Bandwidth Inc. (BAND) 2024 Q4 法說會逐字稿

Good day and welcome to the bandwidth 4th quarter and full year 2024 earnings conference call. (operator Instructions).

大家好，歡迎參加 Bandwidth 2024 年第四季暨全年財報電話會議。(接線員指示)。

I'd now like to turn the conference over to Sarah Wallace, Vice President of investor relations. Please go ahead.

現在我想把會議交給投資人關係副總裁 Sarah Wallace。請開始。

Good morning. Welcome to Bandwidth's 4th quarter 2024 earnings call. I'm joined today by David Morgan, our CEO, and Darryl 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.

各位早安。歡迎參加 Bandwidth 2024 年第四季財報電話會議。今天與我一同出席的有我們的執行長 David Morgan，以及財務長 Darryl Raiford。他們將先進行準備好的發言，之後我們會開放問答。我們的財報新聞稿已於今日稍早發布。

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

新聞稿以及包含歷史財務重點與 GAAP 與非 GAAP 財務結果調節表的財報簡報，可在 investors.bandwidth.com 的投資人關係頁面找到。

During the call, we will make statements related to our business that may be considered forward-looking, including statements concerning our financial guidance for the first quarter and full year 2025 and our current product road map.

在本次電話會議中，我們將就公司業務發表可能被視為前瞻性陳述的內容，包括關於 2025 年第一季與全年財務指引，以及我們目前的產品路線圖等陳述。

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.

我們提醒您不要過度依賴這些前瞻性陳述，因其可能涉及風險與不確定性。這些因素可能導致實際結果與前瞻性陳述所明示或暗示的任何未來結果或成果存在重大差異。

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.

本次電話會議及簡報投影片中所作的任何前瞻性陳述，均反映我們截至今日的分析；我們沒有計畫或義務對其進行更新。

For a discussion of material risks and other important factors that could affect our actual results, please refer to those contained in our latest 10K filing as updated by other SEC filings. With that, let me turn the discussion over to David.

關於可能影響我們實際結果的重大風險及其他重要因素之討論，請參閱我們最新的 10-K 申報文件，並以其他 SEC 申報文件所更新之內容為準。接下來，讓我把討論交給 David。

Thank you, Sarah, and good morning, everyone.

謝謝你，Sarah，各位早安。

Welcome to bandwidth's 4th quarter and full year 2024 earnings call. This morning, we are excited to share our 2024 results with exceptional performance across all key metrics. Before Daryl dives into the specifics, let me highlight our fourth quarter achievements.

歡迎參加 Bandwidth 2024 年第四季暨全年財報電話會議。今天早上，我們很高興與各位分享 2024 年的成果，在所有關鍵指標上都有卓越表現。在 Darryl 深入說明細節之前，先讓我重點回顧我們第四季的成就。

27% revenue growth with record annual non-gap gross margins, 25% EBITDA growth, 122% net retention rate. And average annual recurring revenue per customer is now at $226,000 a year.

營收成長 27%，年度非 GAAP 毛利率創新高，EBITDA 成長 25%，淨留存率 122%。而每位客戶的平均年度經常性收入（ARR）目前已達每年 22.6 萬美元。

Our operational momentum was equally strong. With record breaking quarterly messaging volume.

我們的營運動能同樣強勁。季度訊息傳輸量創下新高。

Successful global rollout of our universal platform.

我們的 Universal Platform 已成功完成全球推廣上線。

Hundreds of enterprises now utilizing our Maestro platform, while Maestro's AI Bridge software enables customers to develop new voice AI capabilities on this award-winning platform.

目前已有數百家企業使用我們的 Maestro 平台，而 Maestro 的 AI Bridge 軟體讓客戶能在這個獲獎平台上開發全新的語音 AI 能力。

And 29% growth in enterprise revenue driven by strong CCAS and UCAS adoption.

在強勁的 CCaaS 與 UCaaS 採用帶動下，企業營收成長 29%。

We want to thank our customers worldwide for their continued trust and partnership, many spanning more than a decade. To our global bandmates, your innovation and customer dedication have been extraordinary. and I thank God for blessing us and our work together.

我們要感謝全球客戶持續的信任與合作，其中許多合作關係已延續超過十年。致我們全球的 Bandmates，你們的創新與對客戶的投入令人讚嘆。我也感謝上帝祝福我們以及我們共同的工作。

Looking ahead in 2025, we are uniquely positioned to capitalize on the massive opportunity in enterprise communications. Let me explain why. First, we've earned the trust of the world's most demanding enterprises for their mission critical communications needs. We are the only provider offering a global communications cloud combined with advanced automation.

展望 2025 年，我們具備獨特優勢，可把握企業通訊領域的巨大機會。讓我說明原因。首先，我們已贏得全球最嚴苛企業對其關鍵任務通訊需求的信任。我們是唯一同時提供全球通訊雲與先進自動化的供應商。

AI capabilities and premium human support.

AI 能力以及高品質的人力支援。

This unique position has earned us IDC's recognition as a CPASS leader for the 4th consecutive year.

這一獨特定位，使我們連續第四年獲 IDC 認可為 CPaaS 領導者。

Bandwidth has been a leader in every major communications transformation throughout our history.

在我們的歷史中，Bandwidth 一直引領每一次重大的通訊轉型。

We pioneered cloud communications APIs on our own network, then revolutionized enterprise messaging at scale. Now we're driving the most transformative wave yet.

我們在自有網路上率先推出雲端通訊 API，接著在大規模企業訊息領域掀起革命。如今，我們正推動迄今最具變革性的浪潮。

Conversational AI in voice communications. This isn't just another iteration in technology. It is a revolutionary development in how enterprises interact with their customers. Every voice, AI, application, and agent require 5 critical elements high fidelity, low latency.

語音通訊中的對話式 AI。這不只是技術的又一次迭代。它是企業與客戶互動方式的革命性發展。每一個語音 AI 應用與代理都需要 5 個關鍵要素：高保真、低延遲。

Rich data and context and intelligent routing along with seamless app integration. The bandwidth communications cloud is unique in delivering all five.

豐富的資料與情境，以及智慧路由，並搭配無縫的應用整合。Bandwidth 通訊雲的獨特之處在於能同時提供這五項能力。

Our open technology approach gives customers freedom to choose their preferred AI solutions, positioning us as the essential platform for enterprise voice AI. Here's an example.

我們的開放式技術策略讓客戶能自由選擇偏好的 AI 解決方案，使我們成為企業語音 AI 的關鍵平台。以下是一個例子。

A leading global hospitality brand is revolutionizing the guest experience by enabling visitors to simply speak to access hotel services, no typing required using bandwidth's voice API, they've created a seamless system where guests can naturally interact with a voice AI assistant for everything from room service and housekeeping to concierge services.

某全球領先的飯店旅宿品牌正透過讓訪客只需開口說話即可使用飯店服務（無需打字）來革新住客體驗。透過 Bandwidth 的語音 API，他們打造出一套無縫系統，讓住客能以自然語音與語音 AI 助理互動，涵蓋從客房服務、房務清潔到禮賓服務等各項需求。

What's crucial here is that any interaction can instantly transfer to hotel staff when needed. This is the future of hospitality, and it's built on our platform.

關鍵在於，任何互動在需要時都能立即轉接給飯店員工。這就是旅宿業的未來，而它建立在我們的平台之上。

We're seeing AI drive another major trend, accelerated enterprise cloud migrations. Companies are realizing that to leverage AI effectively, they need cloud-based capabilities.

我們也看到 AI 正推動另一個重大趨勢：加速企業上雲遷移。企業逐漸意識到，要有效運用 AI，就需要以雲端為基礎的能力。

This is where our Maestro platform with AI Bridge becomes transformative, turning what used to be months of integration work into something that can be done in hours. Let me share two recent wins that showcase this. First, One of the world's largest cruise lines chose bandwidth for their first ever cloud contact center migration, and they did it right before their peak holiday season.

這正是搭載 AI Bridge 的 Maestro 平台帶來變革之處：把過去需要數月的整合工作，縮短為數小時即可完成。我分享兩個近期的成功案例來展現這點。第一，全球最大的郵輪公司之一選擇 Bandwidth 進行其史上首次雲端聯絡中心遷移，而且是在其假期旺季前夕完成。

That is the ultimate vote of confidence. They chose us for three reasons our proven CAS integration capabilities, our comprehensive communications offering, and our track record of mission critical reliability. But what really sealed the deal was our ready to deploy voice AI capabilities, positioning them for future innovation.

這是最終極的信任投票。他們選擇我們有三個原因：我們經驗證的 CCaaS 整合能力、完整的通訊產品組合，以及在關鍵任務可靠性方面的卓越紀錄。但真正促成合作的，是我們可立即部署的語音 AI 能力，讓他們具備未來創新的基礎。

Second, a Fortune 25 healthcare provider needed to switch between cloud contact center platforms, traditionally a massive undertaking.

第二，一家《財富》前 25 大的醫療保健服務提供者需要在不同的雲端聯絡中心平台之間切換，而這在傳統上是一項龐大的工程。

Because Maestro is pre-integrated with leading CCAS platforms, we made this transition seamless. Their legacy provider quoted months for the same project. Even more compelling, our platform enables them to integrate AI capabilities that were simply impossible with their previous solution.

由於 Maestro 已與主流 CCaaS 平台預先整合，我們讓這次轉換變得順暢無縫。他們的既有供應商對同一專案報價需要數月。更具吸引力的是，我們的平台讓他們能整合先前解決方案根本無法實現的 AI 能力。

We're also applying AI innovation to transform our own operations. Here's a recent example.

我們也正把 AI 創新應用於改造自身營運。以下是一個近期例子。

Our AI analytics engine, which won a Stevie Award for innovation, detected an incoming surge in call volume for one of our top banking customers. Before the bank even noticed the spike, our system had automatically scaled capacity to handle it. This kind of proactive AI-driven support is why the world's largest companies trust us with their mission critical communications.

我們的 AI 分析引擎曾因創新而獲得 Stevie Award，它偵測到我們某家頂級銀行客戶的來電量即將激增。在銀行尚未察覺尖峰之前，我們的系統就已自動擴充容量以因應。這種主動式、AI 驅動的支援，正是全球最大企業信任我們承擔其關鍵任務通訊的原因。

Before wrapping up, I want to call out Devesh Agarwal's promotion to Chief Operating Officer on January 1. Devesh has embodied our commitment to customer success and innovation since joining us two years ago as chief software strategy officer.

在結束之前，我想特別提及 Devesh Agarwal 於 1 月 1 日晉升為營運長。Devesh 自兩年前以首席軟體策略長加入我們以來，一直體現我們對客戶成功與創新的承諾。

In his new mission, his leadership will be instrumental in executing our strategy, driving operational excellence, and strengthening our global customer partnerships to deliver the next phase of our growth.

在他的新使命中，他的領導力將在落實我們的策略、推動卓越營運，以及強化我們的全球客戶夥伴關係以交付下一階段成長方面，發揮關鍵作用。

In closing, 2024 was exceptional, but we believe we are just getting started. We're leading another transformation in cloud communications just as we did with cloud Voice two decades ago and enterprise messaging after that. The AI revolution represents a shift as fundamental as the internet itself. We are more excited about our opportunity to shape the future of enterprise communications today than we have ever been before. I'll now turn it over to Daryl to walk through the details of our financial results and outlook.

總結來說，2024 年表現非凡，但我們相信這只是剛開始。我們正引領雲端通訊的另一波轉型，就如同二十年前我們在雲端語音（cloud Voice）所做的，以及之後在企業訊息（enterprise messaging）所做的一樣。AI 革命所代表的轉變，其根本性不亞於網際網路本身。我們對於今日能夠塑造企業通訊未來的機會，比以往任何時候都更感到振奮。接下來我把時間交給 Daryl，請他說明我們財務結果與展望的細節。

Thank you, David.

謝謝你，David。

Bandwidth delivered strong financial results, exceeding guidance for both the 4th quarter and full year of 2024. This performance was driven by robust growth in voice and messaging across all customer categories.

Bandwidth 交出強勁的財務表現，2024 年第四季與全年皆超越財測指引。此表現主要由語音與訊息在所有客戶類別中的強勁成長所帶動。

For our Q4 2024 results, total revenue increased by 27% to $210 million with cloud communications revenue reaching $144 million a 15% year over year increase.

就我們 2024 年第四季的結果而言，總營收年增 27% 至 2.10 億美元，其中雲端通訊營收達 1.44 億美元，年增 15%。

Non-gap gross margin improved to 58%, a 3% point increase.

非 GAAP 毛利率提升至 58%，增加 3 個百分點。

EBITDA grew by 25% to $23 million.

EBITDA 年增 25% 至 2,300 萬美元。

Free cash flow saw a significant increase of 130%, reaching $30 million.

自由現金流大幅成長 130%，達 3,000 萬美元。

In terms of full year 2024 results, total revenue reached $748 million a 25% increase year over year.

就 2024 年全年結果而言，總營收達 7.48 億美元，年增 25%。

Cloud communications revenue was $540 million up 13% year over year.

雲端通訊營收為 5.40 億美元，年增 13%。

Full year non-gap gross margin was 57%, a 2% point increase.

全年非 GAAP 毛利率為 57%，增加 2 個百分點。

EBITDA increased substantially by 70% to $82 million.

EBITDA 大幅增加 70% 至 8,200 萬美元。

And free cash flow showed remarkable growth of 206%, reaching $59 million.

自由現金流亦呈現顯著成長 206%，達 5,900 萬美元。

Political campaign messaging contributed $62 million to total revenue and $23 million to cloud communications revenue for the full year in line with our expectations.

政治競選訊息（political campaign messaging）全年對總營收貢獻 6,200 萬美元，對雲端通訊營收貢獻 2,300 萬美元，符合我們的預期。

Political campaign message revenue represented 4% of cloud communications revenue.

政治競選訊息營收占雲端通訊營收的 4%。

Focusing on our full year 2024 cloud communications revenue growth, enterprise voice revenue grew 29% year by year, driven by strong demand within key verticals.

聚焦於我們 2024 年全年雲端通訊營收成長，企業語音營收年增 29%，主要由關鍵垂直產業的強勁需求所帶動。

Despite a relatively longer sale cycle, this category shows very positive demand patterns and benefits from margins approximately 20% points higher than our overall company non-gap gross margin.

儘管銷售週期相對較長，該類別呈現非常正向的需求型態，且其毛利率約比公司整體非 GAAP 毛利率高出 20 個百分點。

As the only global cloud communications voice provider and the only provider of an AI voice orchestration experience, we hold a unique position to service this market.

作為唯一的全球雲端通訊語音供應商，以及唯一提供 AI 語音編排（orchestration）體驗的供應商，我們在服務此市場方面具備獨特地位。

Our largest category, Global Voice plans, met our expectations at 3% revenue growth year by year. As the underlying communications provider for all Gartner Magic Quadrant leaders in UC and CX.

我們最大的類別「Global Voice」方案，年增 3% 的營收成長符合我們的預期。作為所有 Gartner 魔力象限（Magic Quadrant）在 UC 與 CX 領導者的底層通訊供應商。

We're encouraged by the stability and growing momentum in this category, especially anticipating our customers' plans to capture value and drive bandwidth cloud usage through their own AI initiatives.

我們對此類別的穩定性與日益增強的動能感到鼓舞，尤其是預期客戶將透過其自身的 AI 計畫來擷取價值並推動 Bandwidth 雲端使用量。

Programmable messaging accounted for 23% of cloud communications revenue and saw a 46% year to year increase.

可程式化訊息（programmable messaging）占雲端通訊營收的 23%，並年增 46%。

Driven by demand from customers in key verticals, including e-commerce, financial services, retail, and healthcare, as well as cyclical demand for political campaign messaging.

成長動能來自關鍵垂直產業客戶的需求，包括電商、金融服務、零售與醫療保健，以及政治競選訊息的週期性需求。

Moving to operating metrics, net retention rate for full year 2024 was 122% and 112% excluding political campaign revenue.

接著看營運指標，2024 年全年淨留存率為 122%，若排除政治競選營收則為 112%。

Customer name retention remained well above 99%. Average annual recurring revenue per unit reached a record $226,000 or a record $208,000 when excluding the political campaign benefit.

客戶名稱留存率仍遠高於 99%。每單位平均年度經常性收入（ARR）創新高達 226,000 美元；若排除政治競選帶來的效益，亦創新高達 208,000 美元。

In summary, 2024 saw excellent business model performance. Revenue grew 25% within total revenue, cloud communications revenue grew 13%. Gross profit grew 18%. We set a record annual non-gap gross margin of 57%.

總結而言，2024 年商業模式表現優異。總營收成長 25%，雲端通訊營收成長 13%。毛利成長 18%。我們創下年度非 GAAP 毛利率 57% 的新高紀錄。

We invested in our business with over half of our 6% point operating expense growth going to increases in R&D and innovation. All adding up to a remarkable profit growth of 70%, yielding an EBITDA margin of 15%, representing a 5% point increase from 2023.

我們持續投資業務，6 個百分點的營業費用成長中有一半以上用於增加研發與創新。綜合之下，利潤成長達 70%，EBITDA 利潤率為 15%，較 2023 年提升 5 個百分點。

Now looking ahead to 2025, our business strategy remains consistent. As previously mentioned, we believe the wave of voice AI is approaching, and we'll stay focused on three key principles strategically investing in our business, profitable growth and strengthening our capital structure.

展望 2025 年，我們的業務策略仍維持一致。如先前所述，我們相信語音 AI 的浪潮正在逼近，我們將持續聚焦三項關鍵原則：策略性投資業務、獲利性成長，以及強化資本結構。

Along with these three principles, our 2025 outlook is shaped by two additional specific factors.

除了這三項原則外，我們的 2025 年展望也受到另外兩個特定因素的影響。

First, We factored in the expected off year fluctuation in political campaign messaging.

第一，我們已納入政治競選訊息在非選舉年預期出現的波動。

2024 election cycle activity generated $62 million in total revenue that of course won't reoccur this year.

2024 年選舉週期活動帶來 6,200 萬美元的總營收，當然今年不會再發生。

Second, our 2025 full year guidance overall represents prudence predicated upon the evolving economic conditions moderately stabilizing throughout 2025.

第二，我們 2025 年全年指引整體反映審慎態度，其前提是：隨著經濟情勢演變，預期在 2025 年期間將呈現溫和穩定。

Taking these factors into account, we expect full year total revenue of $740 to $760 million which reflects growth of 8 to 11% when normalized for 2024 cyclical political campaign revenue.

綜合考量上述因素，我們預期全年總營收為 7.40 億至 7.60 億美元；若將 2024 年政治競選營收的週期性因素正規化後，對應的成長率為 8% 至 11%。

In terms of EBITDA, we expect to continue to benefit from the operating leverage inherent in our business model, and that's why, like the last two years, our guidance shows continued EBITDA growth with implied gross margin and free cash flow growth that exceeds our reported top line growth.

就 EBITDA 而言，我們預期將持續受惠於商業模式內含的營運槓桿；因此，如同過去兩年，我們的指引顯示 EBITDA 將持續成長，且隱含的毛利率與自由現金流成長將高於我們所報告的營收成長。

Accordingly, we expect EBITDA to grow to $86 million at the midpoint. Our 2025 profitability outlook reaffirms that we're on track to achieve our 2026 target of a 20% adjusted EBITDA margin.

因此，我們預期 EBITDA 在中位數將成長至 8,600 萬美元。我們對 2025 年獲利能力的展望再次確認，我們正按計畫在 2026 年達成 20% 調整後 EBITDA 利潤率的目標。

With that, I'll now turn the call over to the operator for the question and answer portion of today's call.

接下來，我將把電話會議交給接線員，進入今天的問答環節。

(operator Instructions). Arjun Bhatia, William Blair.

（接線員指示）。Arjun Bhatia，William Blair。

Yes, perfect, thank you for taking the question. 1 quick one if I can just start on the 4th quarter results, it looks like, if I'm backing out political, it looks like cloud communications revenue ex political growth slowed slightly in Q4, so, there, I'm curious what. What kind of excluding all the political noise, what ended up playing out in the 4th quarter and how you're thinking of 4th quarter results plus that 122% net retention base as a starting point for your 2025 plans here.

好的，非常好，謝謝讓我提問。我先就第四季結果問一個簡短問題：看起來如果我把政治因素扣除，第四季雲端通訊營收（不含政治）成長似乎略有放緩，所以我想了解。在排除所有政治雜訊後，第四季實際發生了什麼？以及你們如何把第四季結果加上 122% 的淨留存率基礎，作為你們 2025 年計畫的起點來思考。

Hey there, thank you. We were really pleased with the execution this last year in 2024 with our record performance across revenue, profitability, and free cash flow.

嗨，謝謝你。我們對 2024 年去年在執行面上的表現非常滿意，營收、獲利能力以及自由現金流都創下紀錄。

For the full year, cloud communications grew 13% when we had, and when we adjust for the political campaign revenue, it grew 8%. For the fourth quarter, those adjustments were cloud communications revenue growing 15%. And excluding campaign 7.something%. So I think that it's pretty much the fourth quarter is really honestly in line with the with the full year.

就全年而言，雲端通訊成長 13%；若調整政治競選活動營收因素，則成長 8%。就第四季而言，做了這些調整後，雲端通訊營收成長 15%。而若排除競選活動，則是 7 點多%。所以我認為，第四季基本上確實與全年表現一致。

Okay, understood, and then just, again going back to 2025, the 2025 guide, how should we think about, kind of growth rates across your three core kind of, segments and in global communications programmable services and. Enterprise, it seems like they're certainly getting some traction here with Maestro, and direct enterprise.

好的，了解。再回到 2025 年，也就是 2025 年的指引，我們應該如何看待你們三個核心、算是各個區隔的成長率，以及在全球通訊可程式化服務與企業端方面？企業端看起來確實透過 Maestro 與直連企業客戶取得了一些進展。

So, we expect that to be the big growth driver, again, in, next year as we're looking at the outlook and could you just please touch on the macro and the demand environment, it sounds like things are improving there, which is great to hear. Thank you.

因此，我們預期這會是明年展望中最大的成長驅動力；也請你談談總體環境與需求面，聽起來那邊正在改善，這很高興聽到。謝謝。

Yes, So, certainly. So for the full year guide, just as a reminder, we've guided total revenue to $740 million to $760 million with a midpoint of $750 million which is 9 10% growth at the midpoint when normalized for the $62 million of political campaign messaging cyclicality.

是的，當然。就全年指引而言，提醒一下，我們指引總營收為 7.40 億至 7.60 億美元，中位數 7.50 億美元；若將 6,200 萬美元的政治競選訊息週期性因素標準化後，中位數約為 9% 到 10% 的成長。

So, that 8%,9%, 10% growth at the midpoint is we think is sturdy, it's sturdy, and we're seeing that from growth expected growth across each of our customer categories, global Voice plans, enterprise voice, and programmable messaging.

所以，中位數的 8%、9%、10% 成長，我們認為是穩健的、相當穩健；我們也從各類客戶類別的預期成長中看到了這點，包括全球語音方案、企業語音，以及可程式化訊息。

We're actually with Global Voice plans we are expecting that the growth in 25 to be more than it was in 24, and that's a large portion of our revenue and we're seeing.

實際上，在全球語音方案方面，我們預期 2025 年的成長會高於 2024 年；而這占我們營收很大一部分，我們也看到……

As we said in the prepared remarks, we're seeing both stabilization and growing momentum and we're really gratified with what we understand our customers, what we see as our customers' initiatives in AI which drives cloud usage across our network. So we're pleased with that. Enterprise Voice is only continues to be.

如同我們在準備好的發言中所說，我們看到情勢既在穩定，也在累積成長動能；而且我們對於理解客戶、以及我們所看到客戶在 AI 方面的推動計畫感到非常欣慰，這會帶動我們網路上的雲端使用量。所以我們對此感到滿意。企業語音也仍然持續是……

In, a really good driver, albeit from a small base, and we see early good traction already in 25 on that, and programmable messaging, we think we see that pretty much steady on when adjusted for political campaign. Programmable messaging, we're, we've been really proud of in terms of the commercial aspects of that, again, adjusting for the political campaign cyclicality.

一個非常好的驅動因素，儘管基期較小；我們也在 2025 年已經看到早期良好的進展。而可程式化訊息方面，我們認為在調整政治競選活動因素後，整體大致維持穩定。在可程式化訊息上，我們對其商業面表現一直很自豪，同樣也是在調整政治競選週期性因素之後。

Our commercial programmable messaging growth has well exceeded the growth of others, and we believe we're taking market share and we'll continue to take market share.

我們商業用可程式化訊息的成長已遠超過其他同業的成長，我們相信自己正在取得市占，並且會持續取得市占。

Perfect, thank you, Daryl. I appreciate it.

太好了，謝謝你，Daryl。我很感謝。

Ryan McWilliams, Barclays.

Ryan McWilliams，巴克萊。

Hey Guys. Thanks for the question. David just I love your breakdown on why bandwidth was positioned well for the voice AI agent opportunity. Can you just talk about what like your customers are talking like describing their demand for that? Like is that like a couple of years from now or is that happening now?

嗨，各位。謝謝讓我提問。David，我很喜歡你對於為什麼 Bandwidth 在語音 AI 代理人機會上具備良好定位的拆解。你能談談客戶是怎麼在描述他們對此的需求嗎？這是幾年後才會發生，還是現在就正在發生？

And then how does bandwidth relationships with the contact center provider. Help win those voice AI agents that are attaching either before or on top of the contact center. Does that help your competitive positioning there? Thanks.

另外，Bandwidth 與聯絡中心供應商的關係，如何幫助贏得那些會在聯絡中心之前或疊加在聯絡中心之上的語音 AI 代理人？這是否有助於你們在那裡的競爭定位？謝謝。

Thank you, Ryan. No, those are great questions and some of the examples we gave in the period, I think really highlight the answers. The leading global hospitality brand that we talked about has an AI. Agent experience for their customers.

謝謝你，Ryan。不，這些都是很棒的問題，而我們在本期提供的一些例子，我認為很能凸顯答案。我們提到的那家全球領先的旅宿品牌，已經為其客戶提供 AI 代理人體驗。

They're staying in their hotels, and they've really revolutionized the guest experience by allowing that AI agent to always be available and that the customer can speak to access everything from room service to housekeeping.

客人入住他們的飯店時，他們透過讓 AI 代理人隨時可用，徹底革新了住客體驗；客戶可以用語音存取從客房服務到房務清潔等各項服務。

Importantly, when the AI agent needs to escalate, then it gets routed directly to hotel staff. So that leading brand already has an agent in market and used bandwidth in order to give that AI agent a voice.

重要的是，當 AI 代理人需要升級處理時，就會直接轉接到飯店員工。因此，該領先品牌已經有代理人在市場上運作，並且使用 Bandwidth 來讓該 AI 代理人具備語音能力。

The second part of your question regarding contact centers and what role do they play, I think is really illustrated by the Fortune 25 healthcare provider that we talked about. They were switching cloud contact center platforms, and the incumbents gave them an incredibly long timeframe for doing so.

你問題的第二部分，關於聯絡中心以及它們扮演什麼角色，我認為我們提到的那家《財富》前 25 大醫療保健供應商的案例很能說明。他們正在更換雲端聯絡中心平台，而既有供應商給了他們一個極其漫長的切換時程。

The incumbents gave them no maestro equivalent orchestration layer that allowed them to be pre-integrated with the new contact center platform they were migrating to, nor was there any way to integrate AI capabilities that this Fortune 25 healthcare provider has on its roadmap.

既有供應商並沒有任何類似 Maestro 的編排層，能讓他們與正在遷移的新聯絡中心平台進行預先整合；同時也沒有任何方式整合這家《財富》前 25 大醫療保健供應商在其路線圖上規劃的 AI 能力。

So, whether it's a leading hotel globally that already has an agent in market that's serving customers or a Fortune 25 healthcare provider that's planning for that agent. AI future we are watching our enterprise customers make decisions whether it's to migrate between cloud contact centers or to give an AI agent a voice. We're seeing that today.

所以，無論是已經有代理人在市場上服務客戶的全球領先飯店品牌，或是正在規劃該代理人 AI 未來的《財富》前 25 大醫療保健供應商，我們都在觀察企業客戶做出決策：不論是要在雲端聯絡中心之間遷移，或是要讓 AI 代理人具備語音能力。我們今天就看到了這些情況。

Perfect, I appreciate that color. And then Daryl, just on the first quarter guide, any puts and takes there, it just, I know we're coming up the election, but it just seem a touch more conservative than, folks were expecting and any fluctuations in macro in the 4th quarter or in the 1st quarter that we should think about. Thanks.

太好了，這些補充很有幫助。另外 Daryl，關於第一季指引，有哪些拉抬與拖累因素嗎？我知道我們剛經歷選舉，但看起來比大家預期稍微保守一些；第四季或第一季在總體環境上是否有任何波動是我們需要留意的？謝謝。

Yeah, thank you. Absolutely right. Our first quarter guidance of $169 million at the midpoint is relatively flat year over year from the first quarter of 24, but it is up 4% normalized for the $8 million of political campaign benefit in the first quarter of 24% of the prior quarter.

是的，謝謝你。完全正確。我們第一季指引中位數為 1.69 億美元，與 2024 年第一季相比相對持平；但若將 2024 年第一季 800 萬美元的政治競選活動貢獻標準化後，則成長 4%，相較於前一季。

So we are seeing growth there now in terms of the mix within top line cloud communications and surcharges, we are expecting surcharges to be lower in the first quarter of 25 than they are in the first quarter of 24. That's just based on mix and it's based on the fact that there was $5 million of political messaging surcharges in the first quarter of 24 as well. So we have those dynamics going on and then that.

因此我們確實看到成長。至於營收結構中雲端通訊與附加費（surcharges）的組合，我們預期 2025 年第一季的附加費會低於 2024 年第一季。這主要是由組合所致，也因為 2024 年第一季也包含 500 萬美元的政治訊息附加費。所以我們有這些動態因素，然後……

Essentially explains it across our organic growth and.

基本上是在我們的有機成長等面向加以說明。

Ryan, I just want to add to Darrell's comments there. This is the 29th straight quarter, and it's all quarters since we've gone public that we are meeting or exceeding our guidance, and that's just the team that we are. When we look forward, we make sure that we are projecting what we know we can do. But if I zoom out back to your earlier question about AI agents.

Ryan，我想在 Darrell 的評論上再補充一下。這是連續第 29 個季度，而且自我們上市以來的每一個季度，我們都達到或超越了我們的指引，這就是我們團隊的風格。當我們往前看時，我們會確保所做的預測是基於我們確知能做到的事情。但如果我拉回到你先前關於 AI 代理的問題。

Our firm conviction is that the AI agent moment that we're in will exceed as a durable opportunity for us and our space what work from home represented back during COVID. That was temporary. Work from home was a fad. The AI future for voice, it's the future. It's no fad, and it represents, we think, an extraordinary opportunity, but the guide that we have is based on the present. Our enthusiasm is based on the future.

我們堅信，當下這個 AI 代理的時刻，對我們以及我們所處領域而言，作為一個可持續的機會，將會超越 COVID 期間「居家辦公」所代表的意義。那是暫時性的。居家辦公是一時的風潮。語音的 AI 未來，才是未來。這絕非風潮，我們認為它代表一個非凡的機會，但我們給出的指引是基於當下。我們的熱情則是基於未來。

I appreciate that perspective and color thanks guys.

感謝這樣的觀點與補充，謝謝各位。

Patrick WalRavens, Citizens Bank.

Patrick WalRavens，Citizens Bank。

Oh great thank you. Two questions I guess you know first of all, can you just talk a little bit about what's going on in terms of your.

太好了，謝謝。我想有兩個問題，首先，你們能否談談在企業端的 go-to-market 以及銷售團隊方面，目前的情況是怎樣？

Enterprise go to market and the sales force so like that hotel deal that you described David, how do you land something like that? Is that is that a sales person?

像你提到的那個飯店交易，David，你們是怎麼拿下那樣的案子？那是由業務人員促成的嗎？

And then Darrell, if you wouldn't mind touching on where we are on. Sort of the long term, prospects around the debt that would be awesome thank you.

另外，Darrell，如果你不介意的話，也請談談我們在長期方面、關於負債的前景目前處於什麼狀態，那就太好了，謝謝。

Thank you, Pat. We have an early channel program that is going to market with indirect partners, and that's proved to be effective, but these large enterprise customers, that we're growing and revenue for the enterprise space for us was up 29% year every year in 24, but those customer wins like I talked about. Are almost always direct right now.

謝謝你，Pat。我們有一個早期的通路計畫，透過間接合作夥伴推向市場，這已證明是有效的；但這些我們正在成長的大型企業客戶——我們 2024 年企業端營收年增 29%——不過像我提到的那些客戶贏單，目前幾乎都是直接拿下的。

Our channel progress is early. We're excited about it and we've got a lot of catching up to do to compete well in that space with others that are already there. So our go to market motion in enterprise is direct. We have an excellent Chief Revenue Officer and enterprise team. They're active, and these wins represent their hard efforts.

我們的通路進展仍在早期。我們對此感到興奮，但要在那個領域與已經深耕的其他業者競爭，我們還有很多需要補課。因此，我們在企業端的 go-to-market 動作是以直銷為主。我們有一位非常出色的首席營收長以及企業團隊。他們非常積極，這些贏單也代表了他們的辛勤努力。

Hey Pat, this is Daryl. In terms of our capital structure and our balance sheet strength and in and in specific your question around leverage and debt, long-term debt.

Pat 你好，我是 Daryl。就資本結構與資產負債表的強健度而言，特別是你問到的槓桿與負債、長期負債。

Yesterday it's worth probably remarking yesterday we entered the market and completed a repurchase of essentially the remaining $35 million of the 2026 notes that will be due in March of next year. We purchased as much as we could subject to the repurchase rules, and that was just a little short of $30 million. So, that, that's essentially done. And we did that with just cash on hand.

值得一提的是，昨天我們進入市場並完成了回購，基本上把 2026 年票據剩餘的 3,500 萬美元回購掉；該票據將於明年 3 月到期。在回購規則允許的範圍內，我們買了能買的最大量，約略不到 3,000 萬美元。所以，這件事基本上已經完成。而且我們是用手上現金完成的。

Looking forward, the March 1st of April, March 2028 notes of $250 million at face amount. We think that that represents A very manageable leverage.

往前看，2028 年 3 月（票據）面額 2.5 億美元。我們認為這代表一個非常可控的槓桿水準。

If you take our last not next 12 months, but if you take our last 12 months, $82 million of EBITDA, and you adjust for the recent repurchase of the almost $30 million on that $35 million in 2026 and you take into account the $250 and you subtract out cash on hand to get to a net debt balance, we're running it just at 2.0 or on the last 12 months, EBITDA or just slightly less than 2.0 on the round of leverage on net debt, and we feel that that is extraordinarily manageable and, really suitable for our size company. So we really don't have a conversation internally anymore around leverage. We're really focused on our growth prospects and our investments in AI.

如果你看我們過去 12 個月（不是未來 12 個月），EBITDA 為 8,200 萬美元；再針對近期回購——在 2026 年票據 3,500 萬美元中回購了將近 3,000 萬美元——做調整，並把 2.5 億美元納入考量，再扣除手上現金以得到淨負債餘額，我們的淨負債槓桿大約是 2.0 倍（以過去 12 個月 EBITDA 計），或略低於 2.0 倍；我們覺得這是非常可控的，而且對我們這樣規模的公司來說非常合適。所以我們內部其實已經不太再討論槓桿問題了。我們真正聚焦的是成長前景以及在 AI 上的投資。

That's terrific. Thank you both.

太棒了。謝謝你們兩位。

Thank you, Pat.

謝謝你，Pat。

Meta Marshall with Morgan Stanley.

Morgan Stanley 的 Meta Marshall。

Great thanks I just wanted to ask a little bit more about kind of Maestro traction. Is there a way to kind of say how many accounts have grown on Maestro kind of year over year, or a way to kind of contextualize are these largely new customers that are coming to the platform or existing customers and just kind of what efforts are being made, particularly for existing customers to kind of upsell them the Maestro product that'd be helpful thanks.

謝謝。我想再多問一點關於 Maestro 的動能。有沒有辦法說明一下，使用 Maestro 的帳戶數年對年成長多少，或用什麼方式來脈絡化：這些主要是新客戶上平台，還是既有客戶？以及對既有客戶而言，你們做了哪些努力來推動加購（upsell）Maestro 產品？這會很有幫助，謝謝。

Thanks Meta. The customer examples we gave in the period are just a selection of hundreds that have begun using Maestro and when we say hundreds, keep in mind our average customer spend annually is over $200,000 a year and we don't have free to use customers. The three examples we gave all.

謝謝你，Meta。我們在本期提供的客戶案例，只是數百家已開始使用 Maestro 的客戶中的一小部分；而且當我們說「數百家」時，請記得我們的客戶年均支出超過 20 萬美元，而且我們沒有免費使用的客戶。我們提供的三個例子都。

Focus on Maestro as a path forward for them to orchestrate different. Aspects of their voice solution and that includes lots of AI agent use cases. So while we haven't provided KPI or particular metrics yet on Maestro revenue or things like that, it's hundreds of enterprise customers, and that's very significant.

聚焦在 Maestro 作為他們未來的路徑，用來編排不同的。語音解決方案面向，其中包含許多 AI 代理的使用情境。因此，雖然我們尚未提供 Maestro 營收等 KPI 或特定指標，但目前是數百家企業客戶在使用，這非常重要。

It's not thousands and thousands of developers using for free. These are folks that spend significant money with us today and new to your good second part of your question. And that layer is often, I think, undervalued.

這不是成千上萬的開發者免費使用。這些客戶今天就已經在我們這裡投入可觀的費用，而且也呼應你提到的第二部分問題：其中也有新客戶。而我認為這一層常常被低估。

Our approach to AI is to support this extraordinarily explosive moment when everyone is building their own agent and they need to connect them to a telephony layer easily, integrate them into CCAS and UCAS. We're not trying to provide a best of breed agent for very specific use cases.

我們的 AI 策略，是支援這個極度爆發性的時刻：每個人都在打造自己的代理，而他們需要能輕鬆把代理連接到電信層，並整合進 CCAS 與 UCAS。我們並不是要針對非常特定的使用情境提供某個「最佳」代理。

We're realizing. This layer welcomes everyone to bring the best agents that they've built, and I think that's really unique. AI Bridge similarly allows them to tap into the pre-integrations to some really powerful AI solutions that are like Google dialogflow, like Cognigy, and we've added two more.

我們的理解是。這一層歡迎所有人帶來他們打造的最佳代理，我認為這真的很獨特。AI Bridge 同樣讓他們能利用一些非常強大的 AI 解決方案的預先整合，例如 Google Dialogflow、Cognigy，而我們也新增了另外兩個。

So both the AI bridge and Maestro components of our solution are vital to support the enterprises that are thinking about the future. But the only metric we've provided is hundreds of them are already using it since we launched last year.

因此，AI Bridge 與 Maestro 這兩個解決方案元件，對於支援正在思考未來的企業而言都至關重要。但我們目前提供的唯一指標是：自去年推出以來，已經有數百家企業在使用。

Okay great thanks so much.

好的，太好了，非常感謝。

Ryan Koontz, Needham.

Ryan Koontz，Needham。

Great, good morning and congrats on a nice finish to the year here. Daryl, can you comment on the, increasing mix of A to P fees, kind of what's behind that mechanically? Is that a lot is that a higher percentage of A to P typically with, the political traffic and then also what are your assumptions for the, these master fees in your guidance for the quarter and the year ahead in 205.

太好了，早安，也恭喜今年收尾表現亮眼。Daryl，你能否評論一下 A to P 費用占比提高的情況，機制上背後的原因是什麼？這是否通常在政治流量帶動下，A to P 的占比會更高？另外，你們在對本季與明年（205）的指引中，對這些 master fees 的假設是什麼？

Yes, thank you. That's it's a really great question. We started the year from the 1st quarter of last year through the 4th quarter with the growing political mix and just the growing political campaign demand that was within the messaging overall sales. We saw that their attach rate and their mix of surcharges.

是的，謝謝。這真的是個很好的問題。我們從去年第一季一路到第四季，隨著政治組合占比提升，以及整體訊息銷售中政治競選需求增加。我們看到其附加率（attach rate）以及附加費（surcharges）的組合占比。

Increased and it differed from what the normal mix of surcharges or the attached rate for surcharges would be for our commercial messaging customers in aggregate. We do expect that in the first quarter of 25 that now absent the political campaign cyclicality.

有所提高，且與我們整體商業訊息客戶的正常附加費組合或附加率不同。我們確實預期在 25 年第一季，隨著政治競選的週期性因素消退。

The attached rate of surcharges to our commercial messaging will regress and return to that to that rate that we experienced in the first quarter of 24, and that's why we outright expect both surcharges to be down, not just because of or to be lower and say more efficient or a lower attached rate to a dollar earned in commercial messaging, but not just from political campaign but in on average as well.

商業訊息的附加費附加率將回歸，回到我們在 24 年第一季所經歷的水準；這也是為什麼我們明確預期附加費會下降，不僅是因為政治競選因素消退，或是說相對於商業訊息所賺取的每一美元，附加費更有效率、附加率更低，而是平均而言也會如此。

So you're seeing that. So you picked that, that's a good dynamic to point out. I'm glad you asked that question.

所以你確實看到了這點。你抓到了，這是個值得指出的良好動態。很高興你問了這個問題。

Great thanks and then you know in in terms of, new developments, you talk a lot about the impact of AI, with Maestro on your voice business are you starting to see much of an impact from AI implementations maybe from your customers, using LLMs on messaging volumes?

太好了，謝謝。接著你知道，就新進展而言，你們談了很多 AI 的影響，Maestro 對你們語音業務的影響；你們是否開始看到客戶端的 AI 導入（例如使用 LLM）對訊息量帶來任何影響？

Related to messaging volumes is the requirement to register campaigns, and we have an AI solution internally that does pre-campaign vetting and that expedites campaign registration approvals significantly from days and days down to hours.

就訊息量而言，其中一項要求是必須註冊活動（campaigns）；我們內部有一個 AI 解決方案可在活動前進行審核（pre-campaign vetting），能大幅加速活動註冊核准，將原本好幾天的流程縮短到數小時。

And so the current messaging solution that we have related to AI, it's important because messaging has grown, but make no mistake.

因此，我們目前與 AI 相關的訊息解決方案很重要，因為訊息業務已經成長，但請不要誤會。

The future of AI as an experience in business to business and in consumer is in voice. So if you zoom out, chat GPT and the text-based interface that AI really began with is very quickly hurtling toward an elegant voice to voice interface, and it will be the primary way that most folks engage with and utilize AI Grok 3 Voice service.

AI 在企業對企業（B2B）與消費者體驗中的未來是在語音。所以如果你把視角拉遠，ChatGPT 與 AI 最初的文字介面，正非常快速地朝向優雅的語音對語音介面奔馳，而這將成為大多數人與 AI 互動並使用 AI（Grok 3 Voice service）的主要方式。

I think, drops this week and we've been watching many go to market AI opportunities relative to voice, so we're thrilled and excited to be in the tech stack and in the solution roadmap for AI's primary user experience, which is voice.

我想它這週就會推出，而我們一直在觀察許多與語音相關的 AI 上市（go-to-market）機會；因此，我們非常興奮能成為 AI 主要使用者體驗（也就是語音）之技術堆疊與解決方案藍圖的一部分。

Got it really helpful, David. Thank you. And any quick thoughts about RCS if that starts to impact the messaging business at all in 25?

了解，這很有幫助，David。謝謝。另外，對於 RCS 若在 25 年開始對訊息業務產生影響，你有沒有什麼簡短看法？

Yes, we're excited. We're excited about RBM and RCS and are supporting it and believe that it's a vital part of the messaging strategy, especially for businesses, and it's a proof point for our leadership historically in messaging. We are an RBM partner with Google. We were very early to market with them.

是的，我們很興奮。我們對 RBM 與 RCS 都很興奮，並正在支援它，也相信它是訊息策略中非常關鍵的一環，特別是對企業而言；這也印證了我們過去在訊息領域的領導地位。我們是 Google 的 RBM 合作夥伴。我們很早就與他們一起進入市場。

The speed of the US mobile operator rollout is important. Two of the big three are now operational for testing, which is awesome, but yes, RBM. RCS both game changers for business messaging and we're going to be a leader for large enterprise on that dimension and just like we are today in SMS.

美國行動電信業者的推廣速度很重要。三大業者中的兩家目前已可進行測試運作，這很棒；但沒錯，RBM、RCS 都是企業訊息的遊戲規則改變者，而我們會在大型企業這個面向成為領導者，就像我們今天在 SMS 一樣。

Great thanks so much for the questions.

太好了，非常感謝這些問題。

Thank you.

謝謝。

Will power, Baird

Will Power，Baird

Okay, great, thanks. Yeah, we just kind of want to follow up on some of the previous comments on growth drivers for 2025, particularly the global voice plan. It sounds like you do expect growth to improve and I wondered if, you could drill out any further as to the drivers there is that, share gains within UCAS or CCA or just better trends within.

好的，太好了，謝謝。是的，我們想跟進一下先前關於 2025 年成長驅動因素的一些評論，特別是全球語音方案。聽起來你們確實預期成長會改善，我想知道你是否能再更深入說明其驅動因素：這是 UCAS 或 CCA 內的市占提升，還是其中某一類客戶群的趨勢更好，或是其他因素？

One of those customer cohorts, any other color I guess you can provide on the visibility and the opportunity there.

我想你能提供的任何補充說明，關於可見度與機會。

Thanks, Will. We launched the universal platform and are watching it, watching its uptake globally. So footprint I would describe as the most important first driver that underpins the expansion of our global communications plans.

謝謝，Will。我們推出了通用平台，並正在觀察它在全球的採用情況。因此，我會把「覆蓋版圖（footprint）」描述為支撐我們全球通訊方案擴張的最重要第一個驅動因素。

Then on top of that enterprise adoption of our platform that immediately scales globally.

接著，在此之上是企業對我們平台的採用，這會立即在全球規模化。

So, if you have a US domiciled enterprise that comes on board almost every time they have a global need and so that drives global communications plans in our forecast and then and then last, as I've talked about, there is not a significant enterprise anywhere that isn't already neck deep understanding the voice agent opportunity that they have.

所以，如果一家以美國為本的企業加入，幾乎每次他們都會有全球需求，這就會推動我們預測中的全球通訊方案；然後最後，如我所談到的，幾乎沒有任何一家重要企業不是已經深度在理解他們所擁有的語音代理（voice agent）機會。

And so that will also drive part of our growth and forecasting for GCP and globally for voice.

因此，這也將推動我們對 GCP 以及全球語音的部分成長與預測。

Okay great thank you.

好的，太好了，謝謝你。

Thank you. And ladies and gentlemen, this concludes our question and answer session and today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.

謝謝。各位女士、先生，問答環節以及今天的電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛斷電話，祝您有美好的一天。