Bandwidth Inc (BAND) 2025 Q1 法說會逐字稿

Good morning and welcome to the Bandwidth Inc first quarter 2025 earnings call.

早安，歡迎參加 Bandwidth Inc 2025 年第一季財報電話會議。

(Operator Instructions)

（操作員指示）

I would now like to turn the conference over to Sarah Wallace. Please go ahead, ma'am.

現在我想將會議交給莎拉華萊士。請繼續，女士。

Good morning and welcome to bandwidth's first quarter 2025 earnings call. 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 the press release aimed at 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. During the call, we will make statements related to our business that may be considered forward-looking, including statements concerning our financial guidance for the second quarter in full year 2025. We caution you not to put undue reliance on these forward-looking statements, as they may involve risks and uncertainties that could cause actual results to vary materially from any future results or outcomes expressed or implied by the forward-looking statements. Any forward-looking statements made on this call and in the presentation, slides reflect our analysis as of today, and we have no plans or obligation to update them. 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.

早安，歡迎參加頻寬 2025 年第一季財報電話會議。今天與我一起出席的還有我們的執行長 David Morken 和財務長 Daryl Raiford。他們將首先發表準備好的發言，然後我們將開始問答環節。我們的收益新聞稿於今天早些時候發布，該新聞稿旨在展示收益，其中包含歷史財務亮點以及 GAAP 與非 GAAP 財務結果的對賬，可在 investors.bandwidth.com 的投資者關係頁面上找到。在電話會議中，我們將發表與我們的業務相關的可能被視為前瞻性的聲明，包括有關 2025 年全年第二季財務指導的聲明。我們提醒您不要過度依賴這些前瞻性陳述，因為它們可能涉及風險和不確定性，可能導致實際結果與前瞻性陳述表達或暗示的任何未來結果或結果有重大差異。本次電話會議和簡報、幻燈片中做出的任何前瞻性陳述均反映了我們截至今天的分析，我們沒有計劃或義務更新它們。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 10K 文件中包含的內容，該內容已由其他 SEC 文件更新。說到這裡，讓我把討論交給大衛。

Thank you, Sarah, and good morning, everyone. Welcome to Bandwidth's first quarter 2025 earnings call. We're pleased to report a solid start to 2025 with results exceeding both our top and bottom line expectations driven in large part by strong performance in our core offerings, reflecting healthy demand for our cloud communications services and disciplined operating execution. We deeply appreciate the continued trust of our customers and the opportunity to serve them.

謝謝你，莎拉，大家早安。歡迎參加 Bandwidth 2025 年第一季財報電話會議。我們很高興地報告，2025 年開局良好，業績超出了我們的頂線和底線預期，這在很大程度上得益於我們核心產品的強勁表現，反映了對我們的雲端通訊服務的健康需求和嚴格的營運執行。我們非常感謝客戶一直以來的信任以及為他們服務的機會。

To our dedicated bandmates, thank you for the talent, drive, and unwavering commitment to our mission. I thank God for each of you and for his many blessings on our company. Before we discuss our first quarter performance, I want to briefly address the recent attention around global trade policy. Based on what we know today, we don't believe the current tariff environment poses any material impact to our business.

對於我們敬業的樂隊成員，感謝你們的才華、動力和對我們使命的堅定承諾。我感謝上帝賜給你們每一個人，並給予我們公司諸多的祝福。在討論第一季的業績之前，我想先簡單談談最近對全球貿易政策的關注。根據我們目前所了解的情況，我們認為目前的關稅環境不會對我們的業務造成任何重大影響。

We continue to see healthy usage across our core offerings in voice and messaging, particularly in regulated mission-critical verticals like healthcare and financial services. In our twenty six year history, bandwidth has always been known for resilience, and we remain focused on disciplined execution, new innovations, and delivering the essential communications our customers rely on every day.

我們繼續看到語音和訊息傳遞方面的核心產品的健康使用情況，特別是在醫療保健和金融服務等受監管的關鍵任務垂直領域。在我們二十六年的歷史中，頻寬一直以彈性而聞名，我們仍然專注於嚴格的執行、新的創新以及提供客戶每天所依賴的基本通訊。

Now let's turn to our first quarter performance bandwidth powers, mission critical communications across AI voice messaging and emergency services. Our Maestro platform is the orchestration layer for the modern enterprise, giving enterprises the freedom to integrate their choice of best in class, CCaaS, UCaaS, and voice AI agent providers. As the only CCaaS company with our own global communications cloud, we deliver unmatched geographic reach and reliability.

現在讓我們來談談第一季的效能頻寬能力、跨 AI 語音訊息和緊急服務的關鍵任務通訊。我們的 Maestro 平台是現代企業的編排層，讓企業可以自由選擇一流的 CCaaS、UCaaS 和語音 AI 代理商提供者。作為唯一擁有自己的全球通訊雲端的 CCaaS 公司，我們提供無與倫比的地理覆蓋範圍和可靠性。

The results of our strategy to drive growth in our core platform are evident in our first quarter performance across all three of our market offers Enterprise voice, Global Voice plans, and programmable messaging. Our enterprise voice business is experiencing significant traction as enterprises increasingly choose bandwidth to modernize their communications infrastructure. They are leveraging our software platform and global network to deliver mission critical voice communications and enable AI-powered voice agents. Notably, over half of our enterprise customers are now utilizing our Maestro or AI Bridge platforms.

我們推動核心平台成長的策略的成果在我們第一季所有三個市場產品（企業語音、全球語音計畫和可程式訊息傳遞）的業績中得到明顯體現。隨著越來越多的企業選擇頻寬來實現其通訊基礎設施的現代化，我們的企業語音業務正在經歷顯著的發展。他們正在利用我們的軟體平台和全球網路來提供關鍵任務語音通訊並支援人工智慧語音代理。值得注意的是，超過一半的企業客戶現在正在使用我們的 Maestro 或 AI Bridge 平台。

Maestro's flexibility and orchestration capabilities are proving to be a strong competitive differentiator in sectors like financial services, healthcare, and hospitality as enterprises choose us for the measurable ROI we deliver in streamlining operations and accelerating innovation. We saw this firsthand with significant customer wins in the healthcare sector.

Maestro 的靈活性和協調能力已被證明是金融服務、醫療保健和酒店業等領域的強大競爭優勢，因為企業選擇我們是因為我們在簡化營運和加速創新方面提供了可衡量的投資回報率。我們在醫療保健領域贏得了大量客戶，親眼見證了這一點。

One prominent healthcare provider with locations across the Midwestern US selected bandwidth for a new bring your own carrier deployment on Maestro, seamlessly integrating with their existing cloud contact center. Their decision was driven by the comprehensive suite of cloud services bandwidth offers, including the ability to integrate AI voice agents. Another key win involved a publicly traded group of hospitals and clinics seeking to implement a hybrid environment to integrate their legacy on-premises applications. Bandwidth's Maestro platform is jumpstarting their cloud journey by modernizing their communications infrastructure.

一家在美國中西部設有分支機構的著名醫療保健提供商選擇了 Maestro 上的新自帶運營商部署頻寬，與其現有的雲端聯絡中心無縫整合。他們的決定是基於雲端服務頻寬提供的全面套件，包括整合 AI 語音代理的能力。另一個關鍵的勝利涉及一家上市公司的醫院和診所，該集團尋求實施混合環境來整合其傳統的內部部署應用程式。Bandwidth 的 Maestro 平台正在透過現代化其通訊基礎設施來啟動他們的雲端之旅。

Maestro's dynamic call routing feature provides superior reliability while allowing the customer to consolidate and own their telephone numbers for greater control. These examples demonstrate how bandwidth's open and flexible architecture powered by Maestro serves both cloud-first and hybrid customers with the integrations of their choice. Addressing a wide spectrum of enterprise needs, our voice AI strategy resonates with enterprises, and we are making significant strides in our AI voice strategy focusing on openness and flexibility, core tenets of our Maestro platform that align with our customers' preferred approach to building their solutions.

Maestro 的動態呼叫路由功能提供了卓越的可靠性，同時讓客戶可以整合並擁有自己的電話號碼，以實現更好的控制。這些範例展示了由 Maestro 提供支援的頻寬開放且靈活的架構如何透過他們選擇的集成為雲端優先和混合客戶提供服務。我們的語音 AI 策略能夠滿足廣泛的企業需求，與企業產生共鳴，並且我們在 AI 語音策略方面取得了重大進展，重點關注開放性和靈活性，這是我們 Maestro 平台的核心原則，與客戶建立解決方案的首選方法相一致。

As enterprises increasingly adopt specialized AI voice agents, integrating them into existing communication workflows presents a challenge.

隨著企業越來越多地採用專門的人工智慧語音代理，將它們整合到現有的通訊工作流程中提出了挑戰。

Maestro AI Bridge is specifically designed to simplify this complexity, allowing organizations to integrate their choice of new AI voice solutions with their current CCaaS and UCaaS platforms.

Maestro AI Bridge 專門設計用於簡化這種複雜性，讓組織可以將他們選擇的新 AI 語音解決方案與他們目前的 CCaaS 和 UCaaS 平台整合。

This strategy is already contributing to our growth and wallet share. A long-term customer recently selected AI Bridge to power a new IVR replacement using a third-party AI voice agent. This deployment has significantly improved efficiency by resolving inquiries about transaction status and payment confirmations, freeing up human agents for higher value interactions, reducing operational costs, and enhancing both customer and agent satisfaction. Furthermore, AI Bridge's interoperability allowed the customer to deploy on their own timeline.

這項策略已經對我們的成長和錢包份額做出了貢獻。一位長期客戶最近選擇了 AI Bridge，使用第三方 AI 語音代理為新的 IVR 替代方案提供支援。此次部署透過解決有關交易狀態和付款確認的查詢，釋放人工代理以進行更高價值的交互，降低營運成本並提高客戶和代理商的滿意度，顯著提高了效率。此外，AI Bridge 的互通性允許客戶按照自己的時間表進行部署。

In our enterprise business, our channel program continues to expand, enabling us to engage with large and complex enterprise transformations through MSPs and system integrators. In the first quarter, we expanded our long-standing partnership with Miratech through another multi-million-dollar deal. This collaboration will power a new Genesis contact center for the largest regional auto club in the US. The customer chose bandwidth for our rapid deployment capabilities via our Genesis integration on the Maestro platform and our ability to easily integrate AI voice agents for future automation of customer service functions, turning to global voice plans, our largest voice offering.

在我們的企業業務中，我們的通路計畫不斷擴展，使我們能夠透過 MSP 和系統整合商參與大型複雜的企業轉型。第一季度，我們透過另一項數百萬美元的交易擴大了與 Miratech 的長期合作關係。此次合作將為美國最大的區域汽車俱樂部提供新的 Genesis 聯絡中心。客戶選擇頻寬是為了實現我們透過 Maestro 平台上的 Genesis 整合實現的快速部署功能，以及我們輕鬆整合 AI 語音代理以實現未來客戶服務功能自動化的能力，從而轉向全球語音計劃（我們最大的語音產品）。

This category continues to provide a strong foundation for bandwidth's growth. Our owned and operated global network, coupled with our regulatory expertise and software automations on the universal platform, remain key differentiators for our hyperscale and communications platform customers like Microsoft, Zoom, and Genesis.

此類別繼續為頻寬的成長提供堅實的基礎。我們擁有並經營的全球網絡，加上我們在通用平台上的監管專業知識和軟體自動化，仍然是我們對於微軟、Zoom 和 Genesis 等超大規模和通訊平台客戶的關鍵差異化因素。

In the first quarter, we successfully secured new business and expanded existing relationships. Let me give you two examples. First, we secured a new relationship with a global IT services provider and Microsoft. Gold partner serving over 3,000 customers across 57 countries, they selected bandwidth to support mission-critical contact center operations for several US state governments and large enterprise clients.

第一季度，我們成功獲得了新業務並擴大了現有關係。我給你舉兩個例子。首先，我們與一家全球 IT 服務供應商和微軟建立了新的關係。作為金牌合作夥伴，他們為 57 個國家的 3,000 多家客戶提供服務，他們選擇頻寬來支援美國多個州政府和大型企業客戶的關鍵任務聯絡中心營運。

A key factor in their decision was the failover protection provided by our Call Assure solution for their 7,000 toll-free numbers. This win highlights bandwidth's reliability and platform resilience, positioning us for growth as this partner expands deployments. Second, we deepened our engagement with an existing longtime Global Voice Plans customer that is pioneering a groundbreaking AI use case.

他們做出這項決定的關鍵因素是我們的 Call Assure 解決方案為其 7,000 個免費電話號碼提供的故障轉移保護。這場勝利凸顯了頻寬的可靠性和平台彈性，使我們在該合作夥伴擴大部署時能夠實現成長。其次，我們深化了與現有的長期 Global Voice Plans 客戶的合作，該客戶正在開創突破性的人工智慧用例。

They recently launched a real-time voice translation service powered by large language models, enabling seamless communication in English, Chinese, Japanese, and Spanish, with plans for more languages in the future. The customer continued building on the bandwidth cloud because of our ability to deliver the high fidelity, low latency, and reliability that voice AI applications demand. It's a powerful example of how enterprises are launching Voice AI with bandwidth, driving increased usage of our bandwidth cloud.

他們最近推出了一項由大型語言模型驅動的即時語音翻譯服務，實現了英語、中文、日語和西班牙語的無縫交流，並計劃未來支援更多語言。由於我們能夠提供語音 AI 應用所需的高保真度、低延遲和可靠性，客戶繼續在頻寬雲端上進行建置。這是企業如何利用頻寬推出語音人工智慧，推動頻寬雲端使用率提高的一個有力例證。

Turning to our programmable messaging offer, customer use cases remain diversified, and we're pleased by the core platform demand we're seeing across commercial messaging use cases. Customers continue to choose bandwidth for our reliability, scalability, and the deep expertise we have in messaging compliance. For example, in the first quarter, we welcomed another $1 million plus customer, a rapidly growing consumer engagement platform in the personal care space with anticipated ramping throughout the year.

談到我們的可程式訊息服務，客戶用例仍然多樣化，我們對商業訊息傳遞用例中看到的核心平台需求感到高興。客戶繼續選擇頻寬是因為我們的可靠性、可擴展性以及我們在訊息傳遞合規性方面的深厚專業知識。例如，在第一季度，我們迎來了另一位價值超過 100 萬美元的客戶，這是一個個人護理領域快速成長的消費者參與平台，預計全年都會有所成長。

They selected bandwidth for the capacity and enhanced reliability needed to support their growth, along with AI powered tools like our campaign registration center to simplify compliance.

他們選擇了頻寬來支援其成長所需的容量和增強的可靠性，同時選擇了像我們的活動註冊中心這樣的人工智慧工具來簡化合規性。

Our ability to support protected health information on our bandwidth cloud is crucial for their planned expansion into the wellness vertical. Before wrapping up, I want to congratulate our bandmates on earning two Gold Stevie Awards, the highest honors given in this global competition. Our customer success. The team received the top recognition for innovation and customer service for the second year in a row, and our inaugural reverb user conference placed first for best customer engagement initiative. These awards are a clear reflection of our mission to put customers at the heart of everything we do.

我們在頻寬雲端上支援受保護的健康資訊的能力對於他們計劃向健康垂直領域擴張至關重要。最後，我想祝賀我們的樂隊成員獲得兩項金史蒂夫獎，這是這項全球比賽中的最高榮譽。我們的客戶成功。團隊連續第二年獲得創新和客戶服務的最高認可，我們的首屆 Reverb 用戶大會在最佳客戶參與計畫方面名列第一。這些獎項清楚地體現了我們將客戶放在我們一切工作的核心位置的使命。

In summary, demand is solid our strategy is effective, and we're committed to growing our core business through focused execution. Innovation and delivering critical communications for our customers with a growing market, loyal customer base, strong competitive position, profitable operations, and a solid capital structure, we believe bandwidth is well positioned to drive long term growth and profitability.

總而言之，需求是穩固的，我們的策略是有效的，我們致力於透過專注的執行來發展我們的核心業務。透過創新並為我們的客戶提供關鍵通信，憑藉不斷增長的市場、忠誠的客戶群、強大的競爭地位、盈利的營運和穩固的資本結構，我們相信頻寬能夠很好地推動長期增長和盈利。

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

現在我將把時間交給 Darryll 來介紹我們的財務表現和前景的細節。

Thank you, David, and good morning, everyone. We're pleased to report a strong first quarter underscored by particular strength in our core offerings, demonstrating bandwidth's commitment to sustainable and profitable growth.

謝謝你，大衛，大家早安。我們很高興地報告第一季業績強勁，這得益於我們核心產品的強勁表現，體現了頻寬對永續獲利成長的承諾。

Our team's execution led to revenue and adjusted EBITDA exceeding the high end of our guidance. This success was driven by continued growth in our enterprise and global voice customer categories, as well as the progress of our strategic initiatives. We are encouraged by this momentum and remain focused on balancing growth with disciplined financial management.

我們團隊的執行力使得收入和調整後的 EBITDA 超出了我們預期的高端。這一成功得益於我們企業和全球語音客戶類別的持續成長以及我們策略舉措的進展。這一勢頭令我們感到鼓舞，我們將繼續致力於平衡成長與嚴格的財務管理。

As David remarked, our communication services are not currently subject to tariffs, and we do not anticipate that the current environment will materially affect our operating costs or service delivery. Our initial 2025 outlook assumed a stable to moderating macroeconomic environment. While we've seen some macro volatility year-to-date, our first quarter results exceeded expectations, and we're raising our full year guidance to reflect that overperformance while continuing to retain contingency for macro volatility. Turning now to our first quarter, 2025 results, total revenue of $174 million increased 7% year by year, normalized for 2024 cyclical political campaign revenue of $8 million. Included within that result, cloud communications revenue reached $133 million a 6% year over year increase, also normalized for 2024 political campaign revenue.

正如大衛所說，我們的通訊服務目前不受關稅限制，我們預計當前環境不會對我們的營運成本或服務交付產生重大影響。我們最初的 2025 年展望假設宏觀經濟環境將保持穩定至緩和。雖然今年迄今為止我們已經看到了一些宏觀波動，但我們的第一季業績超出了預期，並且我們提高了全年業績預期，以反映這種超額表現，同時繼續保留對宏觀波動的應急準備。現在來看看我們 2025 年第一季的業績，總收入為 1.74 億美元，年增 7%，以 2024 年週期性政治競選收入 800 萬美元為標準。其中包括雲端通訊收入達到 1.33 億美元，年增 6%，也已根據 2024 年政治競選收入標準化。

Non-GAAP gross profit of $79 million marked an increase of 8% year by year or 11% normalized for 2024 political campaign. Non-GAAP gross margin improved to 59%, a 2% point increase. EBITDA grew by 40% to $22 million. This result was higher than our expectation, benefiting from higher revenue, stronger margin, and timing of operating expenses. Free cash flow performance in the quarter was directionally as expected, influenced by timing of capital expenditures and working capital.

非公認會計準則毛利為 7,900 萬美元，年增 8%，以 2024 年政治競選標準計算，成長 11%。非公認會計準則毛利率提高至 59%，成長 2 個百分點。EBITDA 成長 40%，達到 2,200 萬美元。這結果高於我們的預期，受益於更高的收入、更高的利潤率以及營運費用的時機。本季自由現金流表現符合預期，受資本支出和營運資本時機的影響。

Focusing on our first quarter cloud communications revenue growth. Enterprise Voice revenue grew 26% year over year, driven by strong core platform demand from financial services and healthcare customers. Global Voice plans revenue grew 4% year over year, showing steady growth as long-term customers expand and channel partnerships drive new business.

重點關注我們第一季的雲端通訊收入成長。受金融服務和醫療保健客戶對核心平台強勁需求的推動，企業語音收入較去年同期成長 26%。全球語音計畫營收年增 4%，隨著長期客戶的擴大和通路合作夥伴推動新業務，呈現穩定成長。

Programmable messaging accounted for 19% of cloud communications revenue and saw a 9% year to year increase normalized for 2024 political campaign revenue, driven by core platform demand from customers in key verticals including e-commerce, financial services, faith-based communities, and civic engagement. Moving to operating metrics, net retention rate for the first quarter was 116%. Customer name retention remained well above 99%. Average annual revenue per customer set another record at $228,000 or a record $211,000 when excluding the political campaign benefit in 2024.

可程式訊息傳遞佔雲端通訊收入的 19%，並且按 2024 年政治競選收入標準化後同比增長 9%，這受到電子商務、金融服務、信仰社區和公民參與等關鍵垂直領域客戶的核心平台需求的推動。從營運指標來看，第一季淨留存率為 116%。客戶姓名保留率仍遠高於 99%。2024 年每位客戶的平均年收入再創紀錄，達到 228,000 美元，若不包括政治競選收益，則達到創紀錄的 211,000 美元。

In terms of our first quarter capital structure activities, capital expenditures were $10 million somewhat higher than this time last year as we focus on our network expansion activities, we further strengthened our balance sheet with a repurchase of 2026 convertible notes, leaving only $7 million remaining of the original $400 million. And we ended the quarter with a cash and securities balance of $42 million and no borrowings under our $150 million line of credit.

就我們第一季的資本結構活動而言，資本支出為 1000 萬美元，比去年同期略高，因為我們專注於網路擴展活動，我們透過回購 2026 年可轉換票據進一步加強了資產負債表，原來的 4 億美元只剩下 700 萬美元。本季末，我們的現金和證券餘額為 4,200 萬美元，且在 1.5 億美元的信用額度下沒有借款。

Looking ahead to the full year 2025, we remain focused on three key outcomes double digit core platform growth, profit expansion, and strengthening our capital structure. Our initial full year 2025 guidance was based upon an expectation of moderate stabilization in economic conditions, and we are closely watching the volatility and macroeconomic uncertainty that was present in the first four months. Nevertheless, we are very encouraged with the $5 million overperformance in the first quarter both in revenue and EBITDA.

展望 2025 年全年，我們仍將重點放在三個關鍵成果：核心平台實現兩位數成長、利潤擴大以及強化資本結構。我們最初的 2025 年全年指引是基於對經濟狀況適度穩定的預期，我們正在密切關注前四個月出現的波動和宏觀經濟不確定性。儘管如此，第一季的營收和 EBITDA 均超出預期 500 萬美元，這讓我們感到非常鼓舞。

For that reason, we are raising the lower end of our revenue outlook to reflect the first quarter's overperformance and leaving the upper end of the range unchanged accounting for the continuing volatility. Accordingly, we have raised our full year revenue outlook to a range of $745 to $760 million which now reflects an increased organic growth outlook of 10% at the midpoint.

基於這個原因，我們提高了收入預期的下限，以反映第一季的超額表現，同時保持收入預期的上限不變，以應對持續的波動。因此，我們將全年營收預期上調至 7.45 億美元至 7.6 億美元，這反映了中間值 10% 的有機成長預期成長。

First quarter EBITDA outperformance was partly due to expense timing, but we anticipate ongoing benefits from our operating leverage. Consequently, we've raised our full year EBITDA outlook to $87 million at the midpoint. In summary, our financial and operating performance in the first quarter represents a solid start to the year. We will continue to focus on what we can control, serving and delighting our customers every day, growing our margin. Being disciplined with our costs and becoming more profitable with that, I'll now turn the call over to the operator for the question and answer portion of today's call.

第一季 EBITDA 的優異表現部分歸因於費用時機，但我們預期我們的經營槓桿將持續帶來收益。因此，我們將全年 EBITDA 預期中位數上調至 8,700 萬美元。總而言之，我們第一季的財務和營運表現為今年帶來了良好的開端。我們將繼續專注於我們能夠控制的事情，每天為客戶提供服務和愉悅，提高我們的利潤。在嚴格控製成本並提高盈利能力的同時，我現在將把電話交給接線員，進行今天電話會議的問答部分。

Thank you, sir. We will now begin the question and answer session.

謝謝您，先生。我們現在開始問答環節。

The first question that we have today comes from Arjun Bhatia of William Blair. Please go ahead.

今天我們的第一個問題來自威廉布萊爾的 Arjun Bhatia。請繼續。

Perfect thank you and congrats on the strong Q1.

非常感謝，並祝賀您第一季取得強勁成績。

Maybe the first question, I do want to touch on some of the success you're having. It clearly seems like Enterprise Voice is a big growth driver. There's momentum behind that business and you're gaining share there. I'm curious if you could just touch a little bit on the pipeline for Enterprise Voice, and then zooming out for a second. How do you effectively kind of go to market in that category? Are there partnerships? Is that mostly a direct motion, and how are you sourcing those opportunities? Thank you.

也許第一個問題，我確實想談談您取得的一些成功。顯然，企業語音是一個巨大的成長動力。這項業務背後有強勁的發展勢頭，而且你的市場份額正在不斷擴大。我很好奇您是否可以稍微介紹一下企業語音的管道，然後再稍微縮小一下。您如何有效地進入該類別的市場？有合作關係嗎？這主要是直接動議嗎？您如何尋找這些機會？謝謝。

Thanks, Sergeant. This is David. Our pipeline for enterprise voice customers is strong, and I think best illustrated by the results in the quarter. We signed more million dollars dollar plus annual revenue deals in that quarter than we ever have in our history, and we continue to believe that we'll build on that throughout the rest of the year. So, the pipeline is strong.

謝謝，中士。這是大衛。我們面向企業語音客戶的管道非常強大，我認為本季的業績最能說明這一點。我們在那個季度簽署的數百萬美元以上的年收入協議比我們歷史上任何時候都多，我們仍然相信我們將在今年剩餘時間繼續保持這一勢頭。因此，管道很強大。

The go to market part of your question, we have a direct to enterprise sales motion historically, but we have built on partnerships and sold through MSPs and channel partners and we're expanding those relationships with MSPs, many of whom are doing major contact center builds, and so there are some examples that we've talked about in the past like NWN, Carousel with Southwest Airlines, and others, but we have both a robust direct motion to enterprise as well as an emerging channel program.

您問題中關於市場進入的部分，我們過去一直採取直接面向企業的銷售策略，但我們已經建立了合作夥伴關係，並透過 MSP 和通路合作夥伴進行銷售，並且我們正在擴大與 MSP 的關係，其中許多 MSP 正在進行大型聯絡中心建設，因此我們過去曾談到一些例子，例如 NWN、與西南航空合作的 Carousel 等，但我們既有強大的直接面向企業的規劃。

All right, perfect. And then maybe just one on the guidance.

好的，完美。然後也許只有一個指導。

I'm curious how you're just thinking about the back half of the year, clearly what we're hearing from a lot of other companies is a little bit more, I'll say muted and uncertain, but what gives you the confidence that, volumes or usage won't slow in the back half of the year, particularly in verticals like e-commerce or retail, and then I'm wondering if you're, if your confidence is maybe in part driven by just other growth drivers that can offset any sort of weakness or volatility in usage perhaps, like your enterprise voice traction where it seems like it's relatively early still.

我很好奇您是如何看待下半年的，顯然我們從許多其他公司聽到的消息有些模糊和不確定，但是什麼讓您有信心下半年的交易量或使用量不會放緩，特別是在電子商務或零售等垂直領域，然後我想知道您是否有信心部分受到其他增長動力的驅動，這些動力可以抵消使用中的任何相對較軟或波動，例如您的企業相對較早期。

Absolutely. Hey, good morning, Arjun. This is Darrell. We did, we were encouraged with the first quarter performance. It's implied that we're raising our second half outlook. We're now calling for 10% double digit growth or organic growth at the midpoint for the full year. That's on the back of all three market offers. Enterprise, as David has already articulated, we feel really good about the pipeline. We're. Looking for our Global Voice plans to double its growth this year from last year in terms of percentage, and so that's going to contribute. And then we're expecting continued core platform commercial growth and programmable messaging. To your point on risk and macro, we do watch that. We have, without a doubt built contingency into our projections for the full year.

絕對地。嘿，早上好，阿瓊。這是達雷爾。我們確實做到了，第一季的表現讓我們感到鼓舞。這意味著我們正在上調下半年的期望。我們現在預計全年將實現 10% 的兩位數成長或中期有機成長。這是基於這三個市場報價。企業，正如大衛已經表達的那樣，我們對這條管道感覺非常好。是。我們的全球之聲計畫今年的成長率比去年翻一番，因此這將有所貢獻。然後我們期待核心平台商業成長和可編程訊息傳遞的持續發展。對於您提到的風險和宏觀問題，我們確實關注這一點。毫無疑問，我們已經將應急措施納入了全年預測中。

If I had to look at one of our offers and pick one that would be, that we would watch towards the macro, that would likely be programmable messaging and commercial where that market could be more exposed to retail, as you said, retail and, digital engagement and marketing, but that only represents 19% of our business. Our voice business we think is is resilient and less exposed to macro volatility given the essential nature of the voice communications that we deliver for both our global voice plan customers and our enterprise customers.

如果我必須查看我們的一項報價並選擇一項，那麼我們將關注宏觀，這很可能是可編程訊息傳遞和商業，該市場可以更多地接觸零售，正如您所說，零售和數位參與和行銷，但這僅占我們業務的 19%。我們認為，鑑於我們為全球語音規劃客戶和企業客戶提供的語音通訊的本質，我們的語音業務具有彈性，並且不太容易受到宏觀波動的影響。

All right, very. Helpful. Thank you both.

好的，非常好。很有幫助。謝謝你們兩位。

Thank you. The next question we have comes from Meta Marshall of Morgan Stanley. Please go ahead.

謝謝。下一個問題來自摩根士丹利的 Meta Marshall。請繼續。

Hey morning everyone this is Jamie on Meta. Congrats on the strong results. I guess our first question is just, great to see kind of the continued increase in average revenue per customer, I guess could you just give a bit more detail as to what's kind of driving that further expansion so far into 2025?

大家早安，我是 Meta 上的 Jamie。恭喜您取得如此優異的成績。我想我們的第一個問題是，很高興看到每位客戶的平均收入持續成長，我想您能否更詳細地說明一下，是什麼推動了到 2025 年的進一步擴張？

Hey Jamie, this is David. As we mentioned in our script, over half of our Enterprise Voice customers are using our Maestro platform and expanding their business with us using Maestro or AI Bridge. So the increased spend and utilization is broad. It may be AI use cases with AI Bridge. It may be orchestration with hybrid contact center deployments where you're bringing the benefit of cloud based. Based services down to your premise based solution and extending that solution to the cloud but ongoing spend can also include cross sell upsell to messaging and we are also encouraged and excited by that average annual spend.

嘿，傑米，我是大衛。正如我們在腳本中提到的，超過一半的企業語音客戶正在使用我們的 Maestro 平台，並使用 Maestro 或 AI Bridge 與我們一起擴展業務。因此，支出和利用率的增加是廣泛的。它可能是使用 AI Bridge 的 AI 用例。它可能與混合聯絡中心部署進行協調，您可以從中獲得基於雲端的優勢。基於服務到您的基於前提的解決方案並將該解決方案擴展到雲端，但持續的支出還可以包括交叉銷售、追加銷售和訊息傳遞，我們也對平均年度支出感到鼓舞和興奮。

Great thanks and then just as a quick follow up, just given the strong gross margin performance you saw this quarter, how should we think about, the durability of that through the rest of the year?

非常感謝，然後作為快速的跟進，鑑於本季度強勁的毛利率表現，我們應該如何看待這種表現在今年剩餘時間內的持久性？

We are, hey, good morning, Jamie. It's nice to speak with you. This is Darryl. We are looking for, quarter to quarter margins that do vary, by a point or so. We are expecting implied in our guide for the full year margins, for the full year that look pretty much like what we saw in the first quarter. And that's what gives us so much confidence as we talk about our 60% plus medium-term targets achieved in 2026. We think that that we're really on track, even ahead of track in terms of getting to that medium-term target.

我們是，嘿，早安，傑米。很高興和你交談。這是達裡爾。我們正在尋找季度與季度之間確實存在差異的利潤率，差異大約在一個點左右。我們預計，我們的全年利潤率指南將與第一季的利潤率大致相同。這也是我們在談到 2026 年實現 60% 以上的中期目標時充滿信心的原因。我們認為，我們確實正處於實現中期目標的軌道上，甚至已經提前實現。

Great, thank you so much. I'll jump back into you.

太好了，非常感謝。我會跳回你身邊。

Thank you. The next question we have comes from James Fish of Piper Sandler. Please go ahead.

謝謝。下一個問題來自 Piper Sandler 的 James Fish。請繼續。

Hey guys, we're working actually off of, Arjun's initial question, you guys really talked up the partnership side, notably this quarter, I guess how are you thinking about your partner ecosystem from here and where the contribution is today coming from partners versus direct and where that partnership contribution can be over the next few years and sort of what it means to leverage over time.

嘿，夥計們，我們實際上是在回答 Arjun 最初的問題，你們確實談到了合作夥伴關係方面，特別是本季度，我想你們如何看待現在的合作夥伴生態系統，今天的貢獻來自合作夥伴還是直接貢獻，以及這種合作夥伴關係的貢獻在未來幾年可以達到什麼程度，以及隨著時間的推移，利用這種貢獻意味著什麼。

Hey James, this is David. We're excited about a number of attributes related to working with large MSPs. One of them is the point in time during a deal cycle where you're often brought to the table. It can be from a Genesis or a Five9s or a NICE contact center engagement where they're bringing us in to replace the incumbent and do so more rapidly than we would normally in a direct motion be able to achieve. So deal cycle compression is exciting.

嘿，詹姆斯，我是大衛。我們對與大型 MSP 合作相關的許多屬性感到非常興奮。其中之一就是交易週期中你經常被帶到談判桌的時間點。它可以來自 Genesis 或 Five9s 或 NICE 聯絡中心的合作，他們讓我們取代現任者，並且比我們通常透過直接動議能夠實現的速度更快。因此交易週期的壓縮是令人興奮的。

The complexity and size of the opportunities when we're working with large integrators is larger, and what we're excited about is the ability of our Maestro platform to address some of the complexities with some of the pre-integrations. But let me pause. I've invited our Chief Product Officer John Bell to join us on the call. He's here and I'd like him to also chime in here about the channel and how we're seeing product and channel Contribute.

當我們與大型整合商合作時，機會的複雜性和規模更大，而令我們興奮的是，我們的 Maestro 平台能夠透過一些預先整合來解決一些複雜性。但請讓我暫停一下。我邀請了我們的首席產品長約翰貝爾參加我們的電話會議。他在這裡，我希望他也能夠在這裡談談通路以及我們如何看待產品和通路貢獻。

Yeah, thank you. Right now, we're our core partners, we have a very well-defined shared value proposition. And as we look at other opportunities to expand, there's actually a number of dimensions we can expand there are other platforms and ecosystems we can work with channel partners on vertical expansion we can look at, go to market expansion and other geography is beyond where we're focused right now. So, there's actually a number of dimensions we want to make sure that value proposition stays tightly aligned with the partners. So, we're happy with the progress we're seeing, but we see a number of dimensions we can expand those relationships in.

是的，謝謝。現在，我們是我們的核心合作夥伴，我們有一個非常明確的共享價值主張。當我們尋找其他擴展機會時，實際上我們可以擴展多個維度，我們可以與通路合作夥伴合作開發其他平台和生態系統，進行垂直擴展，進入市場擴展，而其他地域擴展超出了我們目前關注的領域。因此，我們實際上希望從多個方面確保價值主張與合作夥伴緊密結合。因此，我們對所看到的進展感到高興，但我們看到我們可以在許多方面擴展這些關係。

So, over the next three years, the last part of your question, James, we haven't publicly spoken to the percentage of our sales that will be achieved through the channel, but it is growing and growing very nicely.

因此，詹姆斯，關於你問題的最後一部分，在接下來的三年裡，我們還沒有公開談論透過該管道實現的銷售額的百分比，但它正在增長，而且增長得非常好。

Understood and look historically you guys have been really excited about the messaging API opportunity obviously like political moves this one around, but if I sort of normalize things out ex political and fees it grew, I think you guys even said about 9%, this quarter. And overall was obviously given political was down slightly but it's now growing beneath the bigger player in the space that that has larger scale. So, I guess really my question is how are you guys going to get more awareness or regain share for your messaging business? What are you working on for cross sell and does messaging accelerate as comp become much easier in the remaining quarters? I know a lot in there. I apologize.

了解並回顧歷史，你們對訊息傳遞 API 機會感到非常興奮，顯然就像政治動向一樣，但如果我將政治和費用等因素正常化，它就會增長，我想你們甚至說過本季度增長了 9% 左右。總體而言，顯然由於政治因素而略有下降，但現在在規模更大的領域中，更大的參與者正在成長。所以，我想我真正的問題是，你們如何提高你們的通訊業務的知名度或重新獲得市場份額？您正在為交叉銷售進行哪些工作？隨著剩餘季度的競爭變得更加容易，訊息傳遞速度是否會加快？我知道那裡面的很多東西。我很抱歉。

That's all right. I'll try to address it.

沒關係。我會盡力解決它。

As you mentioned, 9% commercial messaging growth in Q1, and that's driven by demand from a really broad set of customers e-commerce, financial services, nonprofits, and civic engagement. We do expect commercial messaging will grow in the low double digits for the full year, which is in line with the market. But in Q1, the cohort of political messaging customers who are diversifying into civic engagement and commercial, they did send fewer commercial and civic engagement messages, so our focus is going to continue to be on driving deliverability at high scale for our customers.

正如您所提到的，第一季商業資訊傳輸量增加了 9%，這是由電子商務、金融服務、非營利組織和公民參與等廣泛客戶群的需求所推動的。我們確實預期全年商業資訊發送量將以兩位數低點成長，這與市場情況一致。但在第一季度，政治訊息客戶群正向公民參與和商業領域多元化發展，他們發送的商業和公民參與訊息確實減少了，因此我們的重點將繼續放在為客戶大規模地提高訊息傳遞能力。

And the breadth of those customers is really important to us continuing to grow programmable messaging at 9% or above so we're expanding our channels to include our RCS, RBM which is a more robust way of engaging consumers and end users, and we think that that's significant to help that, so the levers for growth. We've got to win away from large senders that have outgrown their existing platforms and we're doing so. One of the examples we gave in our script illustrates that, and then the increased usage as enterprises grow with us will contribute. We've seen that year over year once we scale with a good customer how they build with us. And then last, it is really important for these larger enterprise messaging customers to offer the kind of premium support that we're famous for and that we win awards for and so that's another fundamental building block to continuing to grow the messaging business.

這些客戶的廣度對於我們繼續以 9% 或更高的速度成長可編程訊息傳遞非常重要，因此我們正在擴展我們的管道以包括我們的 RCS、RBM，這是一種更強大的吸引消費者和最終用戶的方式，我們認為這對於幫助這一點非常重要，因此是成長的槓桿。我們必須戰勝那些已經超出現有平台能力的大型發送者，而我們正在這樣做。我們在腳本中給出的一個例子說明了這一點，隨著企業與我們一起成長，使用量的增加也會做出貢獻。我們年復一年地看到，一旦我們與優質客戶擴大規模，他們就會如何與我們合作。最後，對於這些大型企業訊息傳遞客戶提供我們所享有盛譽並屢獲殊榮的優質支援非常重要，這是繼續發展訊息傳遞業務的另一個基本基石。

Thanks.

謝謝。

Thank you. The next question we have comes from Will Power of Baird. Please go ahead.

謝謝。下一個問題來自貝爾德的威爾·鮑爾。請繼續。

Okay, great, yeah, I may ask you direct a question, to John since he's there. I know David in the prepared remarks, you called out success in healthcare and I just be great to kind of double click on that a bit, what's kind of setting you apart in that healthcare, vertical? I know you know Maestro is part of that, how important is distribution versus. Technology, regulatory, etc. And I guess the second part is just, how do you kind of replicate that? I get that success and in other verticals and what's the path there.

好的，太好了，是的，既然約翰在那裡，我可能會問你一個問題。我知道大衛在準備好的演講中提到了醫療保健領域的成功，我很樂意對此進行詳細的解釋，是什麼讓您在醫療保健垂直領域脫穎而出？我知道您知道 Maestro 是其中的一部分，那麼分銷與分銷相比有多重要。技術、監管等等。我想第二部分就是，你要如何複製它？我在其他垂直領域也取得了成功，那麼實現這個目標的途徑又是什麼呢？

Yeah, great question. So, when you look at healthcare and the needs of the healthcare system, systems we work with, and different providers, they're incredibly complex environments and the beauty of Maestro is it allows them to easily bring. Innovation from the cloud into these complex environments without having to fully change those environments. So, where there's complexity, where there's regulatory, where there's opportunities for enterprises to differentiate on their customer experience, the Maestro platform works beautifully to help with that. So, the complexity and the need to differentiate are wonderful places for us to bring the Maestro platform to help the enterprise customers.

是的，很好的問題。因此，當您考慮醫療保健和醫療保健系統的需求、我們合作的系統以及不同的提供者時，它們都是極其複雜的環境，而 Maestro 的優點在於它允許他們輕鬆地實現這些需求。將創新從雲端帶入這些複雜的環境，而無需完全改變這些環境。因此，當存在複雜性、存在監管、企業有機會在客戶體驗上有所差異時，Maestro 平台就能完美地提供協助。因此，複雜性和差異化需求是我們推出 Maestro 平台來幫助企業客戶的絕佳場所。

And what would you say are the next vertical, opportunities? I mean, I, whether it's financial services, I mean, what else did, what are you seeing where are you seeing the most success in MISTR than maybe outside of in healthcare, where is it going next?

您認為下一個垂直領域和機會是什麼？我的意思是，無論是金融服務，還是其他什麼，您認為 MISTR 在哪些領域取得了最大的成功，而不是醫療保健領域之外，它的下一步發展方向是什麼？

We see it actually in a pretty broad set of other verticals, hospitality, we've seen a lot of success. Travel, we've seen success, manufacturing we've seen success. Really, I'd say the larger enterprise where we're focused with the global 2000, there's complexity across a lot of different verticals and so, Really, I'd say that the size of enterprise that we're focusing on and the global nature of theirs there's a lot of verticals where we're seeing success and opportunity. So, while we're talking about a couple of verticals, there's actually a lot that we're seeing with our team.

我們實際上在其他相當廣泛的垂直領域，如酒店業中看到了這一點，並且取得了許多成功。在旅遊領域，我們已經看到了成功；在製造業，我們也看到了成功。實際上，我想說，我們關注的全球 2000 強大型企業，其許多不同垂直領域都存在複雜性，因此，實際上，我想說，我們關注的企業規模及其全球性，讓我們在很多垂直領域看到了成功和機遇。因此，雖然我們正在談論幾個垂直領域，但實際上我們的團隊已經看到了很多。

Okay great and then I either you know for probably for Darrell or David, I think actually Darryl may have said in one of his responses earlier that you're that you're expecting global, the global voice business growth rate, I think to double year over year, just be great to get a little more, color as to, kind of the key drivers and kind of visibility around that.

好的，太好了，然後我要么知道可能是 Darrell 或 David，我想實際上 Darryl 可能在他之前的一次回應中說過，你預計全球語音業務增長率將比去年同期翻一番，如果能獲得更多一些顏色，關於關鍵驅動因素和圍繞這一點的可見性就太好了。

Yes, certainly. Hey, we are implied in our guide for the year. We're we are expecting our Global Voice to Global Voice plan category to double its growth rate to approximately 6%, possibly slightly more, and the long term, the kind of the steady growth that we're seeing is the seeds were planted over the last twelve and eighteen months as we've onboarded customers we've been expanding, we've been. Expanding with our resell customers as well through their new initiatives and their AI initiatives that bring us more volume and usage on our platform as well as our channel partnerships, that we've talked about and David has already mentioned, but for example, NW and Carousel and with a handful of very large enterprises that we are going to partner, to market with, our channel partners.

是的，當然。嘿，我們暗示了我們今年的指南。我們預計我們的全球語音到全球語音計劃類別的增長率將翻一番，達到約 6%，可能略高一些，從長遠來看，我們看到的穩定增長是過去十二到十八個月裡播下的種子，因為我們已經吸納了客戶，我們一直在擴張，我們一直在發展。我們也透過他們的新措施和人工智慧計畫擴大與轉售客戶的合作，這些措施為我們的平台和通路合作夥伴帶來了更多的銷售和使用量，我們已經討論過，David 也提到過，例如 NW 和 Carousel，以及我們將與我們的通路合作夥伴合作、一起行銷的少數幾家大型企業。

Okay, great, thank You.

好的，太好了，謝謝你。

Thank you. The final question we have comes from Pat Walravens of Citizens. Please go ahead

謝謝。我們的最後一個問題來自《公民》的 Pat Walravens。請繼續

Oh, great thank you and congratulations. Hey David, can you just sort of high level for us for a second? Can you just tell us how AI is serving as a growth driver in each of those, three categories of products just, sort of the one liner and global voice enterprise voice and programmable messaging.

哦，非常感謝，恭喜你。嘿，大衛，你能為我們簡單介紹一下總體情況嗎？您能否告訴我們人工智慧是如何在這三類產品中成為成長動力的，即單行語音、全球語音、企業語音和可編程訊息傳遞。

Hey Pat, I sure can and what I'll start with is I'll illustrate the effectiveness and power and accuracy of AI voice generally. We didn't read the investor script that you just heard. Darrell has a voice agent. That was Darrell's voice agent reading his section. I read my voice agent read my section. If you go to the website and see the investor deck that we've just posted, the voiceover in that deck was done by our voice agents and so we have a firm conviction that the next new $100 million voice users in the business customer base we serve are going to be voice. And we're already a company that supports over $100 million phone numbers. Of the $600 million phone numbers supported in the North American dialing plan and globally and so when you ask for how is AI voice going to benefit bandwidth among the customers in our three product categories, the effectiveness, the accuracy, the compelling nature. Of AI voice agents is becoming more and more manifest every day, and we wanted to illustrate that again today on the call. We've used our own voice agents in Q&A, but in programmable messaging and voice, you have a lot of different approaches.

嘿，帕特，我當然可以，首先我將說明人工智慧語音的有效性、威力和準確性。我們沒有讀過您剛剛聽到的投資者腳本。達雷爾有一位配音經紀人。那是達雷爾的配音經紀人在朗讀他的部分。我讀了我的聲音代理讀了我的部分。如果您造訪網站並看到我們剛剛發布的投資者演示文稿，其中的畫外音是由我們的語音代理完成的，因此我們堅信，我們所服務的商業客戶群中的下一個新的 1 億美元語音用戶將是語音用戶。我們已經是一家支持價值超過 1 億美元的電話號碼的公司。在北美撥號計劃和全球範圍內支援的 6 億美元電話號碼中，當您詢問 AI 語音將如何使我們的三個產品類別中的客戶的頻寬受益時，其有效性、準確性和引人注目的性質。人工智慧語音代理的作用日益明顯，我們今天在電話會議上想再次說明這一點。我們在問答中使用了自己的語音代理，但在可編程訊息和語音方面，您可以採用許多不同的方法。

The first I want to talk about is Maestro and the reason I want to talk about that is because it's an open strategy that allows orchestration of myriad AI solutions and implementations, and that's vital to the large enterprise. You've got to support multiple LLM-based agents. You've got to do it in a creative and open way. You can't try to lock in we're not in a world yet where you've got, a single ecosystem that offers all the benefits. So, for our enterprise voice, customers, Maestro and AI Bridge are critical for global voice plans, whether it's UCaaS, CCaaS, or conferencing.

我首先想談的是 Maestro，我之所以想談這個是因為它是一種開放的策略，允許協調無數的 AI 解決方案和實施，這對大型企業至關重要。您必須支援多個基於 LLM 的代理程式。你必須以一種創造性和開放的方式來做這件事。你不能試圖鎖定我們尚未到達的世界，那裡還沒有一個能提供所有好處的單一生態系統。因此，對於我們的企業語音客戶來說，Maestro 和 AI Bridge 對於全球語音計畫至關重要，無論是 UCaaS、CCaaS 或會議。

These customers are all building extraordinary AI voice experiences that make IVRs, like press one for sales, press two for ops seem like a prison camp. And so, if you replace IVRs with really intelligent voice agents, the conversations become Resolution conversations and creative conversations with a customer or a prospect and so the call durations go up, the resolutions go up and so we're excited about the underlying customers in our Global Voice plans business, and what they're building and how that's benefiting us and how they want their voice agents to be proximate to a low latency global voice platform.

這些客戶都在建立非凡的 AI 語音體驗，使 IVR（例如按 1 進行銷售，按 2 進行操作）看起來像監獄營地。因此，如果您用真正聰明的語音代理取代 IVR，對話就會變成與客戶或潛在客戶的解決方案對話和創造性對話，因此通話時長會增加，解決方案也會提高，因此我們對全球語音計劃業務中的基礎客戶感到興奮，他們正在構建什麼，這如何使我們受益，以及他們希望他們的語音代理如何接近低延遲的全球語音平台。

And then the third, the programmability of all these things is vital because your agents are going to go in the background and do tons of sub-agent magic. And so, you've got to be able to engage and avoid abandonment in conversations with voice and messaging by having very fast response times and low latency response times. So generally, the overall impact of this moment in technology is favorable for bandwidth.

第三，所有這些事情的可編程性至關重要，因為你的代理將在後台執行大量的子代理魔法。因此，您必須能夠透過非常快速的回應時間和低延遲的回應時間來參與語音和訊息對話並避免放棄。因此總體而言，這項技術進步對頻寬的整體影響是有利的。

Voice agents are coming or are already here, and we are seeing already the impact of that, and we think that the long-lasting nature of this technology moment is much more durable, for example, than the demand pull through that happened during lockdowns in the past that we saw. When business decision makers had to really scramble to support work from home, in this case, you've got to have AI applied to your goods and services, and you've got to do it quickly or else you're going to fall behind. And so, we're seeing a similar inflection point or demand moment around AI voice in all three categories.

語音代理即將到來或已經出現，我們已經看到了它的影響，我們認為這一技術時刻的持久性比我們在過去封鎖期間看到的拉動需求要持久得多。當企業決策者必須真正努力支援在家工作時，在這種情況下，你必須將人工智慧應用到你的商品和服務中，而且你必須迅速做到這一點，否則你就會落後。因此，我們在所有三個類別中都看到了圍繞人工智慧語音的類似轉折點或需求時刻。

It's super helpful.

這非常有幫助。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）