Bandwidth Inc (BAND) 2025 Q2 法說會逐字稿

Good day and welcome to the Bandwidth Inc 2nd quarter 2025 earnings conference call.

大家好，歡迎參加 Bandwidth Inc 2025 年第二季財報電話會議。

All participants will be in listen-only mode.

所有參與者將處於只聽模式。

Should you need assistance, please you know a conference specialists are pressing the star key followed by 0.

如果您需要協助，請知道會議專家正在按星號鍵，然後按 0。

After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then 1 on your telephone keypad. To withdraw your question, please press 2.

今天的演講結束後，將有機會提問。若要提問，您可以按下電話鍵盤上的星號，然後按 1。若要撤回您的問題，請按 2。

Please note this event is being recorded. I'd now like to turn the conference over to your host today, Sarah Wallace, Vice President of VIA. Please go ahead.

請注意，此事件正在被記錄。現在，我想將會議交給今天的主持人、VIA 副總裁 Sarah Wallace。請繼續。

Good morning and welcome to Bandwidth's 2nd quarter 2025 earnings call. I'm joined today by David Morgan, our CEO, and Darryl Rayford, 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 in 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.

早安，歡迎參加 Bandwidth 2025 年第二季財報電話會議。今天與我一起出席的還有我們的執行長戴維摩根 (David Morgan) 和財務長達裡爾雷福德 (Darryl Rayford)。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。您可以在 investors.bandwidth.com 的投資者關係頁面找到一份包含歷史財務亮點以及 GAAP 與非差距財務結果對帳的收益新聞稿。

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 3rd quarter and 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.

在電話會議中，我們將做出與我們的業務相關的可能被視為前瞻性的聲明，包括有關我們對 2025 年第三季和全年財務指導的聲明。我們提醒您不要過度依賴這些前瞻性陳述，因為它們可能涉及風險和不確定性，可能導致實際結果與前瞻性陳述表達或暗示的任何未來結果或結果有重大差異。

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.

本次電話會議和簡報幻燈片中所做的任何前瞻性陳述均反映了我們截至今天的分析，我們沒有計劃或義務更新它們。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 2nd quarter 2025 earnings call.

謝謝你，莎拉，大家早安。歡迎參加 Bandwidth 2025 年第二季財報電話會議。

We delivered a solid 2nd quarter demonstrating continued momentum and disciplined execution across the business. Revenue of $180 million and adjusted e-bita of $22 million exceeded expectations.

我們第二季業績表現穩健，展現出整個業務持續的強勁發展勢頭和嚴格的執行力。1.8 億美元的營收和 2,200 萬美元的調整後息稅折舊攤提前利潤均超出預期。

We gained good traction in customer acquisition and achieved continued improvement in operating metrics.

我們在客戶獲取方面取得了良好的進展，並在營運指標方面取得了持續改善。

This quarter underscores a strong performance over the last 12 months where we grew revenue 15%, Ebi 36%, and free cash flow 26%. The demand for mission critical enterprise communications is durable, and our platform is essential for companies transforming their customer experience with AI.

本季突顯了過去 12 個月的強勁表現，我們的營收成長了 15%，EBI 成長了 36%，自由現金流成長了 26%。對關鍵任務企業通訊的需求是持久的，我們的平台對於利用人工智慧轉變客戶體驗的公司至關重要。

To our customers, thank you for your partnership.

對於我們的客戶，感謝您的合作。

To our bandmates, thank you for your incredible work and dedication, and I thank God for blessing our journey together.

對於我們的樂隊成員，感謝你們出色的工作和奉獻，感謝上帝保佑我們一起走過這段旅程。

The story of this quarter is the tangible progress of our AI strategy. Our investments in AI voice are now translating into customer adoption and laying the groundwork for a powerful new layer of revenue. We're seeing meaningful traction, including new $1 million plus multi-year deals as enterprises leverage the software-driven capabilities of Maestro and AI Bridge within the bandwidth communications cloud, allowing them to seamlessly integrate AI voice into their customer experience call flows.

本季的故事是我們人工智慧策略的實際進展。我們對人工智慧語音的投資現在正在轉化為客戶的採用，並為強大的新收入奠定基礎。我們看到了有意義的牽引力，包括新的 100 萬美元以上的多年期交易，因為企業利用頻寬通訊雲中的 Maestro 和 AI Bridge 的軟體驅動功能，使他們能夠將 AI 語音無縫整合到他們的客戶體驗呼叫流中。

These platforms provide the essential APIs and orchestration tools for advanced deployment. This is particularly evident with our existing customers in the financial services, healthcare, and hospitality verticals. We believe bandwidth is the essential platform for the enterprise AI voice revolution.

這些平台為進階部署提供了必要的 API 和編排工具。這在我們金融服務、醫療保健和酒店業的現有客戶中尤其明顯。我們相信頻寬是企業AI語音革命的重要平台。

Whether a customer is using a standalone AI model or the tools embedded in their CCAS platform, they rely on bandwidth for the scale, reliability, and orchestration required to succeed. Let me share how this is creating value today.

無論客戶使用的是獨立的 AI 模型還是嵌入在其 CCAS 平台中的工具，他們都依賴頻寬來實現成功所需的規模、可靠性和協調性。讓我來分享一下這在今天是如何創造價值的。

A long time customer, one of the largest banks in the US, utilized our Maestro platform's robust software integrations to seamlessly incorporate a third party conversational AI provider.

我們的長期客戶是美國最大的銀行之一，利用我們 Maestro 平台強大的軟體整合功能無縫整合了第三方對話式 AI 供應商。

This provided them with the programming flexibility to innovate across their multiple CAS systems, leveraging Maestro's agnostic orchestration layer.

這為他們提供了程式設計靈活性，使他們能夠利用 Maestro 的不可知編排層在多個 CAS 系統上進行創新。

And combined with our network level voice anomaly detection, the bank can deliver even more reliable, resilient, and intelligent customer experiences across all their business lines.

結合我們的網路級語音異常檢測，該銀行可以在所有業務線上提供更可靠、有彈性和智慧的客戶體驗。

The impact is clear. They can now test and deploy new AI powered customer experiences with speed and confidence, all while maintaining control of their technology stack.

其影響是顯而易見的。他們現在可以快速、自信地測試和部署新的人工智慧客戶體驗，同時保持對其技術堆疊的控制。

This is a blueprint for how we will expand our business across our enterprise customer base. Another large existing customer, a leader in digital banking, is using the native AI features within their Genesis contact center. In this scenario as well, bandwidth is critical. The low latency, high call quality, and high availability of our communications cloud was essential.

這是我們如何在企業客戶群中擴展業務的藍圖。另一家現有大客戶是數位銀行領域的領導者，正在其 Genesis 聯絡中心內使用原生 AI 功能。在這種情況下，頻寬也至關重要。我們的通訊雲端的低延遲、高通話品質和高可用性至關重要。

As their team told us directly, our AI story only works with bandwidth. This is powerful validation that the underlying communications cloud is the linchpin for any successful AI voice strategy.

正如他們的團隊直接告訴我們的那樣，我們的 AI 故事只有在頻寬的情況下才有效。這有力地證明了底層通訊雲是任何成功的人工智慧語音策略的關鍵。

These examples highlight a fundamental shift that is expanding our economic engine. As we've said before, AI is not replacing voice, it's enriching it. Each AI powered call has the potential to drive significantly more usage of our cloud platform, largely due to the software driven value added services. As we layer on with capabilities like Maestro's orchestration modules, integrated transcription, and our fraud detection software solutions, we see a path to potentially generating as much as 3 to 4 times the revenue of a standard voice call.

這些例子凸顯了擴大我們的經濟引擎的根本轉變。正如我們之前所說，人工智慧不會取代語音，而是會豐富語音。每次人工智慧呼叫都有可能顯著提高我們雲端平台的使用率，這主要歸功於軟體驅動的增值服務。隨著我們不斷增加 Maestro 的編排模組、整合轉錄和詐欺檢測軟體解決方案等功能，我們看到了一條可能產生高達標準語音通話收入 3 到 4 倍的途徑。

This is a powerful consumption multiplier that expands our share of wallet and makes our platforms stickier. In regulated sectors like financial services, customers rely upon us for compliance and security, as well as performance.

這是一個強大的消費乘數，它擴大了我們的錢包份額，並使我們的平台更具黏性。在金融服務等受監管的行業中，客戶依靠我們來確保合規性和安全性以及效能。

As AI is further integrated into enterprise workflows, ensuring trust and transparency in voice applications is becoming as essential as uptime and may also drive future revenue opportunities.

隨著人工智慧進一步融入企業工作流程，確保語音應用程式的信任和透明度變得與正常運作時間一樣重要，也可能推動未來的收入機會。

Every new enterprise win this quarter included our Maestro platform, underscoring its role as a core software differentiator. This isn't just an add-on, it's the programmable intelligence layer that drives higher revenue per customer and deeper integration, enabling sophisticated call routing and service orchestration that legacy systems cannot match. This AI-driven growth potential is built upon the strong foundation of our core voice business.

本季度贏得的每一項新企業都採用了我們的 Maestro 平台，凸顯了其作為核心軟體差異化因素的作用。這不僅僅是一個附加元件，而是一個可編程智慧層，可以推動每個客戶獲得更高的收入和更深層的集成，實現傳統系統無法比擬的複雜呼叫路由和服務編排。這種人工智慧驅動的成長潛力建立在我們核心語音業務的堅實基礎上。

This quarter we continued to win high value customers, reinforcing the strength of both our integrated direct and channel sales strategies. Our direct sales team closed one of Tennessee's largest healthcare providers, serving millions of customers. They initially planned to split their traffic between two vendors, but ultimately selected bandwidth as their sole provider.

本季度，我們持續贏得高價值客戶，增強了我們的全面直銷和通路銷售策略的實力。我們的直銷團隊關閉了田納西州最大的醫療保健提供者之一，為數百萬客戶提供服務。他們最初計劃將流量分給兩家供應商，但最終選擇頻寬作為唯一提供者。

Why? Because the resilience of our Col Assure solution was the only one that could meet their strict uptime requirements for essential Medicare and Medicaid services.

為什麼？因為我們的 Col Assure 解決方案的彈性是唯一能夠滿足其對基本醫療保險和醫療補助服務的嚴格正常運作時間要求的解決方案。

When service cannot fail, enterprises choose bandwidth.

當服務不能失敗時，企業會選擇頻寬。

We also won a leading insurance brokerage with more than 10,000 associates across 200 offices nationwide.

我們還贏得了一家領先的保險經紀公司的青睞，該公司在全國 200 個辦事處擁有 10,000 多名員工。

They needed to migrate both their UC and contact center to the cloud and chose bandwidth after our proof of concept demonstrated not only the technical excellence of our support team, but also the programmable power of Maestro's software to handle their sophisticated multi-site call routing requirements.

他們需要將他們的 UC 和聯絡中心遷移到雲端，並且在我們的概念驗證不僅展示了我們支援團隊的技術優勢，而且還展示了 Maestro 軟體的可編程能力，可以處理他們複雜的多站點呼叫路由要求之後，他們選擇了頻寬。

This win once again showcases our role as the go to partner for complex cloud migrations in regulated industries.

這場勝利再次證明了我們作為受監管行業複雜雲端遷移的首選合作夥伴的地位。

Our channel partnerships are also becoming a powerful growth engine, delivering a record number of deals this quarter across a variety of industry verticals. A great example is our work with a top systems integrator where we've built a successful playbook for migrating large enterprises from on-premises Cisco systems to the cloud.

我們的通路合作夥伴關係也正在成為強大的成長引擎，本季在各個垂直行業中達成了創紀錄的交易數量。一個很好的例子是我們與一家頂級系統整合商的合作，我們為將大型企業從本地思科系統遷移到雲端建立了成功的劇本。

Two of this partner's significant healthcare accounts were moving to Cisco WebEx contact center. Both had a critical need for reliability, and each chose bandwidth because we de-risked the entire migration.

該合作夥伴的兩個重要醫療保健客戶正在轉移到 Cisco WebEx 聯絡中心。兩者都迫切需要可靠性，並且都選擇了頻寬，因為我們降低了整個遷移的風險。

With proven up time, automated porting, and total visibility through our dashboard, we gave them the confidence to move to the cloud without fear of disruption.

透過經過驗證的正常運作時間、自動移植以及透過我們的儀表板進行的全面可視性，我們讓他們有信心遷移到雲端而不必擔心中斷。

The message to the market is clear.

向市場傳達的訊息很明確。

For the thousands of enterprises that are still on premises, bandwidth is the fastest and most reliable path to the cloud.

對於仍在本地營運的數千家企業來說，頻寬是通往雲端最快、最可靠的途徑。

To summarize, we are executing on a clear and focused strategy. First, we continue to prioritize business execution, delivering solid financial results, exceeding our guidance, and demonstrating the efficiency of our business model.

總而言之，我們正在執行一個清晰而有重點的策略。首先，我們繼續優先考慮業務執行，提供穩健的財務業績，超越我們的預期，並展示我們業務模式的效率。

Second, We are scaling our global enterprise business by winning larger customers with multi-year higher margin engagements who rely on us for their most mission critical communications. And third, we're accelerating our AI voice innovation, creating a powerful revenue multiplier and cementing our role as the essential platform for the future of the AI powered customer experience.

其次，我們正在擴大我們的全球企業業務，透過贏得更大的客戶來擴大我們的全球企業業務，這些客戶擁有多年的高利潤合作，依靠我們進行他們最關鍵任務的溝通。第三，我們正在加速人工智慧語音創新，創造強大的收入倍增器，鞏固我們作為未來人工智慧客戶體驗重要平台的地位。

Voice is the most durable and important channel for customer engagement, and with the rise of AI, it will be even more indispensable.

語音是客戶參與最持久、最重要的管道，隨著人工智慧的興起，它將變得更加不可或缺。

We are uniquely positioned to lead this market, and we are confident in our ability to create significant long-term value for our shareholders.

我們擁有引領這一市場的獨特優勢，並且我們有信心為股東創造重大的長期價值。

Now I'll turn it over to Darryl to discuss the financial results in more detail.

現在我將把時間交給 Darryl 更詳細地討論財務結果。

Thank you, David, and good morning everyone. We're pleased to report a solid 2nd quarter driven by accelerating momentum in our core voice offerings. This performance demonstrates the strength of bandwidth's cloud communications platform, the effectiveness of our go to market strategy, and our ability to scale efficiently. Our team's execution led to solid revenue performance with adjusted IBEDA exceeding the high end of our guidance.

謝謝你，大衛，大家早安。我們很高興地報告，由於我們核心語音產品的加速發展勢頭，第二季業績表現穩健。這項業績證明了頻寬雲端通訊平台的實力、我們市場策略的有效性以及我們有效擴展的能力。我們團隊的執行帶來了穩健的收入表現，調整後的 IBEDA 超過了我們預期的高端。

Looking at our second quarter 2025 results, total revenue of $180 million increased 9% year by year normalized for 2024 cyclical political campaign revenue of $8 million. Included within that result, cloud communications revenue reached $136 million an 8% year over year increase on a normalized basis.

綜觀我們 2025 年第二季的業績，總營收為 1.8 億美元，年增 9%，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 1.36 億美元，年增 8%。

Non-gap gross profit of $79 million marked an increase of 11% year over year or 13% growth when normalized.

非差距毛利為 7,900 萬美元，較去年同期成長 11%，或正常化後成長 13%。

Non-gap gross margin improved to 58%, a 2% point increase year over year.

非差距毛利率提高至58％，較去年同期成長2個百分點。

Adjusted EIA grew by 17% year over year to $22 million driven by higher revenue and stronger margins. Free cash flow was $26 million representing 19% margin. Focusing on our free market offers, Enterprise voice revenue grew 29% year by year, fueled by robust demand on our core platform.

調整後的 EIA 年成長 17%，達到 2,200 萬美元，這得益於收入增加和利潤率上升。自由現金流為 2,600 萬美元，利潤率為 19%。專注於我們的免費市場產品，受我們核心平台強勁需求的推動，企業語音收入較去年同期成長 29%。

From both customers expanding usage and new customers migrating contact centers and employee communications to the cloud, Global Voice plans, our largest customer category, grew revenue 7% year over year, which is our highest growth rate achieved since 2021, driven by channel partnership traction, along with continued expansion from long-term customers and onboarding of new ones.

從客戶擴大使用量到新客戶將聯絡中心和員工通訊遷移到雲端，我們最大的客戶類別 Global Voice 計畫的營收年增 7%，這是自 2021 年以來實現的最高成長率，這得益於通路合作夥伴的吸引力，以及長期客戶的持續擴張和新客戶的加入。

Programmable messaging likewise achieved a normalized 7% year over year growth. Moving to operating metrics, net retention rate for the first quarter was 112%. Customer name retention remained well above 99%. Average annual revenue per customer set another record at $230,000 or a record $216,000 when excluding political campaign revenue.

可程式訊息傳遞同樣實現了 7% 的年成長。從營運指標來看，第一季的淨留存率為 112%。客戶姓名保留率仍遠高於 99%。每位客戶的平均年收入再創紀錄，達到 23 萬美元，若不包括政治競選收入則達到創紀錄的 21.6 萬美元。

After reaching mid-year, we're encouraged by our strong performance with first half revenue growth in our core voice offerings exceeding expectations due to higher demand from existing customers and the addition of new ones. We also achieved record high first half non-gap gross margins, IEDA, and operating cash flows. Looking ahead to the remainder of 2025, 3 months ago, we raised our full year 2025 guidance. Anticipating continued acceleration in the second half, following solid 2nd quarter results, and while monitoring the expected typical holiday season uptick, we remain confident in the second half acceleration which underpins our previously raised full year guidance.

進入年中後，我們對自己強勁的業績感到鼓舞，由於現有客戶的需求增加和新客戶的增加，我們核心語音產品的上半年收入增長超出了預期。我們也實現了上半年非差距毛利率、IEDA 和經營現金流創歷史新高。展望 2025 年剩餘時間，3 個月前，我們上調了 2025 年全年業績預期。鑑於第二季業績穩健，我們預計下半年將繼續加速成長，同時監測預期的典型假日季節上漲趨勢，我們仍然對下半年的加速成長充滿信心，這支撐了我們先前上調的全年預期。

We continue to project 10% organic revenue growth at the midpoint for the full year and are once again increasing our full year IBEDA outlook to $88 million at the midpoint.

我們繼續預測全年有機收入中位數成長率為 10%，並再次將全年 IBEDA 預期中位數上調至 8,800 萬美元。

We believe this outlook for the second half is an achievable plan that keeps us firmly on track toward our strategic and financial goals.

我們相信，下半年的展望是一個可以實現的計劃，可以讓我們堅定地朝著策略和財務目標前進。

In summary, we are pleased with our operating and financial performance in the first half.

總而言之，我們對上半年的經營和財務表現感到滿意。

We're building on a foundation of strong execution, expanding customer value through AI powered use cases, and leveraging our platform's scale and flexibility.

我們以強大的執行力為基礎，透過人工智慧用例擴大客戶價值，並利用我們平台的規模和靈活性。

As David remarked, we're executing with discipline, scaling our global enterprise presence and accelerating AI voice innovation to place bandwidth at the center of the AI powered customer experience.

正如大衛所說，我們正在嚴格執行，擴大我們的全球企業影響力，並加速人工智慧語音創新，將頻寬置於人工智慧驅動的客戶體驗的中心。

This strategy positions us to deliver sustained revenue growth, continued margin expansion, and robust cash generation. With that, I'll now turn the call over to the operator for the question and answer portion of today's call.

這項策略使我們能夠實現持續的收入成長、持續的利潤率擴大和強勁的現金產生。這樣，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。

Yes, thank you. We will now begin the question and answer session. To ask a question, you may press star, then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. If any time your question has been addressed and you'd like to withdraw it, please press star and then 2.

是的，謝謝。我們現在開始問答環節。要提問，您可以按下電話鍵盤上的星號，然後按一。如果您使用揚聲器，請在按下按鍵之前拿起聽筒。如果您的問題已解決而您想撤回，請按星號，然後按 2。

This time we will pause momentarily to assemble the roster.

這次我們將暫時停下來整理名單。

And the first question comes from Joshua Riley with Needham.

第一個問題來自 Needham 的 Joshua Riley。

All right, thanks for taking my questions. Nice job on the quarter here. It seems like the thesis for AI use cases for customer support is kind of playing out as expected here in terms of driving additional voice minutes on the platform. How are you thinking about the outlook, maybe get some more color here. I know you made a couple comments about the second half ramping these use cases relative.

好的，感謝您回答我的問題。本季表現不錯。就增加平台語音通話時間而言，人工智慧在客戶支援中的用例似乎正如預期的那樣。您對前景有什麼看法，也許可以在這裡添加一些色彩。我知道您對下半年增加這些用例發表了一些評論。

To leaving your full year revenue guidance unchanged after this quarter.

本季之後，全年收入預期保持不變。

Thanks Josh. This is David, and yes, I want to affirm your observation. Indeed, Maestro was a critical component of every single one of our enterprise wins, and the AI use case thesis that we've had continues to manifest, and we're really pleased with that. The second part of your question was regarding guidance, and let me ask Darryl to address that.

謝謝喬希。我是大衛，是的，我想確認你的觀察。事實上，Maestro 是我們每一次企業勝利的關鍵組成部分，而且我們的 AI 用例論點不斷得到體現，我們對此感到非常高興。你的問題的第二部分是關於指導，我想請 Darryl 來回答這個問題。

Good morning, Joshua. It's nice to say hello to you and thank you for joining the call.

早上好，約書亞。很高興向您問好並感謝您參加電話會議。

We do expect, as I said in my prepared remarks, we do expect that our second half will accelerate over our first half growth. The first half ended up setting, as I said, a record in terms of our financial metrics over prior first half. Second half is set to accelerate. Our guidance at the midpoint. In terms of total revenue normalized, we'll expect for the 3rd quarter a 10% organic growth. And then if you do the math for the full year and you're back into the fourth quarter, what we're calling for is 13%. So you can see the sequencing in terms of the acceleration of what I was referring to.

正如我在準備好的發言中所說，我們確實預計下半年的成長速度將超過上半年。正如我所說，上半年我們的財務指標創下了歷史新高。下半年將會加速發展。我們的指導處於中間點。就標準化的總收入而言，我們預計第三季的有機成長率為 10%。如果你計算全年的數據，然後回到第四季度，我們預測的成長率是 13%。因此，您可以看到我所指的加速順序。

Got it. That's helpful. And then in terms of the maestro add-ons that you've seen over the last several quarters here, can you just give us a sense, it seems like the average, revenue per customer continues to pick up here. How much of that is being driven by Maestro add-ons or other add-ons or any other considerations that we should be, considering here for AU growth?

知道了。這很有幫助。然後就您在過去幾季看到的 Maestro 附加元件而言，您能否向我們介紹一下，似乎平均每位客戶的收入在這裡繼續上升。其中有多少是由 Maestro 附加元件或其他附加元件或任何其他我們應該考慮的因素推動的，以促進 AU 的成長？

Thank you, Josh. This is David again. We've invited our Chief Product Officer, John Bell to join us on the call. John, why don't you take that one?

謝謝你，喬希。我又是大衛。我們邀請了首席產品長約翰貝爾 (John Bell) 參加電話會議。約翰，你為什麼不拿那個？

Yes, we continue to see a mix, as we mentioned, we are seeing more adoption of Maestro and Maestro services, so that is an important part of the, uptick from our customers, and we are enthusiastic as we see adoption of more and more components of the platform by our customers.

是的，我們繼續看到混合，正如我們所提到的，我們看到越來越多的人採用 Maestro 和 Maestro 服務，所以這是我們客戶成長的重要組成部分，我們很高興看到客戶採用越來越多的平台組件。

Got it, thanks.

明白了，謝謝。

Guys.

夥計們。

Thank you. And the next question comes to Meta Marshall with Morgan Stanley.

謝謝。下一個問題來自摩根士丹利的 Meta Marshall。

Great thanks maybe just on Maestro just kind of what is.

非常感謝，也許只是關於 Maestro 是什麼。

The.

這。

Pace.

步伐。

Of some of the the integrations that you guys were going to do into the platform and just kind of the, work you're doing with other customers other companies because I'm sure they would like to get on to that platform at this point, and then maybe just as a second question you kind of talked about this voice multiplier over time. That you see kind of as you move towards AI voice just, how is that going to be step function? Is that going to be gradual, just how you see that developing thanks.

你們將在平台上進行的一些集成，以及你們與其他客戶和其他公司所做的工作，因為我相信他們現在都想加入這個平台，然後也許作為第二個問題，你們談到了隨著時間的推移這種聲音倍增器。當您向 AI 語音邁進時，您會看到它將如何成為階躍函數？這會是一個漸進的過程嗎？您認為它會如何發展？謝謝。

Thanks Mata. This is David.

謝謝馬塔。這是大衛。

Annually we have a conference that's very close now, about just a little bit over a month away, and Reverb is where we're excited about talking about Maestro's latest developments and announcements and integrations and product features and the benefits for our customer base that is engaging with and adopting AI. So we'll be excited to announce new things at Reverb, but interestingly one of our integrations, Cognoi, just announced that they were acquired by another Maestro customer of ours, Nice. And so it just illustrates and confirms that both these great customers that that we have engaged with the Maestro platform and we're thrilled with that combination and we think other integrations similarly in this AI era are going to benefit both partners and customers in unique ways. But at the reverb conference we'll have more to say about it.

每年我們都會舉辦一次會議，現在距離會議召開僅剩一個多月的時間，我們很高興在 Reverb 上討論 Maestro 的最新發展、公告、集成和產品功能，以及參與和採用人工智能的客戶群將獲得哪些好處。因此，我們很高興在 Reverb 上宣布新產品，但有趣的是，我們的整合產品之一 Cognoi 剛剛宣布被我們的另一個 Maestro 客戶 Nice 收購。因此，它只是說明並證實了我們已經與 Maestro 平台合作的這些優秀客戶，我們對這種結合感到非常興奮，並且我們認為在這個人工智慧時代類似的其他整合也將以獨特的方式使合作夥伴和客戶受益。但在混響會議上我們會對此進行更多討論。

And then in terms of the second part of your question, let me ask Darryl to opine or John to opine on the pace. Go ahead, John.

然後，關於你問題的第二部分，我想請 Darryl 或 John 對步伐發表意見。繼續吧，約翰。

Yeah, so from the face we see a very, I say a very standard adoption pattern with our customers. We see often customers start off the Maestro platform moving from on-prem to the cloud, usually with a fixed platform, and then once they're in the cloud, they have the flexibility to continue to.

是的，從表面上看，我們看到了我們的客戶採用的非常標準的模式。我們經常看到客戶從 Maestro 平台開始從本地遷移到雲端，通常使用固定平台，然後一旦他們進入雲端，他們就可以靈活地繼續使用。

Add more services, perhaps add other applications into their call flows, and we continue to layer on more services as we mentioned one of our customer examples with a large bank in the call.

添加更多服務，或許將其他應用程式添加到他們的呼叫流程中，我們將繼續分層提供更多服務，就像我們在通話中提到的一個大型銀行客戶範例一樣。

It's a very normal pattern we see with customer adoption.

這是我們在客戶採用過程中看到的非常正常的模式。

Great, thank you.

太好了，謝謝。

Thank you. And the next question comes from Argoon Barria with William Blair.

謝謝。下一個問題來自 William Blair 的 Argoon Barria。

Great, thank you. Actually, if I can just follow up on the last question, I think, David, you had mentioned in your prepared remarks that the AI potential per call is 3 to 4 times that of a non-AI voice voice call. Is that, is that measuring, any sort of AI call versus a regular voice call, or is that something that's using all of your maestro services, some of your maestro services like how should we think about. What that multiplier actually relates to and we kind of you have customers that are real realize that where you're realizing this sort of uplift already or is this sort of a potential further down the road.

太好了，謝謝。實際上，如果我可以繼續回答最後一個問題，我想，大衛，你在準備好的發言中提到過，每次通話的 AI 潛力是非 AI 語音通話的 3 到 4 倍。這是對任何類型的 AI 呼叫與常規語音通話的衡量嗎？或者這是使用所有 Maestro 服務的東西，我們應該如何考慮您的一些 Maestro 服務。這個乘數實際上與什麼有關？我們有一些真正的客戶，他們意識到您已經實現了這種提升，還是說這種提昇在未來還有潛力。

Well, it's been realized in real time, and I think it's reflected in the increased usage that we see in voice for global communications plans as well as enterprise. And indeed each AI interaction on a call can generate multiple examples of voice minutes on our network. So you can fork a call, fork the media, because there's an AI agent or engine on the other end that's doing sentiment or transcription or fraud detection or any number of different. Important services in call synchronously in real time. Those are what drive the potential to add 3 to 4 times the call revenue for us, and that's happening today. That's not in the future. We're excited about the additional value being added by those different engines or agents for our customers, whether it's in the contact center or again in GCP. And so yes, uniquely in the past, a voice call was really monetized just based on a single stream of media and signaling that we handle on behalf of the customer. And today what we're seeing is, and we expect even more so in the future with the rise of voice agents, you're going to have sub agents and really valuable things happening simultaneously that require the intelligence and orchestration of the Maestro platform. So it's beginning to be realized today and we think that it'll even increase in the future. And then let me again invite my bandmate and colleague John Bell to add to my remarks.

嗯，它已經即時實現了，我認為這反映在我們在全球通訊計劃和企業中看到的語音使用量的增加。事實上，通話中的每次 AI 互動都可以在我們的網路上產生多個語音分鐘數的範例。因此，您可以分叉呼叫、分叉媒體，因為另一端有一個 AI 代理或引擎，可以進行情緒、轉錄、欺詐檢測或任何其他不同的操作。重要服務即時同步呼叫。這些都為我們帶來了增加 3 到 4 倍通話收入的潛力，而這一目標正在實現。那不是將來的事。我們對這些不同的引擎或代理商為我們的客戶增加的額外價值感到非常興奮，無論是在聯絡中心還是在 GCP。是的，在過去，語音通話確實只是基於我們代表客戶處理的單一媒體串流和訊號來實現貨幣化。今天我們看到的是，並且我們預計未來隨著語音代理的興起，您將擁有子代理和真正有價值的事情同時發生，而這些都需要 Maestro 平台的智慧和協調。所以今天它開始被實現，我們認為它在未來甚至會增加。然後，讓我再次邀請我的樂團成員兼同事約翰貝爾來補充我的評論。

Yeah, I think I just second what David said. There are a lot of services running in parallel that are enabling that multiplier, and there are more and more agents being developed, more and more applications for enterprises to use that creates the opportunity for us to serve them on multiple streams and multiple applications at the same time.

是的，我想我同意大衛的說法。有許多服務並行運行，從而實現了乘數效應，並且正在開發的代理越來越多，可供企業使用的應用程式也越來越多，這為我們創造了同時在多個串流和多個應用程式上為他們提供服務的機會。

Okay perfect that's very very helpful and then.

好的，非常好，這非常非常有幫助。

I also wanted to just touch on messaging. It seems like there's rumors slow down this quarter. I'm curious what maybe the listen and takes are, on that business and then broadly as we kind of sit down, how do you think about.

我還想談談訊息傳遞。看起來本季的謠言有所減少。我很好奇大家對這個主題的看法和看法是什麼，然後當我們坐下來討論時，您是怎麼想的。

Bandwidth competitive differentiation in messaging versus some of the other players out there where messaging is a bigger portion of their business and would love to hear some like where you're focusing on in terms of compliance or reliability, etc.

與其他一些在訊息傳遞領域佔比較大的參與者相比，您在訊息傳遞方面的頻寬競爭差異化，我很想聽聽您在合規性或可靠性等方面的關注點。

Thank you.

謝謝。

You bet. So in the quarter, our messaging growth was 7% for commercial messaging, and that was driven by customers in e-commerce, financial services, civic engagement. Our assumption for commercial messaging is high single digit growth for the full year, which is in line with our market, with the market growth rate for commercial messaging. There are some deals that you might expect us not to pursue because they're not margin accretive and we're focused. On large enterprises with large scale opportunities so long as they contribute to our long range plan for profitability. So our focus.

當然。因此，在本季度，我們的商業資訊傳遞量成長了 7%，這得益於電子商務、金融服務和公民參與領域的客戶。我們對商業訊息傳遞的假設是全年實現高個位數成長，這與我們的市場以及商業訊息傳遞的市場成長率一致。您可能認為我們不會進行某些交易，因為它們不會增加利潤，而且我們專注於此。只要大型企業能夠為我們的長期獲利計畫做出貢獻，我們就會對它們進行大規模的投資。所以我們的重點是。

Is on expanding messaging and specifically messaging formats like RCS RBM, and we're targeting larger customers where our excellent service is required, but profitability is a big component.

我們正在擴展訊息傳遞功能，特別是 RCS RBM 等訊息傳遞格式，我們的目標是需要我們優質服務的大型客戶，但獲利能力是一個重要組成部分。

We do have opportunities to grow messaging, and we are winning away from large we are winning away large senders that have outgrown their existing platforms. They're looking for things like scalability and reliability and how we deliver those messages and support that. So we're cross selling into enterprises. But again, our assumption is in line with market growth for the rest of this year.

我們確實有機會發展訊息功能，而且我們正在贏得那些已經超越其現有平台能力的大型發送者。他們正在尋找諸如可擴展性和可靠性之類的東西，以及我們如何傳遞這些資訊並提供支援。因此我們正在向企業進行交叉銷售。但我們的假設與今年剩餘時間的市場成長一致。

All right wonderful thank you.

好的，非常感謝。

Thank you.

謝謝。

And the next question comes from Willow with the bear.

下一個問題來自懷抱熊的 Willow。

Okay, great, thanks. Yeah, I wanted to come back to, the global voice plan, segment, your largest, I think you called out strongest growth, in a few years, which is nice to see. So it'd be great to get any other color as to kind of the core drivers there. It sounds like, an increased presence with partners is helping. So maybe, if you can kind of dissect how much that's partner driven versus maybe core trends within, UA, CAS, etc. Would be great.

好的，太好了，謝謝。是的，我想回到全球語音計畫這個領域，這是你們最大的領域，我認為你們稱之為幾年內最強勁的成長，這是令人高興的。因此，如果能獲得其他顏色作為核心驅動程式就太好了。聽起來，增加合作夥伴的存在是有幫助的。因此，如果您可以分析其中有多少是由合作夥伴驅動的，以及 UA、CAS 等內部的核心趨勢。那就太好了。

You bet, Will.

當然，威爾。

So the growth in GCP was 7% up from 2% year over year in the year go quarter, and the total voice business is growing 9% versus 3% year over year. And your question is, where in the world is all this voice growth coming from? And what we are seeing is that there are many new use cases where you have AI voice. And you have examples of that in UCAS and CCA, the Cognoy NICE announcement really illustrates that, just this week.

因此，GCP 的成長率比去年同期的 2% 上升了 7%，而整個語音業務的成長率為 9%，而去年同期的成長率為 3%。你的問題是，這種聲音的成長究竟從何而來？我們看到，人工智慧語音已有許多新的用例。UCAS 和 CCA 中就有這樣的例子，本週 Cognoy NICE 的公告也確實說明了這一點。

We understand how indispensable voice is for our enterprise customers. They understand that as well, and the rise of AI, I think, is being reflected in the actual results in our voice business. Let me pause and invite John or Darryl to add to my remarks.

我們了解語音對我們的企業客戶來說是多麼不可或缺。他們也明白這一點，我認為人工智慧的興起正在反映在我們語音業務的實際結果中。請容許我暫停一下，並請約翰或達裡爾補充我的評論。

Yeah, to add maybe two other dimensions to that. One, AI is enabling a number of new entrants in the market who are becoming bandwidth customers and customers there and also our global expansion that continues as we continue to help our GPP customers expand globally.

是的，也許可以再增加兩個維度。首先，人工智慧正在賦能眾多新進者，使他們成為頻寬客戶和客戶，同時隨著我們繼續幫助我們的 GPP 客戶進行全球擴張，我們的全球擴張也持續進行。

Okay.

好的。

And this is just to put a remark on to a fine point on David's comments. When we grew our voice revenue when we doubled the growth rate in the first quarter, we did signal that embedded in our raised outlook for the full year, we expected Voice to double its growth rate over last year. I think the second quarter is just very much on track to achieving that much higher growth rate that we're calling for in the, for the full year embedded in our guide and we've, clearly positions us for the future beyond that.

這只是對大衛的評論進行一個細微的評論。當我們在第一季將語音收入的成長率翻一番時，我們確實暗示，在我們上調的全年預期中，我們預計語音收入的成長率將比去年翻一番。我認為第二季的成長率非常有可能達到我們指南中全年預測的更高水平，而且我們已經為未來的發展做好了明確的準備。

Great, thank you.

太好了，謝謝。

Thank you. And the next question is a follow up from James Fish with Piper Sandler.

謝謝。下一個問題是詹姆斯·菲什 (James Fish) 和派珀·桑德勒 (Piper Sandler) 的後續提問。

Hey guys, look, it's wanting to build off of some of the prior questions, but I think we've always thought of, lower costs as an advantage for bandwidth, but what are you guys seeing with pricing on the messaging side in particular as one of your competitors clearly, changed how they're pricing and does this give you any pricing leverage to take your own sort of higher?

嘿夥計們，看，這是想要建立在先前的一些問題的基礎上，但我認為我們一直認為，較低的成本是頻寬的優勢，但你們看到消息傳遞方面的定價如何，特別是你們的競爭對手之一明顯改變了他們的定價方式，這是否會給你們帶來任何定價優勢，從而提高你們自己的價格？

This is pricing for so with respect to the specifics, pricing for the quarter was in our price volume analysis was improved over this time last year as well as volume. We believe that the higher value services that we provide to our larger customers allows us to to price at a level that reflects that value. And indeed the stickiness of our customer base is evident with the with the logo retention rate of always greater than 99%. We think that we're in a good place when it comes to voice price and especially when it comes to the value add that we are providing as AI is enabled across that installed base.

這是定價，就具體情況而言，本季的定價在我們的價格分析中比去年同期有所改善，而且數量也有所增加。我們相信，我們為大客戶提供的更高價值的服務使我們能夠將價格定在反映該價值的水平。我們的客戶群的黏性確實顯而易見，標誌保留率始終高於 99%。我們認為，在語音價格方面，我們處於有利地位，尤其是在我們在整個安裝基礎上啟用人工智慧所提供的增值服務方面。

And recent pricing moves by others that you mentioned.

以及您提到的其他人最近的定價舉措。

Are opening up competitive opportunities for us as customers are evaluating options directly related to the price increases, so we're seeing that in real time.

由於客戶正在評估與價格上漲直接相關的選擇，因此我們即時看到這一點，這為我們帶來了競爭機會。

Yeah, thanks.

是的，謝謝。

Thank you. And the next question comes from Patrick Walls with Citizens.

謝謝。下一個問題來自《公民》的派崔克‧沃爾斯。

Oh, great.

噢，太好了。

Thank you.

謝謝。

I have a couple, and congratulations on the on the results. So, hey, David, can we go back to this nice cognoy deal yesterday cause I think there's a number of wrinkles to it that make it super interesting, for you guys. So number one, they were both partners, right? But can you just Explain to us how they differ, right? So what did they do differently as as partners and why does it make sense for them to be together?

我有幾個，祝賀他們取得成果。那麼，嘿，大衛，我們可以回顧一下昨天這筆不錯的科諾伊交易嗎？因為我認為它有很多細節讓你們覺得非常有趣。那首先，他們都是合夥人，對嗎？但是你能向我們解釋一下它們有何不同嗎？那麼，作為伴侶，他們做了哪些不同的事情，為什麼他們在一起是有意義的？

Thanks, Pat.

謝謝，帕特。

Both indeed were Maestro customers. Nice was pre-integrated within the Maestro environment so that enterprise customers could easily take advantage of the NIC contact center capabilities. Cognoy, which does extraordinary AI voice features and capabilities, were also an AI bridge integration in Maestro so that enterprise customers that were using NIE in the contact center could easily add. The cognoji voice agent capabilities to their call flows and what's really cool is that Cognoji, a phenomenal company really pioneering the voice AI agent space and NI, the contact center company that powers many seats of agents in the contact center by getting together, what it shows us is both the relevance and importance of Maestro in terms of an orchestration layer, but their combination, I think, really points to the future, which is You're going to have millions and millions and millions of new users of the global phone network and system, but many of them will be PhD level intelligent, highly emotionally empathetic AI voice agents adding extraordinarily high value to different call flows in the contact center. And NI effectively I think is going to be able to add many seats, an infinite number of seats of voice AI agents to add value to their customers, and we're excited to support both, and we think the combination is fantastic.

兩人確實都是 Maestro 的客戶。Nice 已預先整合到 Maestro 環境中，以便企業客戶可以輕鬆利用 NIC 聯絡中心功能。Cognoy 具有非凡的 AI 語音特性和功能，也是 Maestro 中的 AI 橋樑集成，以便在聯絡中心使用 NIE 的企業客戶可以輕鬆添加。Cognoji 語音代理功能可應用於他們的呼叫流，真正酷的是，Cognoji 是一家非凡的公司，真正開創了語音 AI 代理領域，而 NI 是一家聯絡中心公司，透過合作為聯絡中心的許多代理席位提供支持，它向我們展示了 Maestro在編排層方面的相關性和重要性，但我認為，它們的結合真正指向了未來，即全球電話網絡和系統將擁有數以百萬計的新用戶，但其中許多人將是博士級智能、高度情感同理心的 AI 語音代理，為聯絡中心的不同呼叫流增加極高的價值。我認為 NI 實際上能夠增加許多席位，無限數量的語音 AI 代理席位，為他們的客戶增加價值，我們很高興能夠同時支持這兩者，我們認為這種組合非常棒。

All right, great. And so I guess the two sort of wrinkles on this are NICE paid almost a billion dollars, right, for Tay, which is going to do like $85 million exiting next year, right?

好的，太好了。因此，我想這其中存在的兩個問題是，NICE 為 Tay 支付了近 10 億美元，而 Tay 明年的退出將帶來 8500 萬美元的收入，對嗎？

You guys are doing like 750 million so sort of at the midpoint of the range and you know traded half of that, right so.

你們的成交量大約是 7.5 億，處於該範圍的中間點，而你們的交易量只有其中的一半，對吧。

What is the disconnect here and how does band capture.

這裡的斷開是什麼以及如何進行波段捕獲。

A more of that perceived future value.

更多可感知的未來價值。

I think there's a lot of good conversation going on about infrastructure globally in data centers right now for compute and inference related to AI. There has not been much conversation about infrastructure and software layers important for voice AI infrastructure. And once that's recognized, I think valuations may change. Right now we're excited about seeing the impact of AI voice use cases in. Our global voice revenue run rate for the year, that's been exciting to see manifest and become real. But to your good point, I think that time will tell, but global AI voice use cases require global AI voice infra, and we are pioneers and leaders in that. And our Maestro platform on top of that. Global universal platform for both regular voice conversations and AI voice conversations is something we've worked on for years and we're excited about supporting this this wave that is happening with voice agents globally.

我認為目前全球範圍內就資料中心基礎設施在人工智慧相關的計算和推理方面正在進行大量有益的討論。關於語音 AI 基礎設施的重要基礎設施和軟體層的討論並不多。一旦認識到這一點，我認為估值可能會改變。現在我們很高興看到人工智慧語音用例的影響。我們很高興看到我們今年的全球語音收入運行率得以實現。但正如您所說，我認為時間會證明一切，但全球人工智慧語音用例需要全球人工智慧語音基礎設施，而我們是這方面的先驅和領導者。以及我們在此基礎上的 Maestro 平台。我們多年來一直致力於打造一個用於常規語音對話和人工智慧語音對話的全球通用平台，我們很高興能夠支援全球語音代理的這一浪潮。

Okay great thank you.

好的，非常感謝。

Thank you. And that concludes with the question session as well as a call.

謝謝。最後以問答環節和電話會議結束。

Thank you so much for attending today's presentation. Let me now disconnect your lines.

非常感謝您參加今天的演講。現在讓我斷開你的線路。

Good day and welcome to the Bandwidth Inc. 2nd quarter 2025 earnings conference call.

您好，歡迎來到 Bandwidth Inc.2025 年第二季財報電話會議。

All participants will be in listen-only mode.

所有參與者將處於只聽模式。

Should you need assistance, please send know a conference specialists are pressing the star key, followed by 0.

如果您需要協助，請發送訊息給會議專家，按星號鍵，然後按 0。

After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then 1 on your telephone keypad. To withdraw your question, please press 2.

今天的演講結束後，將有機會提問。若要提問，您可以按下電話鍵盤上的星號，然後按 1。若要撤回您的問題，請按 2。

Please note this event is being recorded.

請注意，此事件正在被記錄。

I now turn the conference over to your host today, Sarah Wallace, Vice President of VAR. Please go ahead.

現在我將會議交給今天的主持人，VAR 副總裁 Sarah Wallace。請繼續。

Good morning and welcome to Bandwidth's 2nd quarter 2025 earnings call. I'm joined today by David Morgan, our CEO, and Daryl Rayford, 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 in 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.

早安，歡迎參加 Bandwidth 2025 年第二季財報電話會議。今天與我一起出席的還有我們的執行長戴維摩根 (David Morgan) 和財務長達裡爾雷福德 (Daryl Rayford)。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。您可以在 investors.bandwidth.com 的投資者關係頁面找到一份包含歷史財務亮點以及 GAAP 與非差距財務結果對帳的收益新聞稿。

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 3rd quarter and 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.

在電話會議中，我們將做出與我們的業務相關的可能被視為前瞻性的聲明，包括有關我們對 2025 年第三季和全年財務指導的聲明。我們提醒您不要過度依賴這些前瞻性陳述，因為它們可能涉及風險和不確定性，可能導致實際結果與前瞻性陳述表達或暗示的任何未來結果或結果有重大差異。

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.

本次電話會議和簡報幻燈片中所做的任何前瞻性陳述均反映了我們截至今天的分析，我們沒有計劃或義務更新它們。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 2nd quarter 2025 earnings call.

謝謝你，莎拉，大家早安。歡迎參加 Bandwidth 2025 年第二季財報電話會議。

We delivered a solid 2nd quarter demonstrating continued momentum and disciplined execution across the business. Revenue of $180 million and adjusted EBITA of $22 million exceeded expectations. We gained good traction in customer acquisition and achieved continued improvement in operating metrics.

我們第二季業績表現穩健，展現出整個業務持續的強勁發展勢頭和嚴格的執行力。1.8 億美元的營收和 2,200 萬美元的調整後 EBITA 均超出預期。我們在客戶獲取方面取得了良好的進展，並在營運指標方面取得了持續改善。

This quarter underscores a strong performance over the last 12 months where we grew revenue 15%, Ebid off 36%, and free cash flow 26%. The demand for mission critical enterprise communications is durable, and our platform is essential for companies transforming their customer experience with AI.

本季突顯了過去 12 個月的強勁表現，我們的營收成長了 15%，息稅折舊攤銷前利潤成長了 36%，自由現金流成長了 26%。對關鍵任務企業通訊的需求是持久的，我們的平台對於利用人工智慧轉變客戶體驗的公司至關重要。

To our customers, thank you for your partnership.

對於我們的客戶，感謝您的合作。

To our bandmates, thank you for your incredible work and dedication, and I thank God for blessing our journey together.

對於我們的樂隊成員，感謝你們出色的工作和奉獻，感謝上帝保佑我們一起走過這段旅程。

The story of this quarter is the tangible progress of our AI strategy. Our investments in AI voice are now translating into customer adoption and laying the groundwork for a powerful new layer of revenue. We're seeing meaningful traction, including new $1 million plus multi-year deals as enterprises leverage the software-driven capabilities of Maestro and AI Bridge within the bandwidth communications cloud, allowing them to seamlessly integrate AI Voice into their customer experience call flows.

本季的故事是我們人工智慧策略的實際進展。我們對人工智慧語音的投資現在正在轉化為客戶的採用，並為強大的新收入奠定基礎。我們看到了有意義的牽引力，包括新的 100 萬美元以上的多年期交易，因為企業利用頻寬通訊雲中的 Maestro 和 AI Bridge 的軟體驅動功能，使他們能夠將 AI Voice 無縫整合到他們的客戶體驗呼叫流中。

These platforms provide the essential APIs and orchestration tools for advanced deployment. This is particularly evident with our existing customers in the financial services, healthcare, and hospitality verticals. We believe bandwidth is the essential platform for the enterprise AI voice revolution.

這些平台為進階部署提供了必要的 API 和編排工具。這在我們金融服務、醫療保健和酒店業的現有客戶中尤其明顯。我們相信頻寬是企業AI語音革命的重要平台。

Whether a customer is using a standalone AI model or the tools embedded in their CCAS platform, they rely on bandwidth for the scale, reliability, and orchestration required to succeed. Let me share how this is creating value today.

無論客戶使用的是獨立的 AI 模型還是嵌入在其 CCAS 平台中的工具，他們都依賴頻寬來實現成功所需的規模、可靠性和協調性。讓我來分享一下這在今天是如何創造價值的。

A long time customer, one of the largest banks in the US, utilized our Maestro platform's robust software integrations to seamlessly incorporate a third party conversational AI provider.

我們的長期客戶是美國最大的銀行之一，利用我們 Maestro 平台強大的軟體整合功能無縫整合了第三方對話式 AI 供應商。

This provided them with the programming flexibility to innovate across their multiple CAS systems, leveraging Maestro's agnostic orchestration layer.

這為他們提供了程式設計靈活性，使他們能夠利用 Maestro 的不可知編排層在多個 CAS 系統上進行創新。

And combined with our network level voice anomaly detection, the bank can deliver even more reliable, resilient, and intelligent customer experiences across all their business lines.

結合我們的網路級語音異常檢測，該銀行可以在所有業務線上提供更可靠、有彈性和智慧的客戶體驗。

The impact is clear. They can now test and deploy new AI powered customer experiences with speed and confidence, all while maintaining control of their technology stack.

其影響是顯而易見的。他們現在可以快速、自信地測試和部署新的人工智慧客戶體驗，同時保持對其技術堆疊的控制。

This is a blueprint for how we will expand our business across our enterprise customer base. Another large existing customer, a leader in digital banking, is using the native AI features within their Genesis contact center. In this scenario as well, bandwidth is critical. The low latency, high call quality, and high availability of our communications cloud was essential.

這是我們如何在企業客戶群中擴展業務的藍圖。另一家現有大客戶是數位銀行領域的領導者，正在其 Genesis 聯絡中心內使用原生 AI 功能。在這種情況下，頻寬也至關重要。我們的通訊雲端的低延遲、高通話品質和高可用性至關重要。

As their team told us directly, our AI story only works with bandwidth. This is powerful validation that the underlying communications cloud is the linchpin for any successful AI voice strategy.

正如他們的團隊直接告訴我們的那樣，我們的 AI 故事只有在頻寬的情況下才有效。這有力地證明了底層通訊雲是任何成功的人工智慧語音策略的關鍵。

These examples highlight a fundamental shift that is expanding our economic engine. As we've said before, AI is not replacing voice, it's enriching it. Each AI powered call has the potential to drive significantly more usage of our cloud platform, largely due to the software driven value added services. As we layer on with capabilities like Maestro's orchestration modules, integrated transcription, and our fraud detection software solutions, we see a path to potentially generating as much as 3 to 4 times the revenue of a standard voice call.

這些例子凸顯了擴大我們的經濟引擎的根本轉變。正如我們之前所說，人工智慧不會取代語音，而是會豐富語音。每次人工智慧呼叫都有可能顯著提高我們雲端平台的使用率，這主要歸功於軟體驅動的增值服務。隨著我們不斷增加 Maestro 的編排模組、整合轉錄和詐欺檢測軟體解決方案等功能，我們看到了一條可能產生高達標準語音通話收入 3 到 4 倍的途徑。

This is a powerful consumption multiplier that expands our share of wallet and makes our platforms stickier. In regulated sectors like financial services, customers rely upon us for compliance and security, as well as performance.

這是一個強大的消費乘數，它擴大了我們的錢包份額，並使我們的平台更具黏性。在金融服務等受監管的行業中，客戶依靠我們來確保合規性和安全性以及效能。

As AI is further integrated into enterprise workflows, ensuring trust and transparency in voice applications is becoming as essential as uptime and may also drive future revenue opportunities.

隨著人工智慧進一步融入企業工作流程，確保語音應用程式的信任和透明度變得與正常運作時間一樣重要，也可能推動未來的收入機會。

Every new enterprise win this quarter included our Maestro platform, underscoring its role as a core software differentiator. This isn't just an add-on, it's the programmable intelligence layer that drives higher revenue per customer and deeper integration, enabling sophisticated call routing and service orchestration that legacy systems cannot match. This AI-driven growth potential is built upon the strong foundation of our core voice business.

本季度贏得的每一項新企業都採用了我們的 Maestro 平台，凸顯了其作為核心軟體差異化因素的作用。這不僅僅是一個附加元件，而是一個可編程智慧層，可以推動每個客戶獲得更高的收入和更深層的集成，實現傳統系統無法比擬的複雜呼叫路由和服務編排。這種人工智慧驅動的成長潛力建立在我們核心語音業務的堅實基礎上。

This quarter we continued to win high value customers, reinforcing the strength of both our integrated direct and channel sales strategies. Our direct sales team closed one of Tennessee's largest healthcare providers, serving millions of customers. They initially planned to split their traffic between two vendors, but ultimately selected bandwidth as their sole provider. Why? Because the resilience of our CallASure solution. Was the only one that could meet their strict uptime requirements for essential Medicare and Medicaid services.

本季度，我們持續贏得高價值客戶，增強了我們的全面直銷和通路銷售策略的實力。我們的直銷團隊關閉了田納西州最大的醫療保健提供者之一，為數百萬客戶提供服務。他們最初計劃將流量分給兩家供應商，但最終選擇頻寬作為唯一提供者。為什麼？因為我們的 CallASure 解具有很強的彈性。是唯一一家能夠滿足其基本醫療保險和醫療補助服務嚴格正常運作時間要求的公司。

When service cannot fail, enterprises choose bandwidth.

當服務不能失敗時，企業會選擇頻寬。

We also won a leading insurance brokerage with more than 10,000 associates across 200 offices nationwide.

我們還贏得了一家領先的保險經紀公司的青睞，該公司在全國 200 個辦事處擁有 10,000 多名員工。

They needed to migrate both their UC and contact center to the cloud and chose bandwidth after our proof of concept demonstrated not only the technical excellence of our support team, but also the programmable power of Maestro's software to handle their sophisticated multi-site call routing requirements.

他們需要將他們的 UC 和聯絡中心遷移到雲端，並且在我們的概念驗證不僅展示了我們支援團隊的技術優勢，而且還展示了 Maestro 軟體的可編程能力，可以處理他們複雜的多站點呼叫路由要求之後，他們選擇了頻寬。

This win once again showcases our role as the go to partner for complex cloud migrations in regulated industries.

這場勝利再次證明了我們作為受監管行業複雜雲端遷移的首選合作夥伴的地位。

Our channel partnerships are also becoming a powerful growth engine, delivering a record number of deals this quarter across a variety of industry verticals. A great example is our work with a top systems integrator where we've built a successful playbook for migrating large enterprises from on-premises, Cisco systems to the cloud.

我們的通路合作夥伴關係也正在成為強大的成長引擎，本季在各個垂直行業中達成了創紀錄的交易數量。一個很好的例子是我們與一家頂級系統整合商的合作，我們為將大型企業從本地思科系統遷移到雲端建立了成功的劇本。

Two of this partner's significant healthcare accounts were moving to Cisco WebEx contact center. Both had a critical need for reliability, and each chose bandwidth because we de-risked the entire migration. With proven up time, automated porting, and total visibility through our dashboard, we gave them the confidence to move to the cloud without fear of disruption.

該合作夥伴的兩個重要醫療保健客戶正在轉移到 Cisco WebEx 聯絡中心。兩者都迫切需要可靠性，並且都選擇了頻寬，因為我們降低了整個遷移的風險。透過經過驗證的正常運作時間、自動移植以及透過我們的儀表板進行的全面可視性，我們讓他們有信心遷移到雲端而不必擔心中斷。

The message to the market is clear.

向市場傳達的訊息很明確。

For the thousands of enterprises that are still on premises, bandwidth is the fastest and most reliable path to the cloud.

對於仍在本地營運的數千家企業來說，頻寬是通往雲端最快、最可靠的途徑。

To summarize, we are executing on a clear and focused strategy. First, we continue to prioritize business execution, delivering solid financial results, exceeding our guidance, and demonstrating the efficiency of our business model.

總而言之，我們正在執行一個清晰而有重點的策略。首先，我們繼續優先考慮業務執行，提供穩健的財務業績，超越我們的預期，並展示我們業務模式的效率。

Second, We are scaling our global enterprise business by winning larger customers with multi-year higher margin engagements who rely on us for their most mission critical communications. And third, we're accelerating our AI voice innovation, creating a powerful revenue multiplier and cementing our role as the essential platform for the future of the AI powered customer experience.

其次，我們正在擴大我們的全球企業業務，透過贏得更大的客戶來擴大我們的全球企業業務，這些客戶擁有多年的高利潤合作，依靠我們進行他們最關鍵任務的溝通。第三，我們正在加速人工智慧語音創新，創造強大的收入倍增器，鞏固我們作為未來人工智慧客戶體驗重要平台的地位。

Voice is the most durable and important channel for customer engagement, and with the rise of AI, it will be even more indispensable.

語音是客戶參與最持久、最重要的管道，隨著人工智慧的興起，它將變得更加不可或缺。

We are uniquely positioned to lead this market, and we are confident in our ability to create significant long-term value for our shareholders.

我們擁有引領這一市場的獨特優勢，並且我們有信心為股東創造重大的長期價值。

Now I'll turn it over to Darryl to discuss the financial results in more detail.

現在我將把時間交給 Darryl 更詳細地討論財務結果。

Thank you, David, and good morning everyone. We're pleased to report a solid 2nd quarter driven by accelerating momentum in our core voice offerings. This performance demonstrates the strength of bandwidth's cloud communications platform, the effectiveness of our go to market strategy, and our ability to scale efficiently. Our team's execution led to solid revenue performance with adjusted IIDA exceeding the high end of our guidance.

謝謝你，大衛，大家早安。我們很高興地報告，由於我們核心語音產品的加速發展勢頭，第二季業績表現穩健。這項業績證明了頻寬雲端通訊平台的實力、我們市場策略的有效性以及我們有效擴展的能力。我們團隊的執行帶來了穩健的收入表現，調整後的 IIDA 超過了我們預期的高端。

Looking at our second quarter 2025 results, total revenue of $180 million increased 9% year over year normalized for 2024 cyclical political campaign revenue of $8 million. Included within that result, cloud communications revenue reached $136 million an 8% year over year increase on a normalized basis.

綜觀我們 2025 年第二季的業績，總營收為 1.8 億美元，年增 9%，2024 年週期性政治競選收入為 800 萬美元。其中包括雲端通訊收入達 1.36 億美元，年增 8%。

Non-gap gross profit of $79 million marked an increase of 11% year over year or 13% growth when normalized.

非差距毛利為 7,900 萬美元，較去年同期成長 11%，或正常化後成長 13%。

Non-gap gross margin improved to 58%, a 2% point increase year over year. Adjusted EIA grew by 17% year over year to $22 million driven by higher revenue and stronger margins. Free cash flow was $26 million representing 19% margin. Focusing on our free market offers, Enterprise voice revenue grew 29% year by year, fueled by robust demand on our core platform.

非差距毛利率提高至58％，較去年同期成長2個百分點。調整後的 EIA 年成長 17%，達到 2,200 萬美元，這得益於收入增加和利潤率上升。自由現金流為 2,600 萬美元，利潤率為 19%。專注於我們的免費市場產品，受我們核心平台強勁需求的推動，企業語音收入較去年同期成長 29%。

From both customers expanding usage and new customers migrating contact centers and employee communications to the cloud, Global Voice plans, our largest customer category, grew revenue 7% year over year, which is our highest growth rate achieved since 2021, driven by channel partnership traction, along with continued expansion from long-term customers and onboarding of new ones.

從客戶擴大使用量到新客戶將聯絡中心和員工通訊遷移到雲端，我們最大的客戶類別 Global Voice 計畫的營收年增 7%，這是自 2021 年以來實現的最高成長率，這得益於通路合作夥伴的吸引力，以及長期客戶的持續擴張和新客戶的加入。

Programmable messaging likewise achieved a normalized 7% year to year growth. Moving to operating metrics, net retention rate for the first quarter was 112%. Customer name retention remained well above 99%. Average annual revenue per customer set another record at $230,000 or a record $216,000 when excluding political campaign revenue.

可程式訊息傳遞同樣實現了 7% 的年成長。從營運指標來看，第一季的淨留存率為 112%。客戶姓名保留率仍遠高於 99%。每位客戶的平均年收入再創紀錄，達到 23 萬美元，若不包括政治競選收入則達到創紀錄的 21.6 萬美元。

After reaching mid-year, we're encouraged by our strong performance with first half revenue growth in our core voice offerings exceeding expectations due to higher demand from existing customers and the addition of new ones. We also achieved record high first half non-gap gross margins, IEDA, and operating cash flows. Looking ahead to the remainder of 2025, 3 months ago, we raised our full year 2025 guidance. Anticipating continued acceleration in the second half, following solid 2nd quarter results and while monitoring the expected typical holiday season uptick, we remain confident in the second half acceleration which underpins our previously raised full year guidance. We continue to project 10% organic revenue growth at the midpoint for the full year and are once again increasing our full year IBEDA outlook to $88 million at the midpoint.

進入年中後，我們對自己強勁的業績感到鼓舞，由於現有客戶的需求增加和新客戶的增加，我們核心語音產品的上半年收入增長超出了預期。我們也實現了上半年非差距毛利率、IEDA 和經營現金流創歷史新高。展望 2025 年剩餘時間，3 個月前，我們上調了 2025 年全年業績預期。預計下半年將繼續加速成長，鑑於第二季業績穩健，同時監測預期的典型假日季節上漲趨勢，我們仍然對下半年的加速成長充滿信心，這支撐了我們先前上調的全年預期。我們繼續預測全年有機收入中位數成長率為 10%，並再次將全年 IBEDA 預期中位數上調至 8,800 萬美元。

We believe this outlook for the second half is an achievable plan that keeps us firmly on track toward our strategic and financial goals.

我們相信，下半年的展望是一個可以實現的計劃，可以讓我們堅定地朝著策略和財務目標前進。

In summary, we are pleased with our operating and financial performance in the first half.

總而言之，我們對上半年的經營和財務表現感到滿意。

We're building on a foundation of strong execution, expanding customer value through AI powered use cases, and leveraging our platform's scale and flexibility.

我們以強大的執行力為基礎，透過人工智慧用例擴大客戶價值，並利用我們平台的規模和靈活性。

As David remarked, we're executing with discipline, scaling our global enterprise presence and accelerating AI voice innovation to place bandwidth at the center of the AI powered customer experience.

正如大衛所說，我們正在嚴格執行，擴大我們的全球企業影響力，並加速人工智慧語音創新，將頻寬置於人工智慧驅動的客戶體驗的中心。

This strategy positions us to deliver sustained revenue growth, continued margin expansion, and robust cash generation. With that, I'll now turn the call over to the operator for the question and answer portion of today's call.

這項策略使我們能夠實現持續的收入成長、持續的利潤率擴大和強勁的現金產生。這樣，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。

Yes, thank you. We will now begin the question and answer session. To ask a question, you may press star, then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. If any time your question has been addressed and you'd like to withdraw it, please press star and then 2.

是的，謝謝。我們現在開始問答環節。要提問，您可以按下電話鍵盤上的星號，然後按一。如果您使用揚聲器，請在按下按鍵之前拿起聽筒。如果您的問題已解決而您想撤回，請按星號，然後按 2。

This time we will pause momentarily to assemble the roster.

這次我們將暫時停下來整理名單。

And the first question comes from Joshua Riley with Needham.

第一個問題來自 Needham 的 Joshua Riley。

All right, thanks for taking my questions. Nice job on the quarter here. It seems like the thesis for AI use cases for customer support is kind of playing out as expected here in terms of driving additional voice minutes on the platform. How are you thinking about the outlook, maybe get some more color here. I know you made a couple comments about the second half ramping these use cases relative.

好的，感謝您回答我的問題。本季表現不錯。就增加平台語音通話時間而言，人工智慧在客戶支援中的用例似乎正如預期的那樣。您對前景有什麼看法，也許可以在這裡添加一些色彩。我知道您對下半年增加這些用例發表了一些評論。

To leaving your full year revenue guidance unchanged after this quarter.

本季之後，全年收入預期保持不變。

Thanks Josh. This is David, and yes, I want to affirm your observation. Indeed, Maestro was a critical component of every single one of our enterprise wins, and the AI use case thesis that we've had continues to manifest, and we're really pleased with that. The second part of your question was regarding guidance, and let me ask Darryl to address that.

謝謝喬希。我是大衛，是的，我想確認你的觀察。事實上，Maestro 是我們每一次企業勝利的關鍵組成部分，而且我們的 AI 用例論點不斷得到體現，我們對此感到非常高興。你的問題的第二部分是關於指導，我想請 Darryl 來回答這個問題。

Good morning, Joshua. It's nice to say hello to you and thank you for joining the call.

早上好，約書亞。很高興向您問好並感謝您參加電話會議。

We do expect, as I said in my prepared remarks, we do expect that our second half will accelerate over our first half growth. The first half ended up setting, as I said, a record in terms of our financial metrics over prior first half. Second half is set to accelerate. Our guidance at the midpoint in terms of total revenue normalized we'll expect for the 3rd quarter a 10% organic growth and then if you do the math for the full year and you're back into the fourth quarter, what we're calling for is 13%. So you can see the sequencing in terms of the acceleration of what I was referring to.

正如我在準備好的發言中所說，我們確實預計下半年的成長速度將超過上半年。正如我所說，上半年我們的財務指標創下了歷史新高。下半年將會加速發展。就總收入標準化而言，我們對中點的指導是，我們預計第三季度的有機增長率為 10%，然後，如果計算全年增長率並回到第四季度，我們預計增長率為 13%。因此，您可以看到我所指的加速順序。

Got it. That's helpful. And then in terms of the Maestro, add-ons that you've seen over the last several quarters here, can you just give us a sense, it seems like the average, revenue per customer continues to pick up here. How much of that is being driven by Maestro add-ons or other add-ons or any other considerations that we should be, considering here for AU growth?

知道了。這很有幫助。然後就您在過去幾季看到的 Maestro 附加元件而言，您能否向我們介紹一下，似乎平均每位客戶的收入在這裡繼續上升。其中有多少是由 Maestro 附加元件或其他附加元件或任何其他我們應該考慮的因素推動的，以促進 AU 的成長？

Thank you, Josh. This is David again. We've invited our Chief Product Officer, John Bell to join us on the call. John, why don't you take that one?

謝謝你，喬希。我又是大衛。我們邀請了首席產品長約翰貝爾 (John Bell) 參加電話會議。約翰，你為什麼不拿那個？

Yeah, we continue to see a mix, as we mentioned, we are seeing more adoption of Maestro and Maestro services, so that is an important part of the uptick from our customers, and we are enthusiastic as we see adoption of more and more components of the platform by our customers.

是的，我們繼續看到混合，正如我們所提到的，我們看到越來越多的人採用 Maestro 和 Maestro 服務，因此這是我們客戶成長的重要組成部分，我們很高興看到客戶採用該平台越來越多的組件。

Got it, thanks.

明白了，謝謝。

Guys.

夥計們。

Thank you. And the next question comes from Meta Marshall with Morgan Stanley.

謝謝。下一個問題來自摩根士丹利的 Meta Marshall。

Great thanks maybe just on Maestro just kind of what is.

非常感謝，也許只是關於 Maestro 是什麼。

The pace of some of the the integrations that you guys were going to do into the platform and just kind of the. You know work you're doing with other customers other companies because I'm sure they would like to get on to that platform at this point, and then maybe just as a second question you kind of talked about this voice multiplier over time that you see kind of as you move towards AI voice just, how is that going to be step function? Is that going to be gradual just how you see that developing thanks.

你們要進行的一些平台整合的步伐就是這樣。您知道您正在與其他客戶和其他公司合作，因為我相信他們現在想進入這個平台，然後也許只是第二個問題，您談到了隨著時間的推移語音倍增器，您看到當您轉向人工智能語音時，它將如何成為階躍函數？這會是漸進的嗎？您認為它是如何發展的？謝謝。

Thanks, Mata. This is David.

謝謝，馬塔。這是大衛。

Annually we have a conference that's very close now, about just a little bit over a month away, and Reverb is where we're excited about talking about Maestro's latest developments and announcements and integrations and product features and the benefits for our customer base that is engaging with and adopting AI. So we'll be excited to announce new things at Reverb, but interestingly, one of our integrations, Cognoi, just announced that they were acquired by another Maestro customer of ours, Nice. And so it just illustrates and confirms that both these great customers that that we have engaged with the Maestro platform and we're thrilled with that combination and we think other integrations similarly in this AI era are going to benefit both partners and customers in unique ways. But at the reverb conference we'll have more to say about it.

每年我們都會舉辦一次會議，現在距離會議召開僅剩一個多月的時間，我們很高興在 Reverb 上討論 Maestro 的最新發展、公告、集成和產品功能，以及參與和採用人工智能的客戶群將獲得哪些好處。因此，我們很高興在 Reverb 上宣布新事物，但有趣的是，我們的整合產品之一 Cognoi 剛剛宣布被我們的另一個 Maestro 客戶 Nice 收購。因此，它只是說明並證實了我們已經與 Maestro 平台合作的這些優秀客戶，我們對這種結合感到非常興奮，並且我們認為在這個人工智慧時代類似的其他整合也將以獨特的方式使合作夥伴和客戶受益。但在混響會議上我們會對此進行更多討論。

And then in terms of the second part of your question, let me ask Darryl to opine or John to opine on the pace. Go ahead, John.

然後，關於你問題的第二部分，我想請 Darryl 或 John 對步伐發表意見。繼續吧，約翰。

Yeah, so from the faith we see a very, I say a very standard adoption pattern with our customers. We see often customers start off the Maestro platform moving from on-prem to the cloud, usually with a fixed platform, and then once they're in the cloud, they have the flexibility to continue to.

是的，從信念上看，我們看到了我們的客戶採用的非常標準的模式。我們經常看到客戶從 Maestro 平台開始從本地遷移到雲端，通常使用固定平台，然後一旦他們進入雲端，他們就可以靈活地繼續使用。

Add add more services, perhaps add other applications into their call flows, and we continue to layer on more services as we mentioned one of our customer examples with a large bank in the call.

添加更多服務，或許將其他應用程式添加到他們的呼叫流程中，並且我們繼續分層提供更多服務，正如我們在通話中提到的一個大型銀行客戶示例一樣。

It's a very normal pattern we see with customer adoption.

這是我們在客戶採用過程中看到的非常正常的模式。

Great, thank you.

太好了，謝謝。

Thank you. And the next question comes from Arguon Barrio with William Blair.

謝謝。下一個問題來自 William Blair 的 Arguon Barrio。

Great, thank you. Actually, if I can just follow up on the last question, I think, David, you had mentioned in your prepared remarks that the AI potential per call is 3 to 4 times that of a non-AI voice voice call. Is that, is that measuring, any sort of AI call versus a regular voice call or is that something that's using. All of your Maestro services, some of your maestro services, like how should we think about what that multiplier actually relates to and we kind of you have customers that are real realize that where you're realizing this sort of uplift already or is this sort of a potential further down the road.

太好了，謝謝。實際上，如果我可以繼續回答最後一個問題，我想，大衛，你在準備好的發言中提到過，每次通話的 AI 潛力是非 AI 語音通話的 3 到 4 倍。這是不是對任何類型的 AI 呼叫與常規語音通話的衡量，或者這是正在使用的東西。你們所有的 Maestro 服務，你們的一些 Maestro 服務，例如我們應該如何考慮乘數實際上與什麼相關，我們有真正的客戶意識到你們已經實現了這種提升，或者這是一種未來的潛力。

Well, it's being realized in real time, and I think it's reflected in the increased usage that we see in voice for global communications plans as well as enterprise. And indeed each AI interaction on a call can generate multiple examples of voice minutes on our network. So you can fork a call, fork the media, because there's an AI agent or engine on the other end that's doing sentiment or transcription or fraud detection or a number of different. Important services in call synchronously in real time. Those are what drive the potential to add 3 to 4 times the call revenue for us, and that's happening today. That's not in the future. We're excited about the additional value being added by those different engines or agents for our customers, whether it's in the contact center or again in GCP. And so yes, uniquely in the past, a voice call was really monetized just based on a single stream of media and signaling that we handle on behalf of the customer. And today what we're seeing is, and we expect even more so in the future with the rise of voice agents, you're going to have sub agents and really valuable things happening simultaneously that require the intelligence and orchestration of the Maestro platform. So it's beginning to be realized today and we think that it'll even increase in the future. And then let me again invite my bandmate and colleague John Bell to add to my remarks.

嗯，它正在即時實現，我認為這反映在我們在全球通訊計劃和企業中看到的語音使用量的增加。事實上，通話中的每次 AI 互動都可以在我們的網路上產生多個語音分鐘數的範例。因此，您可以分叉呼叫、分叉媒體，因為另一端有一個 AI 代理或引擎，可以進行情緒、轉錄、欺詐檢測或許多不同的操作。重要服務即時同步呼叫。這些都為我們帶來了增加 3 到 4 倍通話收入的潛力，而這一目標正在實現。那不是將來的事。我們對這些不同的引擎或代理商為我們的客戶增加的額外價值感到非常興奮，無論是在聯絡中心還是在 GCP。是的，在過去，語音通話確實只是基於我們代表客戶處理的單一媒體串流和訊號來實現貨幣化。今天我們看到的是，並且我們預計未來隨著語音代理的興起，您將擁有子代理和真正有價值的事情同時發生，而這些都需要 Maestro 平台的智慧和協調。所以今天它開始被實現，我們認為它在未來甚至會增加。然後，讓我再次邀請我的樂團成員兼同事約翰貝爾來補充我的評論。

Yeah, I think I just second what David said. There are a lot of services running in parallel that are enabling that multiplier, and there are more and more agents being developed, more and more applications for enterprises to use that creates the opportunity for us to serve them on multiple streams and multiple applications at the same time.

是的，我想我同意大衛的說法。有許多服務並行運行，從而實現了乘數效應，並且正在開發的代理越來越多，可供企業使用的應用程式也越來越多，這為我們創造了同時在多個串流和多個應用程式上為他們提供服務的機會。

Okay perfect that's very very helpful and then.

好的，非常好，這非常非常有幫助。

I also wanted to just touch on messaging. It seems like there's slowdown this quarter. I'm curious what negative listen takes are on that business and then broadly as we kind of sit down, I need to think.

我還想談談訊息傳遞。本季似乎有所放緩。我很好奇聽眾對這個業務有何負面看法，然後當我們坐下來時，我需要進行廣泛的思考。

Bandwidth, competitive differentiation in messaging versus some of the other players out there where messaging is a bigger portion of their business and would love to hear some like where you're focusing on in terms of compliance liability, etc.

頻寬、訊息傳遞方面的競爭差異化，與其他一些訊息傳遞在其業務中佔較大比重的參與者相比，我很想聽聽您在合規責任方面關注的重點，等等。

Thank you.

謝謝。

You bet. So in the quarter, our messaging growth was 7% for commercial messaging, and that was driven by customers in e-commerce, financial services, civic engagement. Our assumption for commercial messaging is high single digit growth for the full year, which is in line with our market, with the market growth rate for commercial messaging.

當然。因此，在本季度，我們的商業資訊傳遞量成長了 7%，這得益於電子商務、金融服務和公民參與領域的客戶。我們對商業訊息傳遞的假設是全年實現高個位數成長，這與我們的市場以及商業訊息傳遞的市場成長率一致。

There are some deals that you might expect us not to pursue because they're not margin accretive and we're focused on large enterprises with large scale opportunities so long as they contribute to our long range plan for profitability. So our focus.

您可能認為我們不會進行某些交易，因為它們不會增加利潤，而且我們專注於具有大規模機會的大型企業，只要它們有助於我們實現長期盈利計劃。所以我們的重點是。

Is on expanding messaging and specifically messaging formats like RCS RBM and we're targeting larger customers where our excellent service is required, but profitability is a big component.

我們正在擴展訊息傳遞功能，特別是 RCS RBM 等訊息傳遞格式，我們的目標是需要我們優質服務的大型客戶，但獲利能力是一個重要組成部分。

We do have opportunities to grow messaging, and we are winning away from large we are winning away large senders that have outgrown their existing platforms. They're looking for things like scalability and reliability and how we deliver those messages and support that. So we're cross selling into enterprises. But again, our assumption is in line with market growth for the rest of this year.

我們確實有機會發展訊息功能，而且我們正在贏得那些已經超越其現有平台能力的大型發送者。他們正在尋找諸如可擴展性和可靠性之類的東西，以及我們如何傳遞這些資訊並提供支援。因此我們正在向企業進行交叉銷售。但我們的假設與今年剩餘時間的市場成長一致。

All right, wonderful. Thank.

好的，太棒了。感謝。

You.

你。

Thank you.

謝謝。

And the next question comes from Willow with the bear.

下一個問題來自懷抱熊的 Willow。

Okay, great, thanks. Yeah, I wanted to come back to, the global voice plan, segment your largest, I think you called out strongest growth, in a few years, which is nice to see. So it'd be great to get any other color as to kind of the core drivers there. It sounds like, an increased presence with partners is helping. So maybe, if you can kind of dissect how much that partner driven versus maybe core trends within, UA, CAS, etc. Would be great.

好的，太好了，謝謝。是的，我想回到全球語音計劃，這是你們最大的部分，我認為你們在幾年內實現了最強勁的成長，這是令人高興的。因此，如果能獲得其他顏色作為核心驅動程式就太好了。聽起來，增加合作夥伴的存在是有幫助的。因此，如果您可以分析一下合作夥伴驅動的程度與 UA、CAS 等內部的核心趨勢之間的差異，那麼也許可以。那就太好了。

You bet, Will.

當然，威爾。

So the growth in GCP was 7% up from 2% year over year in the year go quarter, and the total voice business is growing 9% versus 3% year over year. And your question is, where in the world is all this voice growth coming from? And what we are seeing is that there are many new use cases where you have AI voice. And you have examples of that in UCAS and CCA, the Cognoy NICE announcement really illustrates that, just this week, We understand how indispensable voice is for our enterprise customers. They understand that as well. And the rise of AI, I think, is being reflected in the actual results in our voice business. Let me pause and invite John or Darryl to add to my remarks.

因此，GCP 的成長率比去年同期的 2% 上升了 7%，而整個語音業務的成長率為 9%，而去年同期的成長率為 3%。你的問題是，這種聲音的成長究竟從何而來？我們看到，人工智慧語音已有許多新的用例。您可以在 UCAS 和 CCA 中找到這樣的例子，Cognoy NICE 公告確實表明，就在本週，我們了解到語音對於我們的企業客戶來說是多麼不可或缺。他們也明白這一點。我認為人工智慧的興起正在反映在我們語音業務的實際成果中。請容許我暫停一下，並請約翰或達裡爾補充我的評論。

You add maybe two other dimensions to that. One, AI is enabling a number of new entrants in the market who are becoming bandwidth customers and customers there and also our global expansion that continues as we continue to help our GDP customers expand globally.

您可能還添加了另外兩個維度。首先，人工智慧正在賦能眾多新進者，使他們成為頻寬客戶和客戶，同時，隨著我們繼續幫助我們的 GDP 客戶進行全球擴張，我們的全球擴張也持續進行。

Okay, Will, and.

好的，威爾，還有。

Will, this is just to put a put a remark on to a fine point on David's comments. When we grew our voice revenue when we doubled the growth rate in the first quarter, we did signal that embedded in our raised outlook for the full year, we expected Voice to double its growth rate over last year. I think the second quarter is just very much on track to achieving that much higher growth rate that we're calling for in the, for the full year embedded in our guide and we've, clearly positions us for the future beyond that.

威爾，這只是對大衛的評論進行一個細微的評論。當我們在第一季將語音收入的成長率翻一番時，我們確實暗示，在我們上調的全年預期中，我們預計語音收入的成長率將比去年翻一番。我認為第二季的成長率非常有可能達到我們指南中全年預測的更高水平，而且我們已經為未來的發展做好了明確的準備。

Great, thank you.

太好了，謝謝。

Thank you. And the next question is a follow up from James Fish with Piper Sandler.

謝謝。下一個問題是詹姆斯·菲什 (James Fish) 和派珀·桑德勒 (Piper Sandler) 的後續提問。

Hey guys, look, it's wanting to build off of some of the prior questions, but I think we've always thought of, lower costs as an advantage for bandwidth, but what are you guys seeing with pricing on the messaging side in particular as one of your competitors clearly, changed how they're pricing and does this give you any pricing leverage to take your own sort of higher?

嘿夥計們，看，這是想要建立在先前的一些問題的基礎上，但我認為我們一直認為，較低的成本是頻寬的優勢，但你們看到消息傳遞方面的定價如何，特別是你們的競爭對手之一明顯改變了他們的定價方式，這是否會給你們帶來任何定價優勢，從而提高你們自己的價格？

This is Darryl pricing for so with respect to the specifics, pricing for the quarter was in our price volume analysis was improved over this time last year as well as volume. We believe that the higher value services that we provide to our larger customers allows us to to price at a level that reflects that value. And indeed the stickiness of our customer base is evident with the with the logo retention rate of always greater than 99%. We think that we're in a good place when it comes to voice price and especially when it comes to the value add that we are providing as AI is enabled across that installed base.

這是 Darryl 的定價，就具體情況而言，本季的定價在我們的價格分析中比去年同期有所改善，而且數量也有所增加。我們相信，我們為大客戶提供的更高價值的服務使我們能夠將價格定在反映該價值的水平。我們的客戶群的黏性確實顯而易見，標誌保留率始終高於 99%。我們認為，在語音價格方面，我們處於有利地位，尤其是在我們在整個安裝基礎上啟用人工智慧所提供的增值服務方面。

And recent pricing moves by others that you mentioned.

以及您提到的其他人最近的定價舉措。

Are opening up competitive opportunities for us as customers are evaluating options directly related to the price increases, so we're seeing that in real time.

由於客戶正在評估與價格上漲直接相關的選擇，因此我們即時看到這一點，這為我們帶來了競爭機會。

Got it, thanks.

明白了，謝謝。

Thank you. And the next question comes from Patrick Wallways with citizens.

謝謝。下一個問題來自公民帕特里克·沃爾維斯 (Patrick Wallways)。

Oh, great.

噢，太好了。

Thank you.

謝謝。

I have a couple, and congratulations on the on the results. So, hey, David, can we go back to this nice cogniy deal yesterday cause I think there's a number of wrinkles to it that make it super interesting, for you guys. So number one, they were both partners, right? But can you just Explain to us how they differ, right? So what did they do differently as as partners and why does it make sense for them to be together?

我有幾個，祝賀他們取得成果。那麼，嘿，大衛，我們可以回顧一下昨天這個不錯的認知交易嗎？因為我認為它有很多細節讓你們覺得非常有趣。那首先，他們都是合夥人，對嗎？但是你能向我們解釋一下它們有何不同嗎？那麼，作為伴侶，他們做了哪些不同的事情，為什麼他們在一起是有意義的？

Thanks, Pat.

謝謝，帕特。

Both indeed were Maestro customers. Nice was pre-integrated within the Maestro environment so that enterprise customers could easily take advantage of the NIC contact center capabilities. Cognoy, which does extraordinary AI voice features and capabilities, were also an AI bridge integration in Maestro so that enterprise customers that were using NICE in the contact center could easily add. The Cognoji voice agent capabilities to their call flows and what's really cool is that Cognoji, a phenomenal company really pioneering the voice AI agent space and NI, the contact center company that powers many seats of agents in the contact center by getting together what it shows us is both the relevance and importance of Maestro in terms of an orchestration layer, but their combination, I think, really points to the future, which is You're going to have millions and millions and millions of new users of the global phone network and system, but many of them will be PhD level intelligent, highly emotionally empathetic AI voice agents adding extraordinarily high value to different call flows in the contact center. And NI effectively I think is going to be able to add many seats, an infinite number of seats of voice AI agents to add value to their customers, and we're excited to support both, and we think the combination is fantastic.

兩人確實都是 Maestro 的客戶。Nice 已預先整合到 Maestro 環境中，以便企業客戶可以輕鬆利用 NIC 聯絡中心功能。Cognoy 具有非凡的 AI 語音特性和功能，它也是 Maestro 中的 AI 橋樑集成，以便在聯絡中心使用 NICE 的企業客戶可以輕鬆添加。Cognoji 語音代理功能可應用於他們的呼叫流，真正酷的是，Cognoji 是一家非凡的公司，真正開創了語音 AI 代理領域，而 NI 是一家聯絡中心公司，透過整合向我們展示了 Maestro在編排層方面的相關性和重要性，為聯絡中心的許多代理席位提供支持，但我認為，他們的結合真正指向了未來，即全球電話網絡和系統將擁有數以百萬計的新用戶，但其中許多人將是博士級別的智能、高度情感同理心的 AI 語音代理，為聯絡中心的不同呼叫流增加極高的價值。我認為 NI 實際上能夠增加許多席位，無限數量的語音 AI 代理席位，為他們的客戶增加價值，我們很高興能夠同時支持這兩者，我們認為這種組合非常棒。

All right, great. And so I guess the two sort of wrinkles on this are.

好的，太好了。所以我想這其中有兩種問題。

Nice paid almost a billion dollars, right, for Bay, which is going to do like $85 million exiting next year, right?

尼斯為貝支付了近 10 億美元，對吧，明年貝的退出價值將達到 8500 萬美元，對吧？

You guys are doing like 750 million so sort of at the midpoint of the range and you know traded half of that, right so.

你們的成交量大約是 7.5 億，處於該範圍的中間點，而你們的交易量只有其中的一半，對吧。

What is the disconnect here and how does band capture A more of that perceived future value.

這裡的脫節是什麼？樂團如何捕捉更多感知的未來價值？

I think there's a lot of good conversation going on about infrastructure globally in data centers right now for compute and inference related to AI. There has not been much conversation about infrastructure and software layers important for voice AI infrastructure. And once that's recognized, I think valuations may change. Right now we're excited about seeing the impact of AI voice use cases in. Our global voice revenue run rate for the year, that's been exciting to see manifest and become real. But to your good point, I think that time will tell, but global AI voice use cases require global AI voice infra, and we are pioneers and leaders in that. And our Maestro platform on top of that. Global universal platform for both regular voice conversations and AI voice conversations is something we've worked on for years and we're excited about supporting this this wave that is happening with voice agents globally.

我認為目前全球範圍內就資料中心基礎設施在人工智慧相關的計算和推理方面正在進行大量有益的討論。關於語音 AI 基礎設施的重要基礎設施和軟體層的討論並不多。一旦認識到這一點，我認為估值可能會改變。現在我們很高興看到人工智慧語音用例的影響。我們很高興看到我們今年的全球語音收入運行率得以實現。但正如您所說，我認為時間會證明一切，但全球人工智慧語音用例需要全球人工智慧語音基礎設施，而我們是這方面的先驅和領導者。以及我們在此基礎上的 Maestro 平台。我們多年來一直致力於打造一個用於常規語音對話和人工智慧語音對話的全球通用平台，我們很高興能夠支援全球語音代理的這一浪潮。

Okay, great, thank you.

好的，太好了，謝謝。

Thank you. And that concludes with the question session as well as a call.

謝謝。最後以問答環節和電話會議結束。

Thank you so much for attending today's presentation. Let me now disconnect your lives.

非常感謝您參加今天的演講。現在讓我切斷你們的生活。