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. (Operator Instructions). After today's remarks, there'll be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Sarah Walas, Vice President of Investor Relations. Please go ahead.

早安，歡迎參加 Bandwidth Incorporated 2025 年第三季財報電話會議。所有與會者將以僅收聽模式參與。(接線員指示)。在今天的致詞之後，將有提問時間。請注意，本活動將被錄音。現在我想把會議交給投資人關係副總裁 Sarah Walas。請開始。

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.

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 David Morken，以及財務長 Daryl Raiford。他們將先進行準備好的致詞，之後我們會開放問答。我們的財報新聞稿已於今日稍早發布。新聞稿以及包含歷史財務重點與 GAAP 與非 GAAP 財務結果調節表的財報簡報，可於 investors.bandwidth.com 的投資人關係頁面查閱。

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.

在本次電話會議中，我們將就本公司業務發表若干可能被視為前瞻性之陳述，包括關於 2025 全年財務指引的陳述。我們提醒您不要過度依賴這些前瞻性陳述，因其可能涉及風險與不確定性，致使實際結果與前瞻性陳述所明示或暗示的任何未來結果或成果出現重大差異。

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.

本次電話會議及簡報投影片中的任何前瞻性陳述，均反映我們截至今日的分析；我們無計畫亦無義務更新之。關於可能影響我們實際結果之重大風險及其他重要因素的討論，請參閱我們最新的 10-K 申報文件，並以其他 SEC 申報文件之更新內容為準。

With that, let me turn the discussion over to David.

接下來，讓我把討論交給 David。

Thank you, Sarah, and good morning, everyone. Thank you for joining us.

謝謝你，Sarah，各位早安。感謝各位加入我們。

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

Bandwidth 本季再次展現穩健的執行力，營收與獲利表現優於預期，延續上半年累積的動能。我們也再次看到核心語音業務成長加速，動能來自 Global Voice Plans 與企業市場方案的廣泛需求，且真實世界的 AI 語音使用持續成長。此外，我們在第三季完成了更多百萬美元以上的大型交易，使我們年初至今的成交節奏創下新高，顯示越來越多全球 2000 大企業選擇 Bandwidth。

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

致我們的客戶：感謝您將最關鍵的通訊需求託付給我們。致我們的 Bandmates：感謝你們以才華、活力與承諾，成就客戶的成功。我也感謝上帝持續賜予的祝福與使命，引領我們的工作。

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.

我們第三季的表現強化了持續成長的基礎，成長動能來自大型客戶勝出、對話式 AI 的採用，以及嚴謹的執行。同時，我們也正將商業模式朝向更高比例的經常性、軟體驅動營收演進，加入智慧自動化與客戶喜愛的加值服務。

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.

我們在金融服務與醫療保健領域看到特別強勁的進展，因為在攸關任務的關鍵通訊中，效能與信任最為重要。Bandwidth 受到高度重視的一個例子，是我們獲得 Ally Financial 頒發的 Technology Disruptor Award，表彰我們在轉型其客戶體驗中扮演的關鍵角色。能獲 Ally 表揚尤其意義重大，因為 Ally 是數位銀行領域最早的顛覆者之一。

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

本季的主軸是創新——推動我們的成長、強化客戶關係，並讓 AI 語音從潛力走向實際上線。

At Reverb25, 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 Reverb25——我們屢獲獎項的年度產品與客戶展示活動——我們宣布 Bandwidth AI 與軟體策略的下一篇章，讓雲端通訊更智慧、更自動化、也更值得信賴。這也是整個 Reverb Week 的一部分，包含客戶圓桌會議、市場方案深度解析與實作體驗課程；現場有超過 100 位客戶與合作夥伴參與，線上則近 3,000 人。客戶回饋極為正面，因為他們看到我們的產品藍圖如何直接連結到其優先事項與真實世界的使用情境。

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: Native AI within CCaaS platforms; pre-built partner integrations; Bring Your Own AI with third-party apps; and public APIs like OpenAI's Realtime interface.

去年在 Reverb，我們談的是 AI 的承諾。今年，我們正在交付成果。我來分享幾個重點。我們分享了願景：成為最開放、最具彈性的供應商，讓企業可透過四條關鍵路徑，將對話式 AI 整合進雲端通訊：在 CCaaS 平台內建原生 AI；預先建置的合作夥伴整合；透過第三方應用的自帶 AI（Bring Your Own AI）；以及如 OpenAI Realtime 介面等公開 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，我們新的 MCP 伺服器都能讓 AI 語音代理以自然語言即時控制 Bandwidth API，支援在對話中途執行如搜尋電話號碼、發送簡訊或觸發其他動作等操作——無需撰寫客製程式碼。

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. By building on Bandwidth, enterprises can move faster now and de-risk changes in the future. In short, we are strongly positioned to be the provider of choice for conversational AI deployment, no matter what path our customers choose.

這項開放、自由選擇的策略，讓客戶能以自己的方式創新，並在不犧牲選擇彈性或可擴展性的前提下，持續掌控其技術堆疊。同時也強化我們作為平台合作夥伴的角色，支援客戶互動的完整生命週期。建立在 Bandwidth 之上，企業能更快推進當下的計畫，並降低未來變更的風險。簡言之，無論客戶選擇哪條路徑，我們都具備強勢定位，成為對話式 AI 部署的首選供應商。

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.

這項策略已開始轉化為具意義的部署成果。例如，一家長期合作的數位商務客戶，服務數千萬家小型企業客戶，近期擴大與我們的合作，為其全國各地餐飲場域的新 AI 驅動語音點餐系統採用我們的服務。

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.

該服務以自然、對話式 AI 接聽 100% 的來電，且成熟到足以讓客戶透過電話下達複雜訂單，就如同與店員互動一般。這是今日已在實際環境大規模上線的 AI 語音應用；其得以實現，仰賴我們的 Maestro 軟體與 AI 最佳化的邊緣基礎設施，讓企業能以自己的方式整合 AI 語音。

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

在 Reverb，我們也現場展示了 AI Receptionist（AI 接待員）的原型，作為任何企業的自動化前台入口。它運用對話式 AI 在無需人工介入的情況下處理多數來電、詳細回答問題，並有效率地分流與轉接詢問。對於透過我們經銷商銷售的小型企業而言，它能以規模化方式提供專業、全天候的客戶體驗。對大型企業而言，它可作為現代化 IVR 的替代方案，簡化來電處理並提升營運效率。

AI Receptionist processes calls natively within our Communications Cloud to ensure natural, human-like conversations and protection of customer data. 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.

AI Receptionist 在我們的 Communications Cloud 內原生處理通話，以確保自然、近似真人的對話體驗，並保護客戶資料。我們團隊打造 AI Receptionist，旨在展示我們開發智慧語音解決方案的能力，並隨時間推進，開啟新的經常性、可擴展的軟體營收機會。我們也將其視為 Maestro 軟體平台的潛在延伸。

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.

我們也正將 AI 應用於簡化客戶的後台工作流程。在 Reverb，我們推出第一個 AI 代理——Bandwidth Activation Agent（Bandwidth 啟用代理）——透過引導式、具合規意識的聊天介面，自動化複雜的號碼啟用流程。它專為管理高量、多國部署的客戶設計，可降低營運負擔並加速價值實現時間。

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.

我們將持續擴充其能力，協助客戶更有效率地營運、減少支援工單，並更快擴張規模。這也是我們朝向在雲端平台核心嵌入自動化的又一步，在改善客戶體驗的同時，降低我們的服務成本。

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. Originally launched as an Enterprise offering, we've now expanded NRM to serve our Global Voice Plans customers as well. This reflects growing interest from the power platforms we serve across the UCaaS and CCaaS landscape.

在擴展 AI 驅動的智慧與自動化之際，我們也在強化每一次客戶互動所仰賴的基礎：信任。在 Reverb，我們宣布擴大 Trust Services（信任服務）產品組合，為我們的 Number Reputation Management（NRM，號碼聲譽管理）解決方案新增功能。NRM 原本以企業方案推出，如今我們也將其擴展至 Global Voice Plans 客戶。這反映出我們在 UCaaS 與 CCaaS 生態中所服務的各大平台，對此的興趣日益提升。

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 解決了在詐騙來電偽冒與欺詐盛行的時代中，客戶亟需保護來電接聽率的挑戰。如果終端使用者不信任來電者身分，就不會接聽，導致營收流失並錯過關鍵來電，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.

由於我們擁有網路層，Bandwidth 能將信任直接嵌入我們的雲端平台，進行身分驗證、管理號碼聲譽，並控制品牌在行動裝置上的呈現方式。其結果是更高的接通率、更強的互動，以及更高的平台使用率，因為我們將外撥電話通話提升為企業通訊中不可或缺且高效能的通路。

Number Reputation Management was the deciding factor for a leading transportation and logistics provider. 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. Our Trust Services software portfolio was a key lever for this win, and we expect it to deliver a significant competitive advantage going forward.

號碼聲譽管理是某家領先運輸與物流供應商做出決策的關鍵因素。他們選擇 Bandwidth 以現代化其通訊技術堆疊，將 161 條通話路徑整併為 10 條，並導入號碼聲譽管理，以解決「疑似垃圾來電」標記對其在電信業者與經銷商端接聽率造成的負面影響。我們的 Trust Services 軟體產品組合是促成此案的重要槓桿，我們預期它在未來將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 There Media, which we announced at Reverb25. Based in Europe and trusted by global brands like Coca-Cola, Unilever, Disney and Netflix, Out There 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 There Media 建立全新的企業 RCS 合作夥伴關係，推進了我們對下一代訊息傳遞的願景；我們已在 Reverb25 上宣布此消息。Out There Media 總部位於歐洲，並獲得可口可樂、聯合利華、迪士尼與 Netflix 等全球品牌信賴；該公司選擇 Bandwidth 作為其在美國推出 RCS 產品組合的唯一供應商。這強力驗證了我們平台的可送達性與可擴展性；我們將攜手推出新一波令人振奮、以行動優先的品牌體驗，來自全球最知名的一些企業。

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

信任與可擴展性持續引起同時依賴訊息與語音的企業共鳴，而本季也帶來另一個強而有力的例子，展現 Bandwidth 作為其關鍵任務通訊的統一平台。一家領先的不動產管理軟體公司選擇 Bandwidth 作為其雲端聯絡中心遷移的主要語音與訊息供應商。

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.

他們採用 Genesys 並搭配我們的自帶電信業者（Bring Your Own Carrier）模式，從多家傳統電信業者移轉超過 300,000 個免付費與市話號碼，並在 Bandwidth 平台上整合可程式化語音與簡訊。他們也啟用了我們內建的轉錄與通話錄音 API 以符合合規要求。這是一個教科書式的 Bandwidth 勝案例，展現我們如何整併供應商，並以可信賴的合作夥伴身分交付全面的通訊轉型。

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

儘管我們在 Reverb 發布的多項公告將在未來幾季逐步擴大規模，全球 2000 大企業今天就因可靠性、彈性、可擴展性與 AI 語音而選擇 Bandwidth。

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.

我來說明幾個重點。一家管理近 2 兆美元客戶資產的金融服務公司選擇 Bandwidth，將其傳統的內部部署聯絡中心遷移至雲端。他們在遷移期間需要同時運行兩種環境，這證明了我們 Maestro 軟體在協調複雜、以合規為導向的聯絡中心通話流程方面的實力。

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 Five9 with Pindrop for a new cloud contact center build. Our Maestro Software's ability to support the customer's chosen multi-vendor environment across UCaaS, CCaaS, and fraud prevention without being locked in was the key differentiator. It's our freedom of choice strategy in action.

在另一個金融服務勝案中，一家為美國政府太空管理機構員工提供服務的信用合作社選擇 Bandwidth 進行全面通訊升級，整合 Microsoft Teams Operator Connect 用於員工通訊，並採用 Five9 搭配 Pindrop 建置新的雲端聯絡中心。我們 Maestro 軟體能在 UCaaS、CCaaS 與防詐領域支援客戶所選的多供應商環境，且不受單一供應商綁定，這是關鍵差異化因素。這正是我們「選擇自由」策略的具體展現。

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. We delivered another quarter of solid growth and profitability. 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.

總結來說，本季結合了推動我們業務的三大強勁動能：嚴謹的執行力、持續的創新，以及客戶對我們關鍵任務通訊平台的深度信任。我們再度交出穩健的成長與獲利表現。我們在 Reverb 展示 Bandwidth 如何塑造由 AI 驅動的可信賴智慧通訊未來，並透過更多多解決方案部署與創紀錄的百萬美元級勝案，擴大客戶採用。

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. 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.

這些都清楚展現了由客戶所倚賴的可信賴平台與致力於創造長期價值的團隊所驅動的穩健動能與持久成長。在 AI 語音、信任與訊息傳遞三大領域，我們的聚焦一致：推動 Bandwidth 朝向更高比例的軟體驅動營收組合演進，以擴大市場差異化、深化客戶忠誠度，同時提升毛利表現。

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.

我們正打造一個未來：每一次企業互動都不僅僅是交易。而是一段可信賴、智慧、安全，並經 AI 最佳化的對話。

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

現在，我把時間交給 Daryl，請他說明我們的財務結果。

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 in 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，David，各位早安。延續今年上半年穩健的表現，Bandwidth 本季再度交出良好成績，亮點在於語音業務動能進一步加速。獲利能力仍是我們策略的核心，而本季結果也反映了這份紀律：營收與調整後 EBITDA 均超越我們指引區間的上緣。接下來我將帶各位回顧 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，若以 2024 年第三季週期性的政治競選活動營收進行常態化調整，年增 11%。在此結果中，雲端通訊營收達 1.42 億美元。以常態化基礎計算，年增 8%。非 GAAP 毛利率維持強勁，為 58%。我們對此結果非常滿意，因為我們原先預期且確實經歷了第三季的逆風因素，亦即相較去年同期的比較基期更具挑戰性，當中政治競選訊息帶來的效益缺席，但已被軟體與服務營收日益增加的貢獻完全抵銷。

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.

這項日益增加的貢獻正在加速，且具備長期持續性，使我們在未來一年持續擴大毛利率具備良好定位。調整後 EBITDA 為 2,400 萬美元。由於營收較高，以及雲端擴張營運費用的時點使支出較低，表現超出我們預期；本季我們產生 1,300 萬美元自由現金流，較去年略低，主要受營運資金與雲端擴張資本投資的正常時點影響。

Our trailing twelve-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, an acceleration from last year driven in part by expanding software revenue.

我們過去十二個月的自由現金流年增 35%，凸顯我們現金創造能力的持久性。聚焦於我們的三項市場產品，我們的企業語音（Enterprise Voice）營收年增 22%，反映既有客戶透過 Maestro 軟體整合與 AI 語音計畫擴大採用的強勁動能，以及新客戶在 Bandwidth 雲端上線爬坡的貢獻。全球語音方案（Global Voice Plans）作為我們最大的客戶類別，營收年增 7%，成長率較去年增加一倍以上。值得注意的是，企業語音與全球語音方案合計的語音成長為年增 9%，較去年加速，部分原因來自軟體營收的擴張。

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. Customer name retention remained well above 99%.

可程式化訊息傳遞（Programmable messaging）在常態化基礎下年增 6%，符合我們預期。接著看營運指標，第三季淨留存率為 105%；若排除 2024 年政治競選活動營收帶來的效益，則為 107%。客戶名稱留存率仍維持在 99% 以上。

Average annual revenue per customer set another record at $231,000 or $224,000 when excluding political campaign revenue in the twelve-month period. Over the last three years, Average Annual Revenue per customer has grown 46%.

每位客戶平均年度營收再創新高，達 231,000 美元；若排除十二個月期間的政治競選活動營收，則為 224,000 美元。過去三年，每位客戶平均年度營收已成長 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. AI is not a standalone product for Bandwidth. It's integrated throughout our cloud and embedded in the services our customers use every day.

回顧本季表現，我們的營運與財務結果再次展現商業模式的強度、韌性與長期價值。AI 對 Bandwidth 而言並非獨立產品。它已整合於我們的雲端之中，並嵌入客戶每天使用的服務裡。

You see its influence in our revenue growth, our gross margin expansion, and in the continued durability of our cash generation. 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. Value that we believe will continue to set us apart in 2026 and beyond.

你可以從我們的營收成長、毛利率擴張，以及持續穩健的現金創造能力中看到它的影響。AI 無所不在，並且是每一場客戶討論的核心主題。我們正在創造一種協同效應。有時我們透過先進的產品帶領客戶走向 AI；有時我們則在客戶快速部署其 AI 計畫時提供支援。我們相信，這只是 AI 如何加速創新並創造新價值來源的開始。我們相信，這些價值將在 2026 年及其後持續讓我們脫穎而出。

Looking ahead to the remainder of 2025. For full year revenue guidance, we are tightening the range with the midpoint yielding 10% organic revenue growth year over year. This is due to moderated expectations for messaging surcharge growth and increased expectations for voice growth. As a result, we've increased our full year Cloud Communications revenue growth to 8% organically year by year.

展望 2025 年剩餘期間。就全年營收指引而言，我們收斂區間，中位數對應年對年 10% 的有機營收成長。這是因為我們下調了對訊息附加費成長的預期，同時上調了對語音成長的預期。因此，我們將全年雲端通訊營收成長上調至年對年 8% 的有機成長。

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.

此外，今年第三次我們上調全年調整後 EBITDA 展望，目前中位數達到 9,100 萬美元，反映我們第三季的超預期表現，以及強勁的執行力與財務紀律。我們現在預期更新後的 EBITDA 展望 9,100 萬美元約相當於每股 1.30 美元的非 GAAP 盈利。

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.

最後，我們相信 Voice AI 的動能正在增強。我們不斷增加的軟體營收、強烈的客戶導向，以及敏捷的業務執行，使我們有望在第四季以及新年度開局取得穩健表現。展望 2026 年，我們預期全球語音方案（Global Voice Plans）與企業語音（Enterprise Voice）客戶將延續動能，同時另一個強勁的政治競選訊息旺季也將推動我們朝 2026 年中期財務目標邁進。

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

接下來，我將把電話會議交給接線員，進入今天的問答環節。

Thank you. We will now begin the question-and-answer session. (Operator Instructions).

謝謝。我們現在開始問答環節。（接線員指示）。

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

第一個問題來自 Citizens 的 Patrick Walravens。請開始提問。

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 interesting.

喔，太好了，非常感謝，也恭喜你們。David，我先問你：你能否再深入說明一下你們整體的商業通訊（com）對話大概是什麼樣子、你們看到並如何描述整體需求？另外，我覺得你提到的物業管理案例特別有意思。

And then, on the financial side, 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?

另外在財務面，能否請你們提醒一下 2026 年的中期目標到底是什麼？也就是說，當你們說正在朝那些目標推進時，具體指的是什麼？

Thanks, Pat, and I'll answer the first part of your question and then hand it over to Daryl. 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.

謝謝你，Pat。我先回答你問題的第一部分，然後再交給 Daryl。我會把我們與客戶的對話大致描述為：本期我們再次簽下創紀錄數量、年營收達百萬美元以上的客戶——這是今年第二次。這反映出廣泛的需求。語音業務以非常健康且令人振奮的方式成長，而每一場對話都反映出我們正身處的 AI 時刻。

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 Daryl for the second part of your question.

你提到的物業管理軟體公司案例中，Maestro 是一個關鍵組成，我認為它也說明了我們與正在上雲的企業之間持續進行的一致對話。他們有多家供應商，要嘛在整併、要嘛在嘗試協同編排，而 Maestro 與我們自有並營運的網路相結合，確實引起強烈共鳴。同樣地，這也反映在創紀錄的大型企業交易數量，以及平均客戶支出以創紀錄速度持續成長。不過，第二部分我先交給 Daryl 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.

早安，Pat。很高興跟你打招呼。回到 2023 年上半年投資人日，我們提出了公司四年期的願景，推動我們一路到 2026 年底，我們把它稱為「中期目標」（Medium Term Targets）。

We're driving forward and we believe that we're very much on track to achieve above market revenue growth. 60% in greater gross margins, 20% in greater Ibadan margin, and 15% in greater free cash flow margin.

我們正持續推進，並相信我們非常有望達成：高於市場的營收成長、毛利率達到 60% 以上、EBITDA 利潤率達到 20% 以上，以及自由現金流利潤率達到 15% 以上。

Yeah, okay, so just as a.

好的，嗯，所以就只是作為一個……

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，Daryl，我記得你提到 2023 到 2026 年 15% 到 20% 的成長，這意味著 2026 年的區間大約是 7.29 億到 8.27 億美元，低端是 7.29 億。我一直覺得那可能有點太具挑戰性，所以想問你：你真的認為可以達到那個 15% 的低端嗎？

20% gigger.

20% 的那個……

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——我們仍然持續聚焦在……今年就總營收而言，我們中位數達到 7.53 億美元，而我們非常專注於高於市場的營收成長。

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 Needham 的 Joshua Riley。請開始提問。

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 dollars plus customers. Can you just speak to broadly 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，謝謝讓我提問。先從這裡開始：我知道你們在 2025 年上半年新增了一些強勁的客戶。想了解這些客戶目前如何逐步轉化為營收、以及現在上線的情況；另外你們也提到在第三季新增了一些強勁客戶，包含年營收百萬美元以上的客戶。你能否大致談談：從拿下客戶到實際讓他們上線、開始貢獻營收，通常需要多長時間？以及因為你們持續改善內部流程，這個週期縮短了多少？

Thank you.

謝謝。

You bet.

沒問題。

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.

從啟動到成交的交易週期一直保持一致；不過，我們所享有的通路機會，確實以令人振奮的方式大幅縮短了成交週期。而客戶上線後，其爬坡速度也如我們預期，這得益於我們既有的系統、我們目前已建立的……我們已建立的政策與作業方式，能讓他們順利導入，並以維持連續性的方式遷移關鍵任務的電話號碼、站點與服務。因此，確保服務不中斷一直是重點，但我們非常擅長與企業客戶合作。我們擁有極高水準的客戶支援，讓他們能優雅地完成導入，並以我們非常熟悉、也能有效預測的方式擴張。因此，今年年初我們簽下的大量、規模顯著更大的年度營運收入（annual operating revenue）或年度經常性收入（annual recurring revenue）交易，持續為本期的成功與穩健成果做出貢獻，並且也會延續到明年。

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.

了解。另外，你們在 9 月的客戶活動上強調了多項新產品。顯然這些產品通常有較高的毛利率，因為它們更偏向軟體式的毛利結構。想了解這些產品目前如何逐步疊加到企業語音（Enterprise Voice）的新交易中。

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.

相較於一年前的情況如何？另外，這些產品也有多少延伸到全球語音方案（Global Voice Plan）的交易中？也請你們給我們一個概念：在軟體端，企業語音相較於全球語音，大概各買了多少？謝謝。

Guys.

各位？

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

沒問題。我請我們的產品長（Chief Product Officer）John Bell 來回答這個問題。

One. Yeah, so we're.

第一。對，所以我們正在。

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.

我們以這些面向企業客戶的產品作為發布起點，但它們也立刻對我們的 GDP 客戶很有吸引力。因此我們一開始是為該目標市場打造，但會透過快速跟進的方式，隨後發布給 GDP 客戶。這些主題對企業非常有意思；而且由於我們的 GDP 客戶同樣在服務這些企業，因此也會很自然地在那邊被採用。

Got it thank you.

了解，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 的 James Fish。請發問。

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?

嗨各位，我想問數位商務那塊，我覺得那個案例很有意思。你們是否看到越來越多客戶在部署 DIY 策略？還是你們正與一些對話式 AI 工具做越來越多整合，從而帶來像這樣的贏單？

So, 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.

所以，這是一個很好的例子：一個規模非常大的電商 POS（銷售點）相關客戶，讓小型企業能在非常在地、DIY 的層級運用 AI 來支援點餐等。而我們也看到，語音 AI 的主要使用案例之一，就是在全國各地中小企業的第一線，用於排程、行事曆、下單與履約。所以是的，James，你說得很準確，這看起來或聽起來像是一個可作為參考的實作案例，反映一個正在成長的趨勢。因此我們確實更頻繁地看到這類對話。

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?

對，不過我的問題是：這比較偏 DIY 的做法，還是你們有跟外面其他對話式玩家整合來協助實現？

So this is John good.

所以我是 John，好的。

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.

很高興又跟你聊到。其實兩者都有。我們的方法一直更聚焦在以標準為基礎的做法，這樣不論是 DIY，或是把一些「自己動手做」的成果再利用、轉成預先建置的方案，我們都能支援更多、更多的整合。這是我們最近採取的轉向，因為我們確實看到客戶採用的方式有很強的混合。

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，接著 Daryl 想請教你，毛利率確實比我們大家模型預期的低一點。你能否談談你在各個分部看到的情況，毛利率，特別是訊息（messaging）那一塊，考量到你提到有一些較低的通行碼附加費（pass-through surcharges），以及我們這一季該如何看待國際與國內的組合。

We had gross margin had some cross currents moving through it in the third 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.

第三季毛利率確實有一些相互拉扯的因素，但我們仍能維持在 58%，我們對此非常滿意。在不利因素方面，主要是訊息量較低，主要因為去年缺少政治訊息。而那類訊息的貢獻與毛利率水準高於公司整體的平均毛利率；不過我們透過軟體營收貢獻的成長，完全抵消並且克服了這個影響。

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.

事實上，我們對這項業務從相對近期的起步到現在的發展方式感到非常滿意。我們預期在 2025 年底，軟體的年化 MRR 退出率（exit rate）將超過 1,000 萬美元，並且在 2026 年會在此基礎上大幅擴張。所以我們對此很興奮。我們也確信，這將會持續推動公司成長，並搭配我們其他的支柱——也就是毛利率改善（抱歉，我是說毛利率改善的其他支柱）——把毛利率帶到 60% 以上。至於國際方面，國際業務成長非常不錯。年增 11%，而國際幾乎全是語音；這個成長率也正好與公司第三季整體的有機成長率 11% 相同。所以在組合上表現很好。

Thanks guys.

謝謝各位。

(Operator Instructions) Our next question comes from Will Power from Baird. Please go ahead.

(接線員指示) 下一個問題來自 Baird 的 Will Power。請發問。

Okay great thanks I guess maybe first question for either for Daryl 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，太好了，謝謝。我想第一個問題可能給 Daryl 或 David，誰要回答都可以：關於 2025 年營收指引，我想你們提到會把區間稍微收窄，或看起來是把低端稍微上調，並且你們提到語音趨勢更強。能否再多提供一些細節，關於語音呼叫方案相對於企業語音的上行空間，或兩者皆有？另外，也想請你們再談談訊息那邊的情況，聽起來那邊的展望稍微弱一些。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, on the strength of Voice.

好的，是的，很高興你要我釐清這點。我們在營收方面把區間的低端收緊了。我們的中位數在小數點上略高於 7.53 億美元。其中雲端通訊有兩個要素，我們上調了那部分。我們上調了納入 7.53 億美元中的隱含指引，主要是因為語音的強勁表現。

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.

而在雲端通訊之內，我們對訊息的指引維持不變，完全符合我們先前所給的指引與預期。另一個組成項目是附加費（surcharges），我們小幅下調，主要是基於電信商定價環境、電信商組合，以及訊息組合的類型；因為我們正進入第四季非常大的訊息季節性高峰，包含黑色星期五、網路星期一。我們對客戶需求有很好的能見度，並看到附加費會略低一些。而較低的附加費對毛利率或 EBITDA 都不會有任何貢獻。

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

因此在能夠上調我們的雲端通訊指引方面，我們感到非常振奮。

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，那我的第二個問題，如果要請 David 或 John 回答：這些聲譽管理（reputation management）產品看起來是個很好的機會，也很符合市場需求。我的意思是，考量到我們很多人作為消費者在日常中經常看到的狀況。所以能否談談你們看到的趨勢，以及你們如何看待這個機會？這個產品條件（product condition）可能會有多重要？

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.

是的，問得好。你作為消費者看到的趨勢，我們的客戶也看得到，而且這會傷害他們的生意。企業想要觸達消費者，但消費者不接電話。所以這是一個非常基本的價值主張；而且我們可以透過自有自營的網路正面迎擊，並且能立即創造價值。因此如你在這裡聽到的，它已經在推動我們現在的客戶贏單；我們是以我們的……來推出它。

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.

我們本週先向直銷企業客戶推出，並且也向批發客戶推出，以滿足他們獨特的需求；因此我們確實看到這個產品具有全球性的機會。

Okay, thank you.

好的，謝謝。

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

問答環節到此結束。本次電話會議現在結束。

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

感謝您參加今天的簡報。您現在可以掛線。