Bandwidth Inc (BAND) 2025 Q3 法說會逐字稿

Good morning and welcome to the bandwidth Incorporated. Third quarter 2025 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal conference specials by pressing the star key followed by zero. After today's remarks, there'll be an opportunity to ask questions. To ask a question, you may press then one on your touchtone phone. To withdraw your question, please press star, then two. Please note this event is being recorded. I would now like to turn the conference over to Sarah Wallace, Vice President of Investor Relations. Please go ahead.

早安，歡迎來到頻寬公司。2025年第三季財報電話會議。所有參與者將處於唯讀模式。如果您需要協助，請按星號鍵，然後按數字鍵 0，即可發出會議特別通知。今天的演講結束後，將安排提問環節。若要提問，您可以按按鍵式電話上的數字 1。如需撤回您的問題，請按星號，然後按二。請注意，本次活動正在錄影。現在我將把會議交給投資者關係副總裁莎拉華萊士女士。請繼續。

Good morning and welcome to Bandwidth's third 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 in an earnings presentation with historical financial highlights and a reconciliation of GAAP to non-GAAP financial results can be found on the investor relations page at investors.bandwidth.com. 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 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 Bandwidth 2025 年第三季財報電話會議。今天與我一同出席的有我們的執行長大衛·莫肯和財務長達裡爾·雷福德。他們將首先發表準備好的講話，然後我們將開放問答環節。我們今天早些時候發布了盈利新聞稿。新聞稿中包含獲利演示文稿，以及歷史財務亮點和 GAAP 與非 GAAP 財務結果的調整表，可在 investors.bandwidth.com 的投資者關係頁面上找到。在電話會議期間，我們將發表一些與我們業務相關的、可能被視為前瞻性的聲明，包括關於我們公司的聲明。2025 年全年財務預測。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，導致實際結果與前瞻性陳述中明示或暗示的任何未來結果或績效有重大差異。本文所作的任何前瞻性陳述。本次電話會議和簡報反映了我們截至目前為止的分析，我們沒有計劃也沒有義務對其進行更新。有關可能影響我們實際業績的重大風險和其他重要因素的討論，請參閱我們最新的 10-K 文件以及向美國證券交易委員會提交的其他文件中更新的內容。那麼，接下來就交給大衛來發言吧。

Thank you, Sarah, and good morning everyone.

謝謝你，莎拉，大家早安。

Thank you for joining us.

感謝您的參與。

Bandwidth delivered another solid quarter of execution with outperformance in revenue and profitability that extended our momentum from the first half.

Bandwidth 在本季持續保持穩健的執行力，營收和獲利能力都超出預期，延續了上半年的成長動能。

We again saw accelerating growth in our core voice business driven by broad-based demand across our global voice plans and enterprise market offers as real world AI voice usage continued to grow, and we closed more million dollars dollar plus deals in the third quarter, bringing us to a record pace year-to-date as the largest global 2000 enterprises increasingly choose bandwidth.

我們的核心語音業務再次加速成長，這得益於全球語音套餐和企業市場產品的廣泛需求，以及現實世界中人工智慧語音使用量的持續成長。第三季度，我們達成了更多百萬美元以上的交易，使今年迄今為止的增速創下紀錄，因為全球最大的 2000 強企業越來越多地選擇頻寬。

To our customers, thank you for placing your trust in us for your most essential communications.

致我們的客戶：感謝您信任我們，將您最重要的通訊服務交給我們。

To our bandmates, thank you for the talent, energy, and commitment you bring to our customers' success. And I thank God for the blessings and purpose that continue to guide our work.

致我們的樂團成員們，感謝你們為客戶的成功所展現的才華、活力和奉獻精神。我感謝上帝賜給我們的祝福和使命，它們將繼續指引我們的工作。

Our third quarter performance strengthens the foundation for continued growth fueled by large customer wins, conversational AI adoption, and disciplined execution. At the same time, we're evolving our business model toward a higher mix of recurring software-driven revenue, adding intelligent automation and value-added services that customers love.

第三季業績鞏固了持續成長的基礎，這得益於贏得大客戶、採用對話式人工智慧以及嚴格的執行力。同時，我們正在調整業務模式，以增加經常性軟體驅動收入的比例，並增加客戶喜愛的智慧自動化和加值服務。

We're seeing especially strong traction in financial services and healthcare where performance and trust matter most in mission critical communications. An example of how much Bandwidth is valued is the Technology Disruptor Award we won from Ally Financial, which recognized our key role in transforming their customer experience. It was especially meaningful to be honored by Ally, which is one of the original disruptors in digital banking.

我們看到金融服務和醫療保健產業尤其取得了強勁的成長勢頭，因為在這些產業中，關鍵任務通訊的表現和信任至關重要。Bandwidth 的價值可見一斑，例如我們獲得了 Ally Financial 頒發的“技術顛覆者獎”，該獎項表彰了我們在改變其客戶體驗方面發揮的關鍵作用。能夠獲得 Ally 的認可，對我來說意義非凡，因為 Ally 是數位銀行領域的先驅者之一。

The story of this quarter is innovation, powering our growth, strengthening our customer relationships, and moving AI voice from potential to production.

本季的主題是創新，它推動了我們的成長，加強了我們與客戶的關係，並將人工智慧語音技術從潛在應用推向了實際生產。

At Reverb 25, our award-winning annual product and customer showcase, we announced the next chapter of bandwidth's AI and software strategy to make cloud communications more intelligent, more automated, and more trusted. It was part of an entire reverb week of customer roundtables, market offer deep dives, and hands-on sessions attended live by more than 100 customers and partners, along with nearly 3,000 online. Customer feedback was overwhelmingly positive as they saw how our product roadmap connected directly to their priorities and real world use cases.

在屢獲殊榮的年度產品和客戶展示會 Reverb 25 上，我們宣布了 bandwidth 人工智慧和軟體策略的下一個篇章，旨在使雲端通訊更加智慧、更加自動化、更加值得信賴。這是 Reverb 為期一周的客戶圓桌會議、市場產品深度分析和實踐課程的一部分，超過 100 位客戶和合作夥伴現場參加了這些活動，還有近 3000 人在線上參與。客戶回饋絕大多數都是正面的，因為他們看到了我們的產品路線圖如何與他們的優先事項和實際應用案例直接相關。

Last year at Reverb, we talked about the promise of AI. This year we're delivering it. Let me give you some highlights. We shared our vision to be the most open and flexible provider for enterprises to integrate conversational AI into cloud communications through four key paths.

去年在 Reverb 大會上，我們討論了人工智慧的前景。今年我們將實現這一目標。讓我來跟你介紹幾個重點。我們分享了我們的願景，成為最開放、最靈活的供應商，透過四個關鍵途徑將對話式人工智慧整合到雲端通訊中。

Native AI within CCAS platforms, pre-built partner integrations, bring your own AI with third-party apps, and public APIs like OpenAI's real-time interface.

CCAS 平台內建原生 AI、預先建置的合作夥伴整合、使用第三方應用程式自備 AI，以及 OpenAI 即時介面等公共 API。

Whatever path customers choose, our new MCP server empowers AI voice agents to control bandwidth APIs in real time using natural language, enabling actions like searching phone numbers, sending texts, or triggering other actions mid-conversation. No custom code required.

無論客戶選擇哪一條路徑，我們全新的 MCP 伺服器都能讓 AI 語音代理使用自然語言即時控制頻寬 API，從而實現諸如搜尋電話號碼、發送簡訊或在對話過程中觸發其他操作等功能。無需編寫自訂程式碼。

This open freedom of choice strategy gives customers the power to innovate on their terms and keep control over their tech stack without sacrificing optionality or scalability. It also reinforces our role as a platform partner that supports the full life cycle of customer engagement.

這種開放的自由選擇策略賦予客戶以自己的方式進行創新的能力，並讓他們能夠掌控自己的技術堆棧，而不會犧牲選擇權或可擴展性。這也鞏固了我們作為平台合作夥伴的角色，支援客戶互動的整個生命週期。

By building on Bandwidth, enterprises can move faster now and de-risk changes in the future.

透過建立基於 Bandwidth 的架構，企業現在可以更快地行動，並降低未來變革的風險。

In short, we are strongly positioned to be the provider of choice for conversational AI deployment, no matter what path our customers choose.

簡而言之，無論客戶選擇哪一條路徑，我們都具備成為對話式人工智慧部署首選供應商的強大實力。

This strategy is already translating into meaningful deployments. For example, a longtime bandwidth customer in digital commerce serving tens of millions of small business customers expanded their partnership with us for their new AI-powered voice ordering system for food venues nationwide.

這項策略已經開始轉化為實際的應用。例如，一家服務於數千萬小型企業客戶的數位商務領域的長期頻寬客戶擴大了與我們的合作，為其面向全國餐飲場所的新型人工智慧語音訂購系統提供支援。

The service answers 100% of incoming calls with natural conversational AI and is sophisticated enough to allow customers to place complex orders by phone just as they would with a staff member. This is large scale AI voice in production today made possible by our Maestro software and AI optimized edge infrastructure, enabling enterprises to integrate AI voice on their terms.

該服務使用自然對話式人工智慧接聽 100% 的來電，並且足夠先進，可以讓客戶像與員工溝通一樣透過電話下複雜的訂單。這是目前大規模人工智慧語音技術在生產環境中應用的成果，這得益於我們的 Maestro 軟體和人工智慧優化的邊緣基礎設施，使企業能夠根據自身需求整合人工智慧語音技術。

At Reverb we also did a live demo of the prototype for our AI receptionist, an automated front door for any business. It uses conversational AI to handle most calls without human intervention, answer questions in detail, and route inquiries efficiently. For small businesses sold through our resellers, it can deliver a professional, always on customer experience at scale.

在 Reverb 大會上，我們還現場展示了我們的 AI 接待員原型，這是一個適用於任何企業的自動前門。它利用對話式人工智慧技術處理大多數來電，無需人工幹預，能夠詳細回答問題，並有效率地路由查詢。對於透過我們的經銷商銷售的小型企業而言，它可以大規模地提供專業、始終在線的客戶體驗。

For large enterprises, it could serve as a modern IVR replacement, streamlining call handling and improving operational efficiency.

對於大型企業而言，它可以作為現代化的 IVR 替代方案，簡化呼叫處理流程，並提高營運效率。

AI receptionist processes calls natively within our communications cloud to ensure natural human-like conversations and protection of customer data.

AI 接待員在我們通訊雲端中原生處理來電，以確保自然流暢的類人對話和客戶資料安全。

Our team built the AI receptionist to showcase our ability to develop intelligent voice solutions that unlock new opportunities for recurring scalable software revenue over time. We also see it as a potential extension of our Maestro software platform.

我們的團隊開發了 AI 接待員，旨在展示我們開發智慧語音解決方案的能力，從而隨著時間的推移，為軟體帶來可重複、可擴展的收入，創造新的機會。我們也將其視為我們 Maestro 軟體平台的潛在擴充。

We're also applying AI to simplify our customers' back office workflows. At Reverb, we introduced our first AI agent, the bandwidth Activation agent, to automate complex number activation through a guided compliance aware chat interface designed for customers managing high volume multi-country deployments. It reduces operational workload and accelerates time to value. We'll continue expanding its capabilities to help customers operate more efficiently, reduce support tickets, and scale faster. It's another step toward embedding automation into the core of our cloud platform, improving customer experience while lowering our cost to serve.

我們也正在應用人工智慧來簡化客戶的後台工作流程。在 Reverb，我們推出了第一個 AI 代理程式——頻寬啟動代理，它透過引導式合規性聊天介面自動啟動複雜的數字，專為管理大批量跨國部署的客戶而設計。它能減少營運工作量，加快價值實現速度。我們將繼續擴展其功能，以幫助客戶更有效率地運作、減少支援工單並更快地擴展規模。這是將自動化嵌入我們雲端平台核心的又一步，既能改善客戶體驗，又能降低服務成本。

As we expand AI-driven intelligence and automation, we're also strengthening the foundation every customer interaction depends on. Trust. At Reverb, we announced an expanded trust services portfolio with new capabilities for our number reputation management solution.

隨著我們不斷擴展人工智慧驅動的智慧和自動化，我們也加強每一次客戶互動所依賴的基礎。相信。在 Reverb，我們宣布擴展信任服務組合，為我們的號碼信譽管理解決方案增加新功能。

Originally launched as an enterprise offering, we've now expanded NRM to serve our Global Voice plan's customers as well.

NRM 最初是作為企業產品推出的，現在我們已將其擴展到為我們的全球語音計劃客戶提供服務。

This reflects growing interest from the power platforms we serve across the UCAS and CCA landscape.

這反映出我們所服務的大學及學院招生中心（UCAS）和大學入學申請中心（CCA）的平台對我們的服務日益增長的興趣。

NRM addresses an urgent customer challenge to protect call answer rates in an era of spoofing and fraud. If end users don't trust who's calling, they don't answer, leading to lost revenue and missed critical calls like medical test results or service notifications.

NRM 旨在解決客戶面臨的緊迫挑戰，即在欺騙和詐欺盛行的時代保護呼叫接聽率。如果終端用戶不信任來電者，他們就不會接聽，這會導致收入損失，並錯過重要來電，例如醫療檢測結果或服務通知。

Because we own the network layer, bandwidth can embed trust directly into our cloud platform, authenticating identity, managing number reputation, and controlling how brands appear on mobile devices. The result is higher connection rates, stronger engagement, and greater platform usage as we elevate outbound phone calling as an essential and high performing channel for enterprise communication.

因為我們擁有網路層，頻寬可以將信任直接嵌入到我們的雲端平台中，從而驗證身分、管理號碼信譽，並控製品牌在行動裝置上的顯示方式。我們將外撥電話提升為企業通訊中必不可少的高效管道，從而實現了更高的連接率、更強的參與度和更大的平台使用率。

Number reputation management was the deciding factor for a leading transportation and logistics provider.

數位聲譽管理是這家領先的運輸和物流供應商的決定性因素。

They chose bandwidth to modernize their communications stack, consolidated 161 call paths to 10, and installed number reputation management to resolve spam-likely flags that were negatively impacting answer rates with carriers and distributors.

他們選擇頻寬來升級通訊堆疊，將 161 條呼叫路徑合併為 10 條，並安裝了號碼信譽管理，以解決可能造成垃圾電話標記的問題，這些問題會對營運商和分銷商的回應率產生負面影響。

Our trust services software portfolio was a key lever for this win, and we expect it to deliver a significant competitive advantage going forward.

我們的信任服務軟體組合是此次中標的關鍵因素，我們預計它將在未來帶來顯著的競爭優勢。

Finally, we advanced our vision for next generation messaging through a new RCS for business partnership with Out their Media, which we announced at Reverb 25. Based in Europe and trusted by global brands like Coca-Cola, Unilever, Disney and Netflix, Out their media chose Bandwidth. As the sole provider to launch its RCS portfolio in the United States, it's a strong validation of our platform's deliverability and scalability as we partner to launch a new wave of exciting mobile first brand experiences from some of the world's most recognized companies.

最後，我們透過與 Out their Media 建立新的 RCS for business 合作夥伴關係，推進了我們對下一代訊息傳遞的願景，我們在 Reverb 25 上宣布了這項合作。Bandwidth 是一家總部位於歐洲、深受可口可樂、聯合利華、迪士尼和 Netflix 等全球品牌信賴的媒體公司。作為唯一一家在美國推出 RCS 產品組合的供應商，這有力地驗證了我們平台的交付能力和可擴展性，我們正與一些全球最知名的公司合作，推出一系列令人興奮的行動優先品牌體驗。

Trust and scalability continue to resonate with enterprises that depend on both messaging and voice, and this quarter brought another powerful example of bandwidth as their unified platform for mission critical communications.

對於依賴訊息傳遞和語音通訊的企業而言，信任和可擴展性仍然具有重要意義。本季度，頻寬作為其關鍵任務通訊的統一平台，又一次成為強有力的例證。

A leading property management software company chose Bandwidth as their primary voice and messaging provider for a cloud contact center migration.

一家領先的物業管理軟體公司選擇 Bandwidth 作為其雲端聯絡中心遷移的主要語音和訊息服務供應商。

Using Genesys with our Bring Your Own carrier model, they ported more than 300,000 toll-free and local numbers from multiple legacy carriers and unified programmable voice and text messaging on the bandwidth platform. They also activated our built-in transcription and call recording APIs for compliance. It's a textbook bandwidth win showing how we can consolidate providers and deliver total communications transformation as a trusted partner.

他們利用 Genesys 和我們自備運營商模式，從多家傳統運營商遷移了超過 30 萬個免費和本地號碼，並在頻寬平台上統一了可編程語音和短信服務。為了符合規定，他們還啟用了我們內建的轉錄和通話錄音 API。這是一場教科書般的頻寬勝利，展現了我們如何整合供應商，並作為值得信賴的合作夥伴實現全面的溝通轉型。

While many of our reverb announcements scale over coming quarters, Global 2000 enterprises are choosing bandwidth today for reliability, flexibility, scalability, and AI voice.

雖然我們的許多混響公告將在未來幾季逐步擴大規模，但全球 2000 強企業現在選擇頻寬是為了可靠性、靈活性、可擴展性和 AI 語音。

Let me walk through a few highlights. A financial services firm responsible for nearly $2 trillion in client assets chose Bandwidth to move their legacy on-premises call center to the cloud. Their need to run both environments simultaneously during the migration is proof of our Maestro software's strength in orchestrating complex compliance-driven contact center call flows.

讓我簡要介紹幾個要點。一家管理著近 2 兆美元客戶資產的金融服務公司選擇 Bandwidth 將其傳統的本地呼叫中心遷移到雲端。他們在遷移過程中需要同時運行這兩個環境，這證明了我們的 Maestro 軟體在協調複雜的合規性驅動型聯絡中心呼叫流程方面的強大功能。

In another financial services win, a credit union serving employees of a US government Space Administration selected bandwidth for a comprehensive communications upgrade, integrating Microsoft Teams operator Connect for employee communications, and five nine with Pindrop for a new cloud contact center build.

在另一個金融服務領域的成功案例中，一個為美國政府太空管理局員工提供服務的信用合作社選擇了頻寬進行全面的通信升級，整合了 Microsoft Teams 營運商 Connect 用於員工通信，以及 FiveNine 與 Pindrop 合作構建新的雲端聯絡中心。

Our Maestro Software's ability to support the customer's chosen multi-vendor environment across UCAS, CCAS, and fraud prevention without being locked in was the key differentiator.

我們的 Maestro 軟體能夠支援客戶選擇的跨 UCAS、CCAS 和反詐騙的多供應商環境，且不會被鎖定，這是其關鍵優勢。

It's our freedom of choice strategy in action.

這是我們自由選擇策略的實踐。

In summary, this quarter combined three powerful drivers of our business disciplined execution, continuous innovation, and deep customer trust in our mission critical communications platform.

總而言之，本季我們業務的三大強大驅動力——嚴謹的執行、持續的創新以及客戶對我們關鍵任務通訊平台的深厚信任——結合在一起。

We delivered another quarter of solid growth and profitability.

我們又實現了一個季度的穩健成長和獲利。

We showcased at Reverb how bandwidth is shaping the future of trusted intelligent communications enabled by AI, and we expanded customer adoption with more multi-solution deployments and a record number of million dollar wins.

我們在 Reverb 大會上展示了頻寬如何塑造人工智慧賦能的可信智慧通訊的未來，並透過更多多解決方案部署和創紀錄的百萬美元訂單擴大了客戶的採用率。

These are all clear demonstrations of solid momentum and durable growth powered by a trusted platform our customers rely upon and a team committed to delivering long-term value.

這些都是對公司穩健發展動能和持久成長的清晰體現，這得益於我們值得信賴的平台（客戶信賴的平台）和致力於創造長期價值的團隊。

Across AI voice, trust, and messaging. Our focus is the same. To evolve bandwidth toward a higher mix of software-driven revenue that broadens market differentiation and deepens customer loyalty while expanding margin performance.

涵蓋人工智慧語音、信任和訊息傳遞。我們的關注點是一致的。將頻寬發展向軟體驅動型營收佔比更高的方向轉變，進而擴大市場差異化，加深客戶忠誠度，同時提高利潤率。

We're building toward a future where every enterprise interaction is more than a transaction. It's a conversation that is trusted, intelligent, secure, and AI optimized.

我們正在建立一個未來，在這個未來中，每一次企業互動都不僅僅是一筆交易。這是一場值得信賴、聰明、安全且經過人工智慧優化的對話。

Now, I'll turn it over to Daryl to detail our financial results.

現在，我將把發言權交給達裡爾，讓他詳細介紹我們的財務表現。

Thank you, David, and good morning, everyone. Building on our solid performance in the first half of the year, bandwidth delivered another good quarter, highlighted by further accelerating momentum and voice. Profitability remains central to our strategy, and this quarter's results reflect that discipline with both revenue and adjusted EBITDA exceeding the high end of our guidance ranges. Let me now walk you through our third quarter, 2025 results.

謝謝你，大衛，大家早安。繼上半年穩健的表現之後，頻寬業務又迎來了一個良好的季度，其中語音業務的成長勢頭進一步加快。獲利能力仍然是我們策略的核心，本季的業績也反映了這一原則，收入和調整後的 EBITDA 均超過了我們預期範圍的上限。現在讓我帶您了解我們 2025 年第三季的業績。

Total revenue of $192 million increased 11% year over year normalized for third quarter 2024 cyclical political campaign revenue. Included within that result, cloud communications revenue reached $142 million. An 8% year over year increase on a normalized basis. Non-GAAP gross margin remains strong at 58%. We are really pleased with that result, as we had expected and did experience third quarter cross currents, namely the tougher comparison to last year's quarter, given the absent benefit of political campaign messaging completely overcome by the growing contribution from software and services revenue.

總營收為 1.92 億美元，年增 11%（已根據 2024 年第三季週期性政治競選收入進行調整）。其中，雲端通訊收入達到 1.42 億美元。以正常水準計算，年增 8%。非GAAP毛利率依然強勁，達58%。我們對這個結果非常滿意，正如我們所預期的，第三季度確實出現了各種不利因素，即與去年同期相比更加艱難，因為政治競選訊息的影響完全被軟體和服務收入的成長所抵消。

That growing contribution is accelerating and has long-term staying power positioning us for continuing margin expansion over the next year. Adjusted EBITDA was $24 million. Exceeding our expectations due to a combination of higher revenue and lower spending from timing of cloud expansion operating expenses, we generated $13 million of free cash flow in the quarter modestly below last year, driven by normal timing of working capital and capital investments for cloud expansion.

這一成長勢頭正在加速，並具有長期持續性，使我們能夠在未來一年內繼續擴大利潤率。調整後 EBITDA 為 2,400 萬美元。由於收入增加和雲端擴展營運費用的合理安排導致支出減少，超出了我們的預期，本季我們產生了 1,300 萬美元的自由現金流，略低於去年同期，這主要得益於營運資本和雲端擴展資本投資的正常時間表。

Our trailing 12 month free cash flow grew 35% year over year, underscoring the durability of our cash generation. Focusing on our three market offers, enterprise voice revenue increased 22% year over year, reflecting strong adoption among existing customers expanding through Maestro software integrations and AI Voice initiatives, along with contributions from new customers ramping on our Bandwidth cloud. Global Voice plans, our largest customer category, grew revenue 7% year over year, more than doubling the growth rate from last year. It's worth noting that the combined voice growth of our enterprise voice and global voice plans was 9% year over year.

過去 12 個月的自由現金流年增 35%，凸顯了我們現金流的持續性。以我們的三大市場產品為例，企業語音收入年增 22%，這反映出現有客戶透過 Maestro 軟體整合和 AI 語音計畫的強勁採用，以及新客戶在我們 Bandwidth 雲端平台上的貢獻。全球語音套餐是我們最大的客戶類別，其營收年增 7%，比去年的成長率翻了一番還多。值得注意的是，我們的企業語音和全球語音計畫的語音業務總成長率年增了 9%。

And acceleration from last year driven in part by expanding software revenue.

去年增速加快的部分原因是軟體收入的成長。

Programmable messaging achieved a normalized 6% year over year growth in line with our expectations. Moving to operating metrics, net retention rate for the third quarter was 105% and 107% when excluding the benefit from political campaign revenue in 2024.

可程式訊息傳遞業務實現了6%的年成長，符合我們的預期。從營運指標來看，第三季的淨留存率為 105%，若排除 2024 年政治競選收入帶來的好處，則淨留存率為 107%。

Customer name retention remained well above 99%.

客戶姓名保留率維持在 99% 以上。

Average annual revenue per customer set another record at $231,000 or $224,000 when excluding political campaign revenue in the 12 month period. Over the last three years, average annual revenue per customer has grown 46%. Reflecting on the quarter performance, both our operating and financial results again demonstrate the strength, resilience, and long-term value of our business model.

過去 12 個月，每位客戶的平均年收入再創紀錄，達到 231,000 美元；如果排除政治競選收入，則為 224,000 美元。過去三年，每位客戶的平均年度收入成長了 46%。回顧本季業績，我們的營運和財務結果再次證明了我們商業模式的實力、韌性和長期價值。

AI is not a standalone product for bandwidth. It's integrated throughout our cloud and embedded in the services our customers use every day.

人工智慧並非頻寬的獨立產品。它已整合到我們的整個雲端平台中，並嵌入到我們的客戶每天使用的服務中。

You see its influence in our revenue growth, our gross margin expansion, and in the continued durability of our cash generation.

您可以從我們的收入成長、毛利率擴張以及現金流的持續穩定中看到它的影響。

AI is everywhere and is a central theme in every customer discussion. We are creating a synergistic effect. At times we are leading our customers to AI with our advanced offerings, and at other times we are supporting our customers as they rapidly deploy their AI initiatives. We believe this is just the beginning of how AI is accelerating innovation and creating new sources of value.

人工智慧無所不在，並且是每次與客戶討論的核心主題。我們正在創造協同效應。有時我們透過先進的產品引領客戶邁向人工智慧時代，有時我們則支援客戶快速部署人工智慧計畫。我們相信這只是人工智慧加速創新和創造新價值來源的開端。

Value that we believe will continue to set us apart in 2026 and beyond. Looking ahead to the remainder of 2025.

我們相信，這些價值將在2026年及以後繼續使我們脫穎而出。展望2025年剩餘時間。

For full year revenue guidance, we are tightening the range with the midpoint yielding 10% organic revenue growth year over year.

對於全年營收預期，我們將範圍收窄，其中點值將實現年增 10% 的有機營收成長。

This is due to moderated expectations for messaging surcharge growth and increased expectations for voice growth.

這是由於人們對簡訊附加費成長的預期有所降低，而對語音通話成長的預期有所提高。

As a result, we've increased our full year cloud communications revenue growth to 8% organically year by year.

因此，我們的全年雲端通訊收入年增了 8%。

And for the third time this year we are raising our full year adjusted EBITDA outlook, now reaching $91 million at the midpoint, reflecting our third quarter overperformance and strong execution and financial discipline. We now expect the updated EBITDA outlook of $91 million to represent about $1.30 non-GAAP earnings per share. In closing, we believe the growing momentum in voice AI. Our increasing software revenue, strong customer focus, and our sharp business execution position us for a solid fourth quarter and start to the new year. Looking ahead to 2026, we anticipate continued momentum within our Global Voice plans and Enterprise Voice customers, as well as another robust political campaign messaging season to drive us toward our 2026 medium term financial targets.

今年我們第三次上調全年調整後 EBITDA 預期，目前中位數為 9,100 萬美元，這反映了我們第三季業績超預期、執行力強以及財務紀律嚴明。我們現在預計更新後的 EBITDA 預期為 9,100 萬美元，相當於每股非 GAAP 收益約 1.30 美元。最後，我們相信語音人工智慧的發展勢頭強勁。我們不斷成長的軟體收入、對客戶的重視以及我們高效的業務執行力，使我們有信心在第四季度取得穩健的業績，並為新的一年開個好頭。展望 2026 年，我們預計全球語音計畫和企業語音客戶將繼續保持成長勢頭，同時，另一個強勁的政治競選宣傳季將推動我們實現 2026 年中期財務目標。

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

接下來，我將把電話交給接線員，進行今天電話會議的問答環節。

Thank you. We will now begin the question-and-answer session. To ask a question, you may press then one on your touchstone phone. If you're using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star, then two. At this time, we'll pause momentarily to assemble our roster.

謝謝。現在開始問答環節。若要提問，您可以按 Touchstone 電話上的 1 鍵。如果您正在使用免持通話，請在按鍵前拿起聽筒。如需撤回您的問題，請按星號，然後按二。此時，我們將稍作停頓，整理一下我們的人員名單。

And our first question comes from Patrick Wallravens from Citizens. Please go ahead.

我們的第一個問題來自 Citizens 的 Patrick Wallravens。請繼續。

Oh great thank you very much and congratulations to you guys David, for you first, can you maybe drill down a little more on what your overall com conversations are like and what you're seeing how you characterize sort of overall demand, and then I think, I thought the property management example was particularly.

哦，太好了，非常感謝，也祝賀你們。 David，首先，你能再深入探討一下你們的整體溝通狀況，以及你如何描述整體需求嗎？然後，我認為物業管理的例子尤其如此。

Interesting, and then, on the financial side.

很有意思，接下來我們再來看看財務方面的狀況。

Maybe if you guys could remind us what those 2026 medium term targets actually are, so what it means when you say that you're driving towards them.

或許你們可以提醒我們一下，你們的 2026 年中期目標究竟是什麼，以及你們說的「朝著這些目標努力」到底意味著什麼。

Thanks, Pat, and I'll answer the first part of your question and then hand it over to Darrell. I'd characterize broadly the conversations that we're having with customers consistent with signing a record number of million dollars dollar plus revenue customers again this period for the second time this year. That that reflects broad-based demand. Voice is growing in a way that's really healthy and exciting, and every conversation is reflecting the AI moment that we're all in.

謝謝帕特，我會先回答你問題的第一部分，然後把它交給達雷爾。總的來說，我們與客戶的對話內容一致，即今年第二次在本季再次簽下創紀錄數量的年收入超過百萬美元的客戶。這反映了廣泛的市場需求。語音技術正以一種非常健康且令人興奮的方式發展，每一次對話都反映了我們所有人所處的人工智慧時代。

Maestro is a fundamental component of the example that you cited regarding the property management software company, and I think that one illustrates a consistent dialogue we're having with enterprises who are moving to the cloud. They have multiple vendors that they're either consolidating or trying to orchestrate, and the combination of Maestro and the network that we own and operate is really resonating. And again that's reflected by a record number of large enterprise deals and then the average customer spend continuing to grow at record pace. But let me turn it over to Darryl for the second part of your question.

Maestro 是您提到的物業管理軟體公司範例中的一個基本組成部分，我認為這說明了我們正在與正在向雲端遷移的企業進行持續對話。他們有多家供應商，他們要么正在整合這些供應商，要么正在努力協調這些供應商，而 Maestro 與我們擁有和運營的網路相結合，真的產生了共鳴。這一點再次體現在創紀錄的大型企業交易數量上，以及平均客戶支出持續以創紀錄的速度成長。但關於您問題的第二部分，我還是把這個問題交給達裡爾來回答。

Good morning, Pat. It's nice to say hello. Back at the first part of 23 in our investor day, we set out our vision for the company over four years to drive us through the end of 2026, and we titled those are medium Term Targets.

早上好，帕特。打個招呼真好。回到我們投資者日的前半部分（23），我們提出了公司未來四年的願景，以推動公司發展到 2026 年底，我們將這些願景稱為中期目標。

We're driving forward and we believe that we're very much on track to achieve above market revenue.

我們正在全力推進，並且相信我們完全有信心實現高於市場平均的營收。

Growth.

生長。

60% in greater gross margins, 20% in greater Ibadan margin, and 15% in greater free cash flow margin.

毛利率提高 60%，伊巴丹利潤率提高 20%，自由現金流利潤率提高 15%。

Yeah, okay, so just as a.

好的，所以就當是…

Reminder for everyone, so daryl, I, you got 15% to 20% 2023, 2026, that implies a range of 729 to 827 in 2026, 729 at the low end. I've always thought that was probably too much of a stretch, so we just where you really think you can get to the low end of that 15 to.

提醒大家一下，達裡爾，你2023年和2026年的收益率是15%到20%，這意味著2026年的價格區間是729到827，最低價是729。我一直覺得這可能有點誇張，所以我們只是想知道你認為你能達到15到15的下限是多少。

20% gigger.

20% gigger。

We're, we are fo we are continuing to focus on, we've got it to 753 at the midpoint this year in terms of total revenue, and we're very much focused on above market revenue growth.

我們，我們將繼續專注於，今年年中總收入已達到 753，我們非常注重高於市場平均的收入成長。

Okay.

好的。

Thank you.

謝謝。

The next question comes from Joshua Riley from Needham. Please go ahead.

下一個問題來自尼德姆的約書亞·萊利。請繼續。

All right, great, thanks for taking my questions. Maybe just starting off, I know you had some strong customer additions in the first half of 25. Curious how those have been ramping into revenue and going live now and then you mentioned some, strong customer additions here in Q3, million dollar plus customers. Can you just speak to Bradley like how long is the period. Transitioning from when you get the customer win to when you're actually getting them live and how much is that compressing because of maybe internal, processes that you continue to improve.

好的，太好了，謝謝你們回答我的問題。也許你們才剛起步，我知道你們在 2025 年上半年新增了一些強大的客戶。很好奇這些專案是如何逐步轉換為收入並投入營運的，你也提到第三季新增了一些強勁的客戶，包括一些價值百萬美元以上的客戶。你能直接跟布拉德利說說這段時間有多長嗎？從贏得客戶到真正讓客戶上線，這個流程會因為內部流程的不斷改進而壓縮多少？

Thank you.

謝謝。

You bet.

當然。

Deal cycles from initiation to close have been consistent, although the channel opportunities that we've enjoyed have compressed that deal cycle significantly in an exciting way. But as customers come on board, they have continued to ramp as we've projected based upon the systems that we have in place, the. Now that we have in place, the policies and practices that bring them aboard and allow them to move mission critical phone numbers and sites and services in a way that preserves continuity. So there's always a concern about making sure that services are uninterrupted, but we're very good at working with enterprises. And have an extraordinarily high level of customer support that allows them to onboard elegantly and to scale in a way that we're really familiar with projecting. And so the large number of significantly larger annual operating revenue deals or annual recurring revenue deals that we signed at the beginning of this year continue to contribute to the success and the solid results in this period and will continue to do so into next year.

從啟動到完成的交易週期一直都很穩定，儘管我們所獲得的通路機會以一種令人興奮的方式大大縮短了交易週期。但隨著客戶的加入，他們的規模也按照我們根據現有系統所預測的持續成長。現在我們已經制定了相關政策和措施，使他們能夠加入進來，並允許他們以保持業務連續性的方式遷移關鍵任務電話號碼、站點和服務。因此，確保服務不會中斷始終是一個需要關注的問題，但我們非常擅長與企業合作。而且擁有極高的客戶支援水平，使他們能夠優雅地融入團隊，並以我們非常熟悉的方式擴展。因此，我們在今年年初簽署的大量年度營業收入協議或年度經常性收入協議，將繼續為我們在這段期間的成功和穩健的業績做出貢獻，並將繼續為明年做出貢獻。

Got it. And then you highlighted a number of new products at the September customer event. Obviously those tend to have a higher gross margin because they're more so like software like margin structure. Curious how these have been layering into new deals for Enterprise Voice.

知道了。然後，你們在九月的客戶活動上重點介紹了多款新產品。顯然，這些產品的毛利率往往更高，因為它們的利潤結構更接近軟體產品。很好奇這些因素是如何融入企業語音的新交易中的。

This year versus a year ago and then how much are those also kind of bleeding into the Global Voice plan deals as well. Maybe give us a sense of, how much is getting bought by Enterprise Voice on the software side versus Global Voice. Thanks.

今年與去年相比，這些變化又在多大程度上影響了全球語音套餐的交易呢？或許可以讓我們了解一下，企業語音在軟體方面的採購量與全球語音相比如何。謝謝。

Guys.

夥計們。

You bet. Let me ask John Bell, our Chief Product Officer, to answer that.

當然。我請我們的首席產品長約翰貝爾來回答這個問題。

One. Yeah, so we're.

一。是的，我們是。

Starting our launches with these products for enterprise customers, but they are immediately interesting to our GDP customers as well. So we build them initially for that target market but through fast follows with releases to the GDP customers. The topics are very interesting both to the enterprises and since our GDP customers are serving the same enterprises, they're naturally are naturally adopted there as well.

我們首先向企業客戶推出這些產品，但它們也立即引起了我們GDP客戶的興趣。因此，我們最初是為目標市場建立這些產品，但隨後會快速跟進，向GDP客戶發布產品。這些主題對企業來說都非常有趣，而且由於我們的 GDP 客戶也服務於相同的企業，因此這些主題自然也會被企業所採用。

Got it thank you.

明白了，謝謝。

And the next question comes from James Fish from Piper Sandler. Please go ahead.

下一個問題來自 Piper Sandler 公司的 James Fish。請繼續。

Hey guys, I'm on the digital commerce when I found that one interesting. Are you seeing customers like this more and more in terms of deploying a DIY strategy or are you integrating more and more with some of these conversational AI tools that is leading wins like this?

大家好，我在研究數位商務的時候發現了這個，我覺得很有趣。您是否發現越來越多的客戶傾向於採用自助式策略，還是越來越多地與一些能夠帶來此類成功的對話式人工智慧工具進行整合？

So.

所以。

It's it's a great example of a very large at scale e-commerce point of sale related customer allowing small business to take advantage of AI at a very local DIYY level to enable food ordering and. And we are seeing as one of the primary use cases for voice AI scheduling, calendaring, ordering, and fulfilling at the very front lines of small and medium business nationwide. So yes, I think James, you're accurate in saying this looks like or sounds like a real reference implementation for a growing trend. And so we're, we are seeing conversations like this more frequently.

這是一個非常大規模的電子商務銷售點相關客戶的例子，它允許小型企業在非常本地化的 DIY 層面上利用人工智慧來實現食品訂購等功能。我們看到，語音 AI 的主要應用場景之一是用於全國中小企業的日程安排、日曆管理、訂購和訂單履行。所以，是的，我認為 James，你說得對，這看起來或聽起來像是正在興起的一種趨勢的真正參考實現。因此，我們看到類似的對話越來越頻繁。

Right, my question though on that is it more the DIY approach or are you integrating with some of the other conversational players out there to help enable this?

好的，不過我的問題是，這方面是更傾向於自行開發，還是會與其他一些對話式播放器整合以實現這一目標？

So this is John good.

這就是約翰·古德。

Good to talk to you again. It really is both and so our approach is really been focusing more on the standards-based approach so we can help with more and more of those integrations whether they are DIY or really reusing some of the do it-yourself into turning them into pre-built. That's really the pivot we've taken recently so we can support both because we do see a strong mix of different approaches customers are taking.

很高興能再次和你聊天。兩者確實兼具，因此我們的方法確實更加重視基於標準的方法，以便我們能夠幫助進行越來越多的集成，無論是 DIY 集成還是將一些 DIY 集成轉化為預構建集成。這正是我們最近採取的策略轉變，以便能夠同時支援這兩種方式，因為我們確實看到客戶正在採取多種不同的方法。

Okay, and then Darryl for you, gross margin did come in a little lower than we all had models. Can you just talk us through what you're seeing across the segments, gross margin, particularly on the messaging side, given there was some lower password surcharges as you pointed out, and how should we think about the international versus domestic mix this quarter.

好的，Darryl，你的毛利率確實比我們所有人的預期都要低一些。您能否為我們詳細介紹一下您在各個業務板塊、毛利率方面觀察到的情況，特別是考慮到您指出的密碼附加費有所降低，以及我們應該如何看待本季度國際業務與國內業務的組合？

We had gross margin had some cross currents moving through it in the 3rd quarter and we were able to hold it at a 58% rate, which we're very happy about. The, on the headwind cross current, we had lower messaging primarily because of the missing political messaging last year. And that messaging is that that contribution and gross margin is at a higher is at a higher amount than our aggregate company gross margin, and we were able to offset that completely and overcome it with our growing with our growing software revenue contribution. And in fact we're really pleased with the way that developing from a relatively recent start. We expect to end 2025 with an an annualized MRR exit rate on software greater than $10 million and that's going to substantially be built upon in 2026. So we're excited about that. We really think that that's going to continue to propel the company along with our other pillars of software of, excuse me, of gross margin improvements that will take us into the 60% and above in terms of international. International grew very nicely. It at 11% year over year and international is nearly all voice, and that was at the exact same rate as the overall company's third quarter organic growth rate of 11%. So very good in terms of that mix.

第三季我們的毛利率受到了一些交叉因素的影響，但我們最終將其維持在 58% 的水平，對此我們非常滿意。在逆風橫流的情況下，我們的訊息傳遞量較低，主要是因為去年缺乏政治訊息傳遞。而傳遞的訊息是，該貢獻和毛利率高於我們公司的整體毛利率，但我們能夠完全抵消並克服這一點，這得益於我們不斷增長的軟體收入貢獻。事實上，我們對公司從相對較短的起步階段發展至今的現狀感到非常滿意。我們預計到 2025 年底，軟體的年化 MRR 退出率將超過 1,000 萬美元，而這一數字將在 2026 年大幅成長。我們對此感到很興奮。我們真心認為，這將與我們軟體的其他支柱業務一起，繼續推動公司發展，抱歉，還將提高毛利率，使我們的國際毛利率達到 60% 甚至更高。國際業務發展非常順利。年比成長 11%，國際業務幾乎全部是語音業務，這與公司第三季整體有機成長率 11% 完全一致。所以就這種組合而言，非常好。

Thanks guys.

謝謝各位。

Again, if you have a question, please press star, then one. Our next question comes from Will Power from Baird. Please go ahead.

再次提醒，如果您有任何疑問，請按星號，然後按數字 1。我們的下一個問題來自 Baird 公司的 Will Power。請繼續。

Okay great thanks I guess maybe first question for either for Darryll or or David who wants to take it but just on the on the 2025 revenue guidance I think you suggested you were, narrowing the range a bit or look like raising the low end a bit and I think you cited, stronger voice trends so I guess a be great just to get, any further color on the, upside and your voice calling plans versus enterprise voice or or maybe both. And then I, and then maybe just any other color on what's happening on the messaging side, it sounds like a little somewhat weaker outlook there. Thanks.

好的，非常感謝。我想第一個問題可以問Darryll或David，誰願意回答？關於2025年的營收預期，我記得你們說過你們會稍微縮小預期範圍，或者說會稍微提高預期下限。您也提到了語音業務的強勁成長趨勢，所以我想進一步了解語音通話套餐與企業語音通話套餐相比的優勢，或者兩者都有。然後，就我而言，或許就訊息傳遞方面發生的情況而言，任何其他因素都表明，這方面的觀點似乎有點弱。謝謝。

Okay, yes, so glad that you asked me to clarify that. We are, we tightened our range on the lower end with respect to revenue. Our midpoint is just with the decimals slightly above $753 million. Within that is two elements in cloud communications we've raised that. We've raised that guidance, the implied guidance that builds into the 753.

好的，很高興你讓我澄清這一點。是的，我們收緊了收入較低端的範圍。我們的中點略高於 7.53 億美元（小數部分略高）。其中包含了我們在雲端通訊中提出的兩個要素。我們已經提高了指導意見，即 753 中隱含的指導意見。

On the strength of voice.

憑藉聲音的力量。

And we've held and within cloud communications we've held messaging as we had fully expect already in line with what we had guided previously. The other component surcharges, we've lowered that modestly, just based in terms of the carrier pricing environment, carrier mix, and the type of messaging mix as we're entering in a very large fourth quarter messaging seasonality with Black Friday, Cyber Monday. We have good line of sight to our customers' demand, and we see surcharges coming in a little lower. That lower surcharges, as doesn't contribute anything to gross margin or EBITDA.

而且，在雲端通訊方面，我們一直保持著訊息傳遞的穩定，這完全符合我們先前的預期。其他組件附加費，我們已根據運營商定價環境、運營商組合以及信息組合類型進行了適度降低，因為我們即將進入第四季度信息銷售旺季，包括黑色星期五和網絡星期一。我們能夠很好地了解客戶的需求，並且我們看到附加費略有下降。較低的附加費對毛利率或 EBITDA 沒有貢獻。

And so we are very enthused when it comes to being able to raise our cloud communications.

因此，我們對提升雲端通訊能力感到非常興奮。

Okay, and then I, my second question again if we want to say David or or maybe John, but this number of reputation management, products really seems like a nice opportunity and good market fit. I mean, I just given what a lot of us as consumers kind of see on a regular basis. So maybe just talk about, the trends you're seeing there and kind of how you view that opportunity, how meaningful could that, product condition be.

好的，那麼我的第二個問題是，如果我們想說大衛或約翰，但這些聲譽管理產品的數量看起來確實是一個很好的機會，並且與市場非常契合。我的意思是，我只是把我們很多消費者常看到的情況都說了出來。所以，或許可以談談你看到的趨勢，以及你如何看待這個機會，產品狀況可能有多重要。

Yeah, great question. It's the trends you see as a consumer, our customers see and it hurts their business. They are trying to, businesses are trying to reach consumers and the consumers won't pick up the phone. So it's a very basic value proposition and it is something that we, with our own and operated network can attack head on and there's immediate value in there. And so as you did here, we were it's driving customer wins now we launched it with our.

嗯，問得好。消費者看到的趨勢，我們的客戶看到的趨勢，都會損害他們的業務。企業正在努力聯繫消費者，但消費者卻不接電話。所以這是一個非常基本的價值主張，我們可以利用自己所經營的網路正面應對，並從中獲得直接價值。所以就像你在這裡所做的那樣，它正在推動客戶贏得現在我們推出了它。

Direct to enterprise customers, this week we, launched into wholesale customers as well to address their unique needs and so we do see global opportunity for that product.

除了直接面向企業客戶外，本週我們也開始向批發客戶推出產品，以滿足他們獨特的需求，因此我們看到了該產品的全球市場機會。

Okay, thank you.

好的，謝謝。

This concludes our question-and-answer session. The conference has now concluded.

我們的問答環節到此結束。會議已經結束。

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

感謝各位參加今天的報告會。您現在可以斷開連線了。