Bandwidth Inc (BAND) 2024 Q3 法說會逐字稿

Good morning, and welcome to Bandwidth's third quarter 2024 earnings webinar, and Happy Halloween. Today, we have a treat for you with a special edition of our earnings call by video, so we can share some highlights from our recent user conference. I'm joined today by 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. Our earnings press release was issued earlier today.

早安，歡迎參加 Bandwidth 2024 年第三季財報網路研討會，祝萬聖節快樂。今天，我們為您準備了特別版的視訊財報電話會議，以便我們分享最近用戶會議的一些亮點。今天我們的執行長 David Morken 也加入了我的行列。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。我們的收益新聞稿於今天早些時候發布。

Press release and an earnings presentation with historical financial highlights and a reconciliation of GAAP to non-GAAP financial results can be found on the investor relations page at investors.bandwidth.com.

您可以在 Investors.bandwidth.com 的投資者關係頁面上找到新聞稿和包含歷史財務亮點的收益演示以及 GAAP 與非 GAAP 財務業績的對帳表。

During the call, we will make statements related to our business that may be considered forward looking, including statements concerning our financial guidance for the fourth quarter and full year 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，包括有關我們第四季度和 2024 年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. With that, let me turn the discussion over to David.

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）。那麼，讓我把討論轉給大衛。

Thank you, Sarah. Welcome to Bandwidth's third quarter 2024 earnings call. We're pleased to report solid momentum in Q3, carrying us into the end of the year with record revenue and profitability performance, strong conversion to free cash flow, and continued operating discipline.

謝謝你，莎拉。歡迎參加 Bandwidth 2024 年第三季財報電話會議。我們很高興地報告第三季度的強勁勢頭，使我們以創紀錄的收入和盈利表現、向自由現金流的強勁轉化以及持續的經營紀律進入年底。

Given the overperformance in the quarter, we are raising our full year outlook on both the top and bottom lines. These results are driven by the trust our customers place in us to deliver their business-critical services, and I'm deeply grateful to our customers and our Bandmates who make this possible.

鑑於本季的優異表現，我們上調了全年的營收和利潤預期。這些成果是由客戶對我們提供關鍵業務服務的信任所推動的，我非常感謝我們的客戶和我們的樂團成員，是他們讓這一切成為可能。

I also want to take a moment to thank God for the opportunities he has provided to us all. In September, we hosted Reverb24, our first-ever user conference at our campus in Raleigh, North Carolina. The event was a huge success as we engaged with over 100 customers and prospects in person and 1,400 more streaming globally.

我還想花點時間感謝上帝為我們所有人提供的機會。9 月，我們在北卡羅來納州羅利園區舉辦了首次用戶會議 Reverb24。這項活動取得了巨大成功，我們與 100 多名客戶和潛在客戶進行了面對面交流，並在全球範圍內透過直播與 1,400 多名客戶和潛在客戶進行了交流。

This was truly a milestone moment in our 25-year history and a strong proof point that the world's large enterprises rely on Bandwidth to transform their customer and employee experiences. As one customer told us afterwards, I have a much better understanding of bandwidth, your capabilities and your culture. Kudos to your team for a great event and an amazing showcase. Let's take a quick look at the takeaways from Reverb.

這確實是我們 25 年歷史中的一個里程碑時刻，也是世界大型企業依靠頻寬來改變客戶和員工體驗的有力證明。正如一位客戶後來告訴我們的那樣，我對頻寬、您的能力和您的文化有了更好的了解。感謝您的團隊舉辦了一場精彩的活動和精彩的展示。讓我們快速瀏覽一下 Reverb 的要點。

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At Reverb, we're proud to have announced our plan to develop an industry-first nomadic emergency services solution for markets outside the US as well as progress on a new number reputation management solution for trusted calling and also a new centralized message registration center for faster and easier texting campaign registration.

在Reverb，我們很自豪地宣布，我們計劃為美國以外的市場開發業界首個游牧式緊急服務解決方案，並在用於可信呼叫的新號碼信譽管理解決方案以及新的集中式訊息註冊中心方面取得進展。

These innovations across all three of our key customer categories, global communications plans, programmable services, and direct enterprise. In addition to being true technical milestones achieved by our talented team, they are also business-critical solutions that will drive continued revenue growth and margin expansion. So let's dig in.

這些創新涵蓋我們所有三個主要客戶類別、全球通訊計劃、可編程服務和直接企業。除了是我們才華橫溢的團隊實現的真正的技術里程碑之外，它們還是關鍵業務解決方案，將推動收入持續成長和利潤率擴張。那麼讓我們深入探討一下。

Our new next-generation Bandwidth universal platform is the foundation of everything we do. At Reverb, we unveiled a number of powerful new capabilities to turbocharge the Bandwidth experience, including faster onboarding, automated workflow management, tailored regulatory frameworks, and deeper performance monitoring, all managed through convenient software APIs.

我們全新的下一代頻寬通用平台是我們所做一切的基礎。在 Reverb，我們推出了許多強大的新功能來增強頻寬體驗，包括更快的入門、自動化工作流程管理、客製化的監管框架和更深入的效能監控，所有這些都透過方便的軟體 API 進行管理。

Bottom line, these enhancements make bandwidth faster to implement, easier to scale and stickier for customer retention. Just listen to how Docusign's Vipin Kalra described it at Reverb. He consolidated 9 different carriers in 15 geographies down to one with Bandwidth to power Docusign's contact centered operations globally.

最重要的是，這些增強功能使頻寬的實施速度更快，更容易擴展，並且更容易保留客戶。只要聽聽 Docusign 的 Vipin Kalra 在 Reverb 上的描述即可。他利用 Bandwidth 將 15 個地區的 9 家不同營運商合併為 1 家，為 Docusign 在全球範圍內以聯絡為中心的營運提供支援。

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The Universal Platform is also where we're building the next generation of our renowned emergency services. For years we have been a leading innovator and provider of E911 in the United States. Now we intend to make it global. We were excited to announce at Reverb our plans to develop the first-ever nomadic emergency services solution outside the US.

我們也在通用平台上建構下一代著名的緊急服務。多年來，我們一直是美國 E911 的領先創新者和供應商。現在我們打算將其推向全球。我們很高興在 Reverb 上宣布，我們計劃在美國以外開發第一個遊牧緊急服務解決方案。

We call it alternate location routing, and it promises to deliver a similar life-saving potential for on-the-go workers globally as our 911 dynamic location routing services do in the United States. Our emergency services are frequently a door opener for larger customers to get to know us, and now we want to open that door to the entire world.

我們將其稱為備用位置路由，它有望為全球移動工作人員提供與我們在美國的 911 動態位置路由服務類似的救生潛力。我們的緊急服務經常為大客戶了解我們打開大門，現在我們希望向全世界打開這扇門。

So we've completely refreshed and upgraded the bandwidth experience with our next-gen universal platform. Turning now to the innovation pipeline for our enterprise business. We were excited to announce at Reverb that our award-winning Maestro platform now has the largest ecosystem of bring your own carrier integrations of any provider worldwide.

因此，我們透過下一代通用平台徹底刷新和升級了頻寬體驗。現在轉向我們企業業務的創新管道。我們很高興在 Reverb 上宣布，我們屢獲殊榮的 Maestro 平台現在擁有全球任何提供者中最大的自帶營運商整合生態系統。

That means enterprise IT teams have the flexibility to choose what works best for them to build custom tech stacks that enhance both customer and employee experiences. This freedom of choice and flexibility are powerful differentiators because our largest customers are now navigating multiple paths to the cloud. Some are embracing hybrid environments to maintain the best of both worlds, on-prem and cloud, while others are reoptimizing their tech stacks by switching from cloud to cloud.

這意味著企業 IT 團隊可以靈活地選擇最適合他們的技術來建立客製化技術堆疊，從而增強客戶和員工的體驗。這種選擇的自由度和靈活性是強大的差異化因素，因為我們最大的客戶現在正在透過多種路徑存取雲端。有些人正在採用混合環境，以保持本地和雲端的最佳效能，而有些人則透過從雲端切換到雲端來重新優化其技術堆疊。

And of course, many are still moving 100% to the cloud for the first time. The power of Maestro is that it supports all three of these strategies, while reducing development time from months to hours and giving enterprises the control they need to adapt quickly in a constantly changing environment.

當然，許多人仍然是第一次 100% 遷移到雲端。Maestro 的強大之處在於它支援所有這三種策略，同時將開發時間從數月縮短至數小時，並為企業提供快速適應不斷變化的環境所需的控制權。

With new enterprise deals closing every quarter, Maestro's flexibility and integration capabilities are driving steady business growth. The latest example is a large, diversified credit union that needed rock-solid reliability to modernize their on-prem contact center with a Webex CCaaS solution.

隨著每季都有新的企業交易完成，Maestro 的靈活性和整合能力正在推動業務的穩定成長。最新的例子是一家大型多元化信用合作社，該合作社需要堅如磐石的可靠性，透過 Webex CCaaS 解決方案對其本地聯絡中心進行現代化改造。

They chose Maestro because they wanted maximum flexibility to build a modern tech stack to easily add new services they envision down the road. In addition, our all-IP solution made it easy to integrate the customer's payment solution right into the call flow.

他們選擇 Maestro 是因為他們希望建立現代技術堆疊具有最大的靈活性，以便輕鬆添加他們未來設想的新服務。此外，我們的全 IP 解決方案可以輕鬆地將客戶的支付解決方案整合到呼叫流程中。

Many of our customers are seeing significant operational efficiencies and cost savings by implementing Maestro. This creates additional upsell opportunities for advanced services such as conversational AI integrations.

我們的許多客戶都看到透過實施 Maestro 顯著提高了營運效率並節省了成本。這為對話式人工智慧整合等高級服務創造了額外的追加銷售機會。

Our AI Bridge product available with Maestro enables contact center operators to easily plug in best-in-class conversational AI providers like Google Dialogflow and Cognigy. At Reverb, we announced partnerships with two more leaders in the space, Kore.ai and Amelia, which will expand our AI ecosystem as enterprise adoption increases.

我們與 Maestro 一起提供的 AI Bridge 產品使聯絡中心操作員能夠輕鬆插入 Google Dialogflow 和 Cognigy 等一流的對話式 AI 提供者。在 Reverb，我們宣布與該領域的另外兩家領導者 Kore.ai 和 Amelia 建立合作夥伴關係，隨著企業採用率的增加，這將擴大我們的人工智慧生態系統。

Conversational AI enables enterprises to reduce operational costs by automating routine inquiries, which improves both the customer and the agent experience. The key financial benefit for Bandwidth is that AI interactions continue generating voice minutes on our network. Additionally, we can monetize the extra data streams needed to support AI integrations in the call flow.

對話式人工智慧使企業能夠透過自動化日常查詢來降低營運成本，從而改善客戶和代理商的體驗。Bandwidth 的主要財務收益是人工智慧互動繼續在我們的網路上產生語音分鐘數。此外，我們還可以將支援呼叫流程中的人工智慧整合所需的額外資料流貨幣化。

Customer experience works in two ways. Besides inbound communications, many of our customers also rely on outbound outreach, such as an in-home services provider scheduling an installation or a healthcare provider discussing test results.

客戶體驗有兩種方式。除了入站通訊之外，我們的許多客戶還依賴出站外展，例如家庭服務提供者安排安裝或醫療保健提供者討論測試結果。

The challenge is that a rise in spam and fraudulent calls has eaten away at consumer trust, making it difficult for legitimate companies to connect with end users and get them to answer the phone. It's costing them a lot in wasted time and missed revenue.

挑戰在於，垃圾郵件和詐騙電話的增加削弱了消費者的信任，使合法公司很難與最終用戶聯繫並讓他們接聽電話。這讓他們浪費了大量時間並損失了收入。

Bandwidth is now tackling this problem head on with Number Reputation Management, which is a new solution coming soon to help enterprises take back control and protect their outbound calling campaigns. As a cloud platform owner and operator, we have access to critical call data that can be analyzed to lead to remediation solutions.

Bandwidth 現在正在透過號碼信譽管理來解決這個問題，這是一種即將推出的新解決方案，可幫助企業奪回控制權並保護其出站呼叫活動。作為雲端平台所有者和營運商，我們可以存取關鍵的呼叫數據，可以對這些數據進行分析以製定補救解決方案。

By ensuring that more calls are answered and fewer are mislabeled, we are enabling our customers to achieve higher conversion rates and maximize their revenue potential. This solution has already garnered significant interest with a waiting list of companies ready to come on board for our beta version.

透過確保更多的電話得到接聽和更少的錯誤標籤，我們使我們的客戶能夠實現更高的轉換率並最大限度地發揮他們的收入潛力。該解決方案已經引起了許多公司的極大興趣，並等待加入我們的測試版。

You've heard just some of the many ways we are elevating voice services with Maestro, AI Bridge, and Number Reputation Management. As customer experience evolves, more and more consumers want to be communicated with in their channel of choice.

您已經聽說過我們透過 Maestro、AI Bridge 和號碼信譽管理來提升語音服務的眾多方法中的一些。隨著客戶體驗的發展，越來越多的消費者希望透過他們選擇的管道進行溝通。

To that end, at Reverb, we announced a comprehensive vision for multichannel messaging. With the announcement that we are now a directly connected aggregator, Bandwidth has enhanced our leadership position in the messaging market, improved our cloud owner economics and strengthened our ability to deliver high-volume mission-critical messaging solutions.

為此，我們在 Reverb 上宣布了多頻道訊息傳遞的全面願景。隨著我們宣布成為直接連接的聚合商，Bandwidth 增強了我們在訊息傳遞市場的領導地位，改善了我們的雲端所有者經濟效益，並增強了我們提供大容量關鍵任務訊息傳遞解決方案的能力。

This not only boosts our margin profile, but it's the reason partners like Attentive Mobile, one of the largest conversational commerce platforms in the world chose Bandwidth.

這不僅提高了我們的利潤率，也是全球最大的對話式商務平台之一 Attentive Mobile 等合作夥伴選擇 Bandwidth 的原因。

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Another key pillar of our messaging vision is RCS or Rich Communication Services. With Apple's support for RCS and mobile network operators now on board, we are among the first to develop a proof of concept for business grade RCS, which is known as Rich Business Messaging or RBM.

我們訊息傳遞願景的另一個關鍵支柱是 RCS 或豐富的通訊服務。隨著 Apple 對 RCS 和行動網路營運商的支持，我們成為首批開發企業級 RCS 概念驗證的公司之一，該 RCS 被稱為「豐富的業務訊息傳遞」或「RBM」。

This is a game changer for business messaging, and we're positioning ourselves to be the go-to partner for enterprises as they implement RBM across all our key markets, just like we do with SMS. Navigating the global messaging landscape is highly complex, but Bandwidth is uniquely positioned to lead.

這是商業訊息傳遞的遊戲規則改變者，我們將自己定位為企業的首選合作夥伴，因為他們在我們所有的關鍵市場上實施 RBM，就像我們對 SMS 所做的那樣。駕馭全球訊息傳遞格局非常複雜，但 Bandwidth 具有獨特的領先優勢。

With constantly evolving registration and verification requirements, our new Bandwidth registration center simplifies the process for our customers. This centralized hub streamlines compliance for high-volume messaging, making it easier for enterprises to stay in line with industry regulations, while meeting high standards for trust that are set by carriers.

隨著註冊和驗證要求的不斷變化，我們新的頻寬註冊中心簡化了客戶的流程。這個集中式中心簡化了大容量訊息傳遞的合規性，使企業更容易遵守行業法規，同時滿足營運商設定的高信任標準。

Registration centers should reduce friction and drive usage for high-volume senders like a new patient engagement platform that chose Bandwidth in Q3. This customer specializes in appointment verification for healthcare and dental providers as well.

註冊中心應減少摩擦並推動大容量發送者的使用，例如在第三季度選擇頻寬的新患者參與平台。該客戶還專門為醫療保健和牙科提供者提供預約驗證。

Knowing that missed appointments mean a loss of revenue for the provider, the customer came to us wanting a better way to verify messages were being delivered to patients. They also wanted better customer support after having deliverability issues with their previous provider.

客戶知道錯過預約意味著提供者的收入損失，因此向我們尋求更好的方法來驗證訊息是否已發送給患者。在與先前的提供者發生交付問題後，他們也希望獲得更好的客戶支援。

Bandwidth deployed a dedicated onboarding team to help them get up and running in just days, while our Universal Platform provides them with an unprecedented level of delivery insights to ensure timely patient communications. It is a great example of our messaging leadership in action.

Bandwidth 部署了專門的入職團隊來幫助他們在短短幾天內啟動並運行，而我們的通用平台為他們提供了前所未有的交付洞察力，以確保及時的患者溝通。這是我們的訊息傳遞領導力實際行動的一個很好的例子。

As we approach the end of 2024, we are excited by the momentum of our strong R&D road map and a clear focus on what the world's largest enterprises need and want. We're proud of the breakthrough innovations that we launched at Reverb, which come from listening to our customers and anticipating the market.

隨著 2024 年底的臨近，我們對我們強大的研發路線圖的勢頭以及對全球最大企業的需求和願望的明確關注感到興奮。我們為 Reverb 推出的突破性創新感到自豪，這些創新來自於傾聽客戶的意見和對市場的預測。

Our vendor-agnostic approach gives CIOs freedom of choice, helping us win their trust in long term business. With continued leadership in Maestro, AI, and multichannel messaging, along with our next-gen universal platform, we are confident that we are well-positioned to continue building our durable franchise as the most trusted provider in enterprise cloud communications. I'll now turn it over to Daryl to walk through the details of our financial results and our outlook.

我們與供應商無關的方法為資訊長提供了選擇的自由，幫助我們贏得他們對長期業務的信任。憑藉在Maestro、人工智慧和多通路訊息傳遞方面的持續領先地位，以及我們的下一代通用平台，我們相信我們有能力繼續打造我們持久的特許經營權，成為企業雲端通訊領域最值得信賴的供應商。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 for this very special episode of Bandwidth's earnings announcement. Building on our overperformance for the first half of the year, Bandwidth delivered a record third quarter. Total revenue reached $194 million, marking a 28% increase, and adjusted EBITDA grew to $24 million, representing a 74% increase year over year.

謝謝大衛，也謝謝大家今天加入我們觀看這非常特別的 Bandwidth 收益公告。在上半年表現出色的基礎上，頻寬業務第三季創下了創紀錄的業績。總營收達 1.94 億美元，年增 28%，調整後 EBITDA 成長至 2,400 萬美元，年增 74%。

Both metrics surpassed the upper range of our guidance. Drilling down into our third quarter results, again, total revenue rose to $194 million with cloud communications revenue of $139 million, up 15% from last year. Our cloud communications revenue benefited from growth across all our products and customer categories.

這兩個指標都超過了我們指導的上限。再次深入研究第三季業績，總營收升至 1.94 億美元，其中雲端通訊收入為 1.39 億美元，比去年成長 15%。我們的雲端通訊收入受益於我們所有產品和客戶類別的成長。

And as a reminder, we go to market serving three customer categories within cloud communications revenue, direct enterprise customers, programmable customers, and global communications plans customers.

提醒一下，我們進入市場為雲端通訊收入中的三個客戶類別提供服務：直接企業客戶、可程式客戶和全球通訊計畫客戶。

We grew revenue 30% year over year in our direct enterprise customer category. The flexibility and control to build custom communications environments that enhance both customer and employee experiences using the Maestro platform continues to resonate with enterprises.

我們的直接企業客戶類別營收年增 30%。使用 Maestro 平台建立自訂通訊環境以增強客戶和員工體驗的靈活性和控制力繼續引起企業的共鳴。

Our programmable services category grew 55% year over year. We experienced strong demand for messaging, which represented 24% of cloud communications revenue and was driven by commercial customers in e-commerce, financial services, and healthcare, as well as $8 million recognized from political campaign messaging.

我們的可程式服務類別年增 55%。我們經歷了對訊息傳遞的強勁需求，佔雲端通訊收入的 24%，這是由電子商務、金融服務和醫療保健領域的商業客戶以及政治競選訊息傳遞帶來的 800 萬美元推動的。

In fact, for the last 12 months ended September 30, compared to the same period last year, our commercial messaging revenue grew 32%, a very tangible demonstration of our ability to acquire new customers and take market share.

事實上，截至 9 月 30 日的過去 12 個月，與去年同期相比，我們的商業消息收入增長了 32%，這非常切實地證明了我們獲取新客戶和占領市場份額的能力。

For global communications plans, our third quarter revenue grew 5% year over year, slightly ahead of our expectations, reflecting stable momentum. In terms of operating metrics, our third quarter net retention rate was 117%, an increase of 6 percentage points from last quarter. Political campaign revenue contributed approximately 2 percentage points.

全球通訊計畫方面，我們第三季營收年增5%，略高於我們的預期，體現了穩定的勢頭。從營運指標來看，我們第三季的淨留存率為117%，比上季成長了6個百分點。政治競選收入貢獻了大約2個百分點。

Our ARPU climbed to a record $212,000, reflecting our success in attracting and serving large enterprises for their business-critical communications and modest benefit from political campaigns. Adjusting for political campaign benefit, the third quarter ARPU grew to a record $201,000.

我們的 ARPU 攀升至創紀錄的 212,000 美元，反映出我們在吸引和服務大型企業的關鍵業務通信方面取得了成功，並從政治競選中獲得了微薄的收益。調整政治競選收益後，第三季 ARPU 成長至創紀錄的 201,000 美元。

Our third quarter non-GAAP gross margin was a record of 58%, up approximately 3 percentage points from the prior year's quarter as we continue to benefit from our four gross margin expansion pillars. We generated free cash flow of $14 million, showing strong flow through from adjusted EBITDA. We remain on track to achieve greater than $50 million free cash flow in 2024.

我們第三季的非 GAAP 毛利率達到創紀錄的 58%，比去年同期成長約 3 個百分點，因為我們繼續受益於我們的四大毛利率擴張支柱。我們產生了 1,400 萬美元的自由現金流，顯示出調整後 EBITDA 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。

Before I turn to the full year outlook, let me summarize our third quarter business model achievement. When compared to last year, revenue grew 28%. Within total revenue, cloud communications revenue grew 15%. The conversion to gross profit was very strong with gross profit growing 22% on our 15% cloud revenue growth, setting a record quarterly gross margin of 58%.

在談到全年展望之前，讓我總結一下我們第三季的業務模式成就。與去年相比，收入成長了28%。在總收入中，雲端通訊收入成長了15%。毛利的轉換非常強勁，在我們的雲端收入成長 15% 的基礎上，毛利成長了 22%，創下了 58% 的季度毛利率紀錄。

Operating expenses grew 7%, with half of that coming from increased investment in R&D innovation, as David outlined from Reverb, all adding up to a remarkable profit growth of 74%. Now turning to our outlook. We are raising our full year guidance.

正如 David 在 Reverb 中所概述的那樣，營運支出成長了 7%，其中一半來自於研發創新投資的增加，所有這些加起來帶來了 74% 的顯著利潤成長。現在轉向我們的展望。我們正在提高全年指導。

We now expect revenue to be $742 million at the midpoint of our range, reflecting a $27 million raise to our previous guidance and year-over-year growth of 23%. We expect adjusted EBITDA to be $79 million at the midpoint, representing a 65% profitability growth over last year.

我們現在預計收入為 7.42 億美元，處於我們範圍的中點，比我們之前的指導增加了 2700 萬美元，同比增長 23%。我們預計調整後的 EBITDA 中位數為 7,900 萬美元，比去年獲利成長 65%。

Embedded in our updated full year projections, we're now estimating a $25 million cloud communications revenue contribution from political campaign messaging customers, which notably represents less than 5% of cloud communications revenue.

在我們更新的全年預測中，我們現在估計政治競選訊息傳遞客戶將貢獻 2,500 萬美元的雲端通訊收入，這佔雲端通訊收入的不到 5%。

In closing, our priorities remain consistent: serving and delighting our customers, executing with precision and staying committed to long-term profitable growth. These priorities were clearly reflected in the innovation on display at the Reverb event, a testament to the emerging market opportunities captured by the ingenuity and hard work of our Bandmates.

最後，我們的首要任務始終如一：服務客戶並讓他們滿意，精確執行並致力於長期獲利成長。這些優先事項在 Reverb 活動中展示的創新中得到了清晰的體現，證明了我們樂隊成員的聰明才智和辛勤工作抓住了新興市場機會。

We believe our culture of innovation will propel us forward through the next several years as leaders in the market. Now I'd like to turn it back to Sarah to begin the question-and-answer portion.

我們相信，我們的創新文化將推動我們在未來幾年成為市場領導者。現在我想把它轉回給莎拉，開始問答部分。

Thank you, Daryl. And as he said, we will now move into the question-and-answer session. We'll be joined by our Chief Product Officer, John Bell, to provide additional insight on your innovation road map questions. (Event Instructions) All right. Let's jump in.

謝謝你，達裡爾。正如他所說，我們現在進入問答環節。我們的首席產品長 John Bell 將與我們一起為您的創新路線圖問題提供更多見解。（活動說明）好的。讓我們跳進去吧。

Ryan Koontz, Needham. Ryan, you can go ahead with your question.

瑞安·孔茨，李約瑟。瑞安，你可以繼續你的問題。

Ryan, are you ready? I don't hear you. We're going to take another question, and we'll come back to you, Ryan, okay? All right.

瑞恩，你準備好了嗎？我沒聽見你說話。我們要回答另一個問題，然後我們會回覆你，瑞安，好嗎？好的。

Jim Fish, Piper Sandler.

吉姆·菲什，派珀·桑德勒。

Awesome. Well, I'm happy that I get to be the first one on this. Nice quarter, guys, especially even when normalizing everything, and I appreciate all that color, Daryl. Maybe just to dive into on the RCS side of things, which is kind of a hot topic here in the space. Relatively kind of, I'll say, not new, but a big sign-up with Google here. I guess what do you guys see playing out with RCS versus SMS volumes on the messaging side and how that could impact your gross margins moving forward?

驚人的。嗯，我很高興我成為第一個參與這件事的人。夥計們，這個季度不錯，尤其是在一切正常化的情況下，我很欣賞這種顏色，達裡爾。也許只是深入研究 RCS 方面的事情，這是該領域的熱門話題。我想說，相對而言，這不是新鮮事，而是與Google的一次大簽約。我想你們對訊息傳送方面的 RCS 與 SMS 量有何看法？

Thanks, Jim, and good to see you. I'm joined today by my Bandmate, John Bell, with whom I've had the pleasure of working for 13 years. He's our Chief Product Officer, and I'd like to ask him to handle your good question about RCS and what we've talked about today.

謝謝，吉姆，很高興見到你。今天我的樂團成員約翰貝爾也加入了我的行列，我很高興與他共事了 13 年。他是我們的首席產品官，我想請他回答你關於 RCS 以及我們今天討論的內容的好問題。

Yeah. Great question, Jim. I'd say it's still early days for RCS and RBM, which use cases will work best for which technologies still early along with the economic impact of it. So we're still navigating it, but I think there's still a lot of uncertainty about how all the different channels will balance out over time as we move forward.

是的。好問題，吉姆。我想說 RCS 和 RBM 還處於早期階段，哪些用例最適合哪些技術以及其經濟影響仍處於早期階段。因此，我們仍在探索之中，但我認為，隨著我們前進，所有不同的管道將如何隨著時間的推移實現平衡，仍然存在許多不確定性。

Makes sense. And then you guys talked about the driver -- or I'm sorry, voice coming in a little bit higher than you guys were expecting. Just trying to understand what was the cause of that.

有道理。然後你們談論了司機——或者我很抱歉，聲音比你們預期的要高一點。只是想了解造成這種情況的原因是什麼。

Thank you, Jim. We've had broad usage in voice across the different enterprise verticals and categories that we serve. Contact center certainly continues to be a focus for us, both in that period and going forward. But very pleased both domestically and internationally with the usage of voice as a driver that we pointed out.

謝謝你，吉姆。我們在所服務的不同企業垂直領域和類別中廣泛使用了語音技術。無論是在那個時期或未來，聯絡中心無疑仍然是我們關注的焦點。但我們指出，國內外都對使用語音作為駕駛感到非常滿意。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞，威廉·布萊爾。

We don't hear you. No, we don't hear you. Did you approve the use of your microphone? All right. Okay. We'll come back. We'll come back to you, Arjun. All right.

我們聽不到你的聲音。不，我們聽不到你的聲音。您同意使用您的麥克風嗎？好的。好的。我們會回來的。我們會回來找你的，阿瓊。好的。

Will Power, Baird.

意志力，貝爾德。

All right. Awesome. Maybe just come back to -- I'm sorry, Universal Platform. Great to hear some of the highlights. It sounds like a real success. Maybe for John, who's on stage, I'd just love to kind of hear what kind of feedback you're getting from customers.

好的。驚人的。也許回到——對不起，通用平台。很高興聽到一些亮點。聽起來確實很成功。也許對於台上的約翰來說，我只是想聽聽你從客戶那裡得到什麼樣的回饋。

And I guess if you kind of break it down, I mean, David went through a lot. I mean, you've rolled out a lot at Reverb. Are there a couple of things that we should really be focused on as investors that can be bigger drivers over the next couple of years? And I guess coupled with that, again, what's kind of resonating with customers as you get feedback?

我想如果你把它分解一下，我的意思是，大衛經歷了很多。我的意思是，您在 Reverb 上推出了許多產品。身為投資者，有哪些事情是我們真正應該關注的，這些事情可以成為未來幾年更大的動力？我想，再一次，當你收到回饋時，會與客戶產生什麼樣的共鳴？

Thanks, Will. John?

謝謝，威爾。約翰？

Yeah, great question. I think when you look in totality of what we rolled out, it really represents Bandwidth's open approach towards the market. Our integrations to all the major UCaaS, CCaaS, AI platforms, really important. And then I'd also point out our programmable voice API that we've rolled out globally as well-being really important.

是的，很好的問題。我認為，當你全面審視我們推出的產品時，它確實代表了 Bandwidth 對市場的開放態度。我們與所有主要 UCaaS、CCaaS、AI 平台的整合非常重要。然後我還要指出我們在全球推出的可程式語音 API，因為幸福感非常重要。

As we see more and more new entrants into our market, many of them are coming from different technical backgrounds. And so having that programmable voice platform helps us serve those new entrants with the technologies they're familiar with. And so I think looking at the integrations and the technical breadth that we're taking globally, really important to us for the long term.

隨著我們看到越來越多的新進入者進入我們的市場，他們中的許多人來自不同的技術背景。因此，擁有可程式語音平台可以幫助我們為這些新進者提供他們熟悉的技術。因此，我認為，從長遠來看，我們在全球範圍內進行的整合和技術廣度對我們來說非常重要。

Okay. And then maybe -- for maybe David or Daryl, just thinking about the messaging growth, excluding political, just it'd be great to get any other color you could distill down from us in terms of key drivers and how those kind of core trends trended versus recent periods here?

好的。然後也許——對於大衛或達裡爾來說，只要考慮消息傳遞的增長，排除政治因素，就關鍵驅動因素以及這些核心趨勢如何從我們這裡提煉出任何其他顏色，那就太好了這裡的趨勢與最近時期的比較？

So in one of the customer examples that we cited in the period, Will, we talked about how use of our Universal Platform API for messaging was a key driver in winning them away from their incumbent deliverability and demonstrating that the messages sent, received on time and accurately is a huge insights product that we offer that differentiates us for the commercial customers.

因此，在我們在此期間引用的一個客戶範例 Will 中，我們談到了使用我們的通用平台 API 進行訊息傳遞如何成為贏得他們現有的交付能力並證明訊息按時發送和接收的關鍵驅動因素準確地說，我們提供的一個巨大的洞察產品使我們在商業客戶中脫穎而出。

And I think that, that value will continue to resonate in the next year as we think about messaging used through the Universal Platform. In terms of the financial contributions of messaging, net political, we'll pause and ask Daryl if you'd like to add to anything.

我認為，當我們考慮透過通用平台使用的訊息傳遞時，這一價值將在明年繼續產生共鳴。就訊息傳遞和網路政治的財務貢獻而言，我們將暫停並詢問達裡爾是否願意添加任何內容。

No, thank you, David. And certainly, Will, it's so nice to say hello to you. We're really pleased with the performance of our commercial messaging in the third quarter. It again performed off the second quarter very well. If we take commercial messaging ex surcharges, ex political, it grew 18% in the third quarter off of 18% in the second quarter.

不，謝謝你，大衛。當然，威爾，很高興向你問好。我們對第三季商業訊息傳遞的表現非常滿意。它在第二季度再次表現出色。如果我們考慮商業訊息傳遞（不包括附加費和政治費用），則第三季的成長率為 18%，而第二季的成長率為 18%。

We're really happy with that figure. That's more than double our nearest competitor in the space, and that nearest competitor includes surcharges. So we're happy with the growth there. And the healthcare company that David highlighted, the healthcare platform, where they had deliverability issues with that competitor, and we were able to onboard as just a customer highlight, onboard them successfully in the third quarter. It's the attraction of the platform and our customer service and operations that seems to resonate really well with our commercial messaging customers.

我們對這個數字非常滿意。這是我們在該領域最接近的競爭對手的兩倍多，而且最接近的競爭對手還包括附加費。所以我們對那裡的成長感到滿意。大衛強調的醫療保健公司，醫療保健平台，他們與競爭對手之間存在交付問題，我們能夠作為客戶亮點加入，並在第三季度成功加入他們。該平台以及我們的客戶服務和營運的吸引力似乎與我們的商業訊息傳遞客戶產生了很好的共鳴。

Eamon Coughlin, Barclays.

埃蒙·考夫林，巴克萊銀行。

All right. We're going to move on to Meta Marshall with Morgan Stanley.

好的。我們將轉向摩根士丹利的 Meta Marshall。

All right, Meta, we're going to move on. We're going to try Austin Cole at -- no, we're going to go to Arjun Bhatia with William Blair. We're going to give this one another shot. Arjun? We still don't hear you. Why don't you send me your question, I'll read it. Okay. All right. We'll go to Austin Cole with JMP Securities.

好吧，Meta，我們要繼續前進。我們要嘗試奧斯汀·科爾——不，我們要和威廉·布萊爾一起去阿瓊·巴蒂亞。我們將再試一次。阿瓊？我們還是沒有聽到你的聲音。為什麼不把你的問題寄給我，我會讀。好的。好的。我們將前往 JMP 證券公司的 Austin Cole。

Pat Walravens, JMP.

帕特·瓦爾拉文斯，JMP。

And how is the volume? And the volume is working too, sweet. It's not that hard. So I'm not sure what's going on. Okay. So congratulations. It's awesome. So Dave, I mean, you have all these product announcements. You've got the Nomadic Global, you've got Number Reputation Management, the AI Bridge, I mean, it's incredible how much product you guys are delivering, but which of these is most likely to move the needle soonest, so from an investor's point of view?

音量如何？而且音量也正常，甜甜的。這並不難。所以我不確定發生了什麼事。好的。所以恭喜你。太棒了。戴夫，我的意思是，你有所有這些產品公告。你有Nomadic Global，你有數位聲譽管理，人工智慧橋，我的意思是，你們交付的產品之多令人難以置信，但其中哪一個最有可能最快取得進展，所以從投資者的角度來看觀點看法？

Thanks, Pat. That's a very insightful question. And I would welcome that opportunity to speculate actually because I think it's anybody's best guess. But removing friction from things like porting and doing things in a single universal user experience across expanding country footprint are very tangible, very immediate, and very relevant to the decision-makers we talk to today. Those are actionable. They're gritty. And that's what I would guess.

謝謝，帕特。這是一個非常有洞察力的問題。我很高興有這個機會進行實際推測，因為我認為這是任何人的最佳猜測。但是，消除諸如在不斷擴大的國家/地區範圍內以單一通用用戶體驗進行移植和執行操作等方面的摩擦是非常切實、非常直接的，並且與我們今天交談的決策者非常相關。這些都是可操作的。他們很堅韌。這就是我的猜測。

Okay. And then, Daryl, you addressed this already a little bit, but it's already coming up. So I'm getting the, oh, but this political messaging is a one-time benefit, right? What's the response to investors who are skeptical who or saying you're having a onetime benefit? Just give us the top two or three points.

好的。然後，達裡爾，你已經稍微解決了這個問題，但它已經出現了。所以我明白了，哦，但這種政治訊息是一次性的好處，對吧？對於那些懷疑或聲稱您獲得一次性收益的投資者有何反應？只需給我們前兩點或三點即可。

Well, look, no one should dismiss the political campaign customer because they also participate in both market engagement, which is commercial and civic engagement. So we grow across all of those three forks. We're really pleased with that. No one should dismiss our commercial revenue growth at now two quarters in a row, twice our nearest competitor.

好吧，看，沒有人應該忽視政治競選客戶，因為他們也參與市場參與，即商業參與和公民參與。所以我們在這三個分支上都在成長。我們對此感到非常滿意。沒有人應該忽視我們的商業收入現在連續兩個季度的成長，是我們最接近的競爭對手的兩倍。

We're really pleased with the profit growth for the year. We're really pleased to have raised our guidance, our revenue guidance $27 million, $7 million in cloud communications with several million dollars of that coming from commercial revenue. And we're looking forward to continuing that momentum. I don't think that there's a -- honestly, I don't think that there's a criticism in there growing twice the nearest competitor.

我們對今年的利潤成長感到非常滿意。我們真的很高興提高了我們的指導，我們的收入指導為 2700 萬美元，其中 700 萬美元用於雲端通信，其中數百萬美元來自商業收入。我們期待繼續保持這股勢頭。我不認為有——老實說，我不認為有人批評它的增長是最接近的競爭對手的兩倍。

I would only add to that, Pat. We'll certainly have to wait to guide '25 later. But I don't think I'm speaking out of turn, Daryl, when I suggest that we'll continue to grow profit next year. So despite anyone talking about one-time political contribution, we'll continue to grow profit next year.

我只想補充一點，派特。我們肯定要等到 25 年後才能指導。但達裡爾，當我建議我們明年將繼續增加利潤時，我不認為我說得不合時宜。因此，儘管有人談論一次性政治捐款，但我們明年的利潤仍將繼續增長。

So over the last several years, everyone has seen high-quality profit growth out of our business model. And indeed, the model taking just this last quarter, growing gross profit 22% on 15% revenue growth, growing our EBITDA to the extent that we did, we intend to keep extending that profit growth, whether there's a cyclical political campaign headwind or not. That's the nature of our commercial business. It is taking market share, and we're very pleased with that.

所以這幾年大家都看到了我們的商業模式帶來的高品質的利潤成長。事實上，該模型僅採用上個季度，毛利成長 22%，營收成長 15%，我們的 EBITDA 成長到我們所做的程度，我們打算繼續擴大利潤成長，無論是否存在週期性政治競選逆風。這就是我們商業業務的本質。它正在佔據市場份額，我們對此感到非常高興。

Eamon Coughlin, Barclays.

埃蒙·考夫林，巴克萊銀行。

Sorry, I'm on for Ryan Mac. Congrats on a great quarter. We are hearing more interest from customers on generative AI use cases. Given the complexity and uptime requirements for these use cases, could Bandwidth have an edge for enterprises looking to activate around these voice AI use cases?

抱歉，我是瑞安·麥克。恭喜您度過了一個出色的季度。我們聽到客戶對生成式人工智慧用例越來越感興趣。考慮到這些用例的複雜性和正常運行時間要求，對於希望圍繞這些語音 AI 用例進行啟動的企業來說，頻寬是否具有優勢？

Thanks, Eamon. I'll begin and then invite John Bell to pile on. It's certainly the case being vertically integrated and having a universal footprint all our own that we have the ability to see quality, to promise quality, and to deliver it in vital media and signaling use cases for voice, handing it off, sending and receiving it across important jurisdictions and doing that in a regulatorily compliant way. So yes, if you're doing AI use cases, you want to work with a provider that is responsible for the entire tech stack. But let me pass it over to John.

謝謝，埃蒙。我先開始，然後邀請約翰·貝爾繼續發言。當然，垂直整合並擁有我們自己的通用足跡，我們就有能力看到質量，承諾質量，並在重要媒體和語音信令用例中交付它，傳遞它，發送和接收它跨越重要司法管轄區，並以符合監管的方式進行。所以，是的，如果您正在做人工智慧用例，您希望與負責整個技術堆疊的提供者合作。但讓我把它交給約翰。

Yeah, I agree. And we're watching a number of different AI models being used by enterprises. And so providing them the flexibility and the freedom of choice of which platforms they're choosing to use, making sure they can easily integrate into the communications stack is what's really important. And so we believe the foundational investments we've made in the Universal Platform are really applicable to this future.

是的，我同意。我們正在觀察企業正在使用許多不同的人工智慧模型。因此，為他們提供選擇使用平台的靈活性和自由度，確保他們可以輕鬆整合到通訊堆疊中，這才是真正重要的。因此，我們相信我們在通用平台上所做的基礎投資確實適用於這個未來。

Got it. And then just trying to get a better understanding for political expectations for 4Q. Should we expect similar results to 3Q or a little more --

知道了。然後只是試著更了解第四季的政治預期。我們是否應該期待與第三季類似或更多的結果--

We recognized $8 million of political campaign revenue in cloud communications in the third quarter. And inherent in our guide of around $25 million now after experiencing [338], the remainder of $11 million we're expecting in the fourth quarter. So we are expecting a bit of a growth in terms of this last quarter.

第三季我們確認雲端通訊領域的政治競選收入為 800 萬美元。在經歷了 [338] 後，我們的指南中現在固有的大約 2500 萬美元，我們預計第四季度將剩餘 1100 萬美元。因此，我們預計上個季度會出現一些成長。

Meta Marshall, Morgan Stanley.

梅塔‧馬歇爾，摩根士丹利。

Okay. I don't know if we're going to get Meta, but I'm going to give her one more second, and I'm going to read Arjun's question, while we're waiting for Meta to come up.

好的。我不知道我們是否會得到 Meta，但我會再給她一秒鐘，我會在等待 Meta 出現的同時閱讀 Arjun 的問題。

So Arjun at William Blair asked, on messaging, the growth is exceptional. Where is the incremental share in usage coming from? Is that new customers, from competitors or existing customers expanding? Or are these net new use cases that are coming live that didn't exist previously?

因此，威廉布萊爾 (William Blair) 的阿瓊 (Arjun) 問道，在訊息傳遞方面，成長非常出色。使用增量份額從何而來？是來自競爭對手的新客戶還是現有客戶的擴大？或者這些即將上線的新用例是以前不存在的嗎？

So it certainly is a combination of existing and new customers with existing customers always out contributing just based upon the base of business we have with some stellar enterprise brands. Use cases always are evolving into creative and exciting new ways for end users, but there's nothing fundamentally different or unexpected about the way in which our customers are going to market with messaging, using our platform, both domestically and now also internationally.

因此，這當然是現有客戶和新客戶的結合，現有客戶總是根據我們與一些明星企業品牌的業務基礎做出貢獻。對於最終用戶來說，用例總是演變為創意和令人興奮的新方式，但我們的客戶在國內和國際上使用我們的平台透過訊息傳遞進行行銷的方式並沒有什麼本質上的不同或意外。

I'd like to echo David's comments. They're on the mark, and I want to punctuate them with our net retention rate. Our net retention rate without the political tailwind is 115% for the quarter. And we're very, very pleased with that. That demonstrates -- Arjun, that demonstrates a combination of new customer -- with our revenue growth, a new customer and a very nice growth rate among the existing customer cohort from last year. So we're seeing it's very broad.

我想回應大衛的評論。它們是正確的，我想用我們的淨保留率來強調它們。在沒有政治因素影響的情況下，本季我們的淨保留率為 115%。我們對此非常非常滿意。這表明——阿瓊，這表明了新客戶與我們的收入成長、新客戶以及去年現有客戶群中非常好的成長率的結合。所以我們看到它非常廣泛。

All right. Arjun did have one additional question. With the strong growth in global communications, are we already seeing AI drive more volume in voice? Or is that still to come?

好的。阿瓊還有一個問題。隨著全球通訊的強勁成長，我們是否已經看到人工智慧推動了語音量的成長？或者這還會發生嗎？

It is already launched, adopted, and growing part of our Maestro platform. Our AI Bridge product now offers five partner integrations that are exciting. So yes, it has begun.

它已經啟動、採用並成為我們 Maestro 平台的一部分。我們的 AI Bridge 產品現在提供五個令人興奮的合作夥伴整合。所以是的，它已經開始了。

Okay. And that -- yeah, I don't think we're going to be able to hear Meta. So sorry, Meta, we will talk to you very shortly. We have a call with you scheduled, so we'll follow up there. And this concludes our question-and-answer session. Thank you all for joining today's presentation. You may now disconnect, and have a wonderful day.

好的。是的，我認為我們不會聽到 Meta 的聲音。很抱歉，Meta，我們很快就會與您聯繫。我們已安排與您通話，因此我們會跟進。我們的問答環節到此結束。感謝大家參加今天的演講。您現在可以斷開連接，並度過美好的一天。