他人談到了附加費。我們已經克服了這兩個反對意見。至於週期性、季節性，我認為，這代表了一個開始規模化的企業的成長煩惱，隨著時間的推移，我們肯定會消除這些波動。它們當然有利於償還債務，並且對我們的資本策略很有用。但我認為，商業資訊和企業的發展勢頭本身就說明了我們長期、穩定、持久的收入成長和獲利能力。

All right. Thank you guys.

好的。謝謝你們。

Meta Marshall, Morgan Stanley.

梅塔‧馬歇爾，摩根士丹利。

Great, thanks. Maybe on Maestro, just where are customers kind of asking you for kind of the most extensive expansion integration right now? Just is there a certain category where you're finding kind of the most uptick in activity there?

太好了，謝謝。也許在 Maestro 上，客戶現在在哪裡要求您提供最廣泛的擴充整合？您是否發現某個類別的活動成長最快？

And then second, just on maybe you guys have a lot of partnerships that kind of sales channels. Just where you kind of find the most effective our sales channels right now or areas to expand kind of internal things? Thanks.

其次，也許你們有很多類似銷售管道的合作關係。現在您可以在哪裡找到最有效的銷售管道或擴展內部業務的領域？謝謝。

Thanks, Meta. This is David. The biggest demand that we're seeing for Maestro and AIBridge is definitely within the contact center, serving as a primary technology orchestration layer that supports a huge number of emerging solutions that address different aspects of call flow and call resolution, sentiments, fraud detection, identity.

謝謝，梅塔。這是大衛。我們看到 Maestro 和 AIBridge 的最大需求肯定是在聯絡中心內，作為主要的技術編排層，支援大量新興解決方案，解決呼叫流程和呼叫解決、情緒、詐欺偵測、身分。

There are an enormous number of opportunities that really require the Maestro product to integrate easily, or to take advantage of pre-integrations to do so on a global footprint basis, to connect to one API to be able to do so. Contact center, to answer your question is definitely the area in which we see the most immediate demand.

有大量的機會確實需要 Maestro 產品輕鬆集成，或者利用預集成在全球範圍內實現這一點，連接到 API 才能實現這一點。聯絡中心，回答您的問題絕對是我們看到最直接需求的領域。

As to the second question regarding the Maestro sales funnel, some of it is clearly coming from existing customers that we already work with, that have a familiarity with us in what we do and have bought into the early beta release last year, August 31.

至於關於 Maestro 銷售管道的第二個問題，其中一些顯然來自我們已經合作過的現有客戶，他們熟悉我們的工作，並在去年 8 月 31 日購買了早期測試版。

We continue to grow the new opportunity funnel in finance, in health care, in transportation. These are all large verticals that have complex customer engagement models in the contact center where we're seeing great success, growing enterprise at a 25% growth rate, and we think that that is healthy and in line with our expectation.

我們繼續在金融、醫療保健和交通運輸領域發展新的機會管道。這些都是大型垂直產業，在聯絡中心擁有複雜的客戶參與模型，我們在聯絡中心取得了巨大的成功，企業以 25% 的成長率發展，我們認為這是健康的，符合我們的預期。

We do have an emerging channel strategy that's really important. And we expect over time that will contribute to our direct approach to the market with our sales team.

我們確實有一個非常重要的新興通路策略。我們預計隨著時間的推移，這將有助於我們與銷售團隊直接進入市場。

Great, thanks.

太好了，謝謝。

Ryan Koontz. (inaudible)

瑞恩·孔茨。（聽不清楚）

Thanks for the question and congrats on the great momentum here in H1. You really see an inflection here in growth, and I wonder if you see any changes in the competitive landscape that are you're helping in helping you achieve some of those higher growth rates? David would be intrested to hear your thoughts on the competitive landscape. Thanks.

感謝您的提問，並祝賀上半年的強勁勢頭。你確實看到了成長的轉折點，我想知道你是否看到競爭格局發生任何變化，你正在幫助你實現一些更高的成長率？大衛很想聽聽您對競爭格局的看法。謝謝。

Thanks, Ryan. I wish we had the kind of lead that Katie Ledecky has at about the 1,400 meter mark and her 1,500 meter swims. I'd like to -- we do look to our left and right swim lanes and are excited about the leadership position that our team has achieved and we're headed for the podium to continue the Olympic analogy.

謝謝，瑞安。我希望我們能像凱蒂·萊德基 (Katie Ledecky) 在 1,400 公尺大關和她的 1,500 公尺游泳比賽中取得的領先優勢一樣。我想——我們確實關注左右泳道，並對我們團隊所取得的領導地位感到興奮，我們正走向領獎台，繼續奧運的比喻。

There are no new entrants diving into the pool. There are very known quantities that we collaborate with in some cases, incumbents that we compete with mightily. And in the vanguard, we're proud of being in a space that is really innovative and in the lead that we've achieved so far, we're excited about continuing.

沒有新的進入者跳入池中。在某些情況下，我們與一些眾所周知的公司合作，我們與現有的公司進行激烈的競爭。作為先鋒，我們為身處一個真正創新的領域而感到自豪，並且在我們迄今為止所取得的領先地位中，我們對繼續保持感到興奮。

Do you feel like to some degree, you have a cost advantage over legacy players at least?

您是否覺得在某種程度上，您至少比傳統玩家擁有成本優勢？

No dought. Yeah, thank you, Ryan. There's no question that owning and operating our platform globally provides us with a vertically integrated advantage for both cost, but also quality and reliability. We're able to deliver visibility to enterprise customers that need to know how their services are performing on a global basis and economically as well as quality, we have an advantage.

沒有麵團。是的，謝謝你，瑞安。毫無疑問，在全球擁有和營運我們的平台為我們提供了成本、品質和可靠性方面的垂直整合優勢。我們能夠為需要了解其服務在全球範圍內表現如何的企業客戶提供可見性，並且在經濟性和品質方面，我們具有優勢。

And there, in some cases, our 15 years of infrastructure work that have gone into our global platform, and we are proud of that. It's a huge differentiator. Large, global enterprise can trust us to not point fingers at other vendors, but instead to predictably identify issues and to resolve them when they emerge, but most of all to avoid issues altogether.

在某些情況下，我們 15 年的基礎設施工作已經進入我們的全球平台，我們為此感到自豪。這是一個巨大的差異化因素。大型跨國企業可以相信我們不會指責其他供應商，而是能夠以可預測的方式識別問題並在問題出現時解決它們，但最重要的是完全避免問題。

Quick follow-up there. Are you seeing more traction in US these days, or how's Europe developing?

那裡的快速跟進。您最近是否看到美國的吸引力更大，或者歐洲的發展情況如何？

Both Europe and globally are developing well. We signed in the period one customer that we called out a global, luxury brand and have more Maestro customers that are signing up both globally and domestically in the quarter. So we're excited about that success.

歐洲和全球都發展良好。我們在這段期間簽約了一位客戶，我們稱之為全球奢侈品牌，並且本季有更多的 Maestro 客戶在全球和國內簽約。因此，我們對這一成功感到興奮。

Certainly US domiciled, large, global companies remain the foundation for our business, but we are serving customers around the world. And that will continue to be our focus. Just a global, single, unified platform for voice and messaging for enterprise pushing.

當然，在美國註冊的大型跨國公司仍然是我們業務的基礎，但我們正在為世界各地的客戶提供服務。這將繼續是我們的重點。只是一個用於企業推送的全球、單一、統一的語音和訊息平台。

Thank you.

謝謝。

James Fish, Piper Sandler.

詹姆斯·菲什，派珀·桑德勒。

Hey, guys. I did want to circle back to Will's question. As I think, it's important, arguably your biggest growth driver right now. If my math is right here, it appears the messaging API, sort of ex political and ex-passthrough grew just sub 20%, which is down from roughly 34% and almost 70% in Q4.

嘿，夥計們。我確實想回到威爾的問題。我認為，這很重要，可以說是您目前最大的成長動力。如果我的數學在這裡，那麼訊息傳遞 API、某種前政治和前傳遞的成長僅低於 20%，低於第四季的約 34% 和近 70%。

I guess what what seasonal slowdown is causing this? Or was there something sort of geographically, competitively or kind of use case wise that the end cause here? And really just to kind of set expectations for all of us. I guess, what do you guys see as the growth for messaging this year?

我猜是什麼季節性放緩導致了這種情況？或者是否有某種地理、競爭或用例方面的因素導致了這裡的最終原因？實際上只是為了為我們所有人設定期望。我想，你們認為今年消息傳遞的成長是什麼？

We did -- Hey, good morning. This is Daryl. It's nice to speak with you. Our commercial message, you're right, our commercial messaging, right at 20%, slightly less in terms of growth. And that is right in line with our expectation and where we where we thought it would be. There are some seasonal factors. There's no change in customer mix or any shift in the cohort or the like.

我們做到了——嘿，早安。這是達裡爾。很高興與你交談。我們的商業訊息，你是對的，我們的商業訊息，是 20%，就成長而言略低一些。這完全符合我們的期望，也符合我們的預期。有一些季節性因素。客戶組合沒有變化，人群也沒有任何變化等。

We're really pleased that our our cloud communications revenue grew $10 million or 8% over the prior year that led to an expansion in margin by that point. And also very good EBITDA profitability flow-through on that incremental revenue.

我們非常高興我們的雲端通訊收入比上一年增長了 1000 萬美元，即 8%，這導致了當時利潤率的擴大。而且增量收入的 EBITDA 獲利能力也非常好。

In fact, that I would probably call your attention to the model economics on that because we have been really focused on and speaking about scale, and as revenue grows and how that's going to produce disproportionate profit. So we're really happy with that.

事實上，我可能會提請您注意模型經濟學，因為我們一直非常關注並談論規模，以及隨著收入的增長以及這將如何產生不成比例的利潤。所以我們對此感到非常高興。

There's really nothing to report in commercial -- in terms of commercial messaging. It is right in line with where we think it should have been and based on our customer conversations, and we're looking forward to a continuing strong second half.

在商業資訊方面，確實沒有什麼好報道的。這完全符合我們認為應該達到的水平，並且基於我們與客戶的對話，我們期待下半年繼續強勁。

Got it. Helpful Daryl. Any changes competitively across mediums versus Twilio center legacy carrier providers? And within that conversation, I guess, what are you guys seeing with pricing across both messaging and voice? Thanks, guys.

知道了。樂於助人的達裡爾。與 Twilio 中心傳統營運商供應商相比，跨媒體的競爭有何變化？我想，在這次談話中，你們對訊息和語音的定價有何看法？謝謝，夥計們。

Thanks, James. There hasn't been any change in our competitive landscape from those like us who have been very innovative in the space or incumbents that have lagged. I think that the dynamics and competitors set up well. And again, no change.

謝謝，詹姆斯。對於像我們這樣在該領域非常具有創新精神的公司或落後的現有企業來說，我們的競爭格局沒有任何變化。我認為動態和競爭對手設定得很好。再說一遍，沒有任何變化。

And at this time, we are showing no further questioners in the queue. And this does conclude both our question and answer session and today's conference.

目前，我們在隊列中沒有顯示更多提問者。我們的問答環節和今天的會議到此結束。

Thank you for attending today's presentation. And you may now disconnect.

感謝您參加今天的演講。您現在可以斷開連線。