Bandwidth Inc. (BAND) 2025 Q4 法說會逐字稿

Good day, and welcome to the Bandwidth Inc., fourth quarter and full year 2025 earnings conference call. (Operator Instructions) Please note today's event is being recorded.

各位來賓，歡迎參加 Bandwidth Inc. 2025 年第四季及全年財報電話會議。 （操作說明）請注意，本次會議正在錄音。

I would now like to turn the conference over to Sarah Walas, Vice President, Investor Relations. Please go ahead.

現在我將會議交給投資者關係副總裁莎拉·瓦拉斯女士。請您開始吧。

Good morning. 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.

早安.今天與我一同參加電話會議的有我們的執行長大衛·莫肯和財務長達裡爾·雷福德。他們會先發言，之後我們將進行問答環節。我們的盈利新聞稿已於今天早些時候發布。

The press release and 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.

新聞稿和包含歷史財務亮點以及 GAAP 與非 GAAP 財務結果調節表的盈利演示文稿可在 investors.bandwidth.com 的投資者關係頁面上找到。

During the call, we will make statements related to our business that may be considered forward-looking. 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，我們將發表一些與公司業務相關的前瞻性聲明。我們提醒您，請勿過度依賴這些前瞻性聲明，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聲明中明示或暗示的任何未來結果或績效有重大差異。

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.

本次電話會議和簡報中所做的任何前瞻性陳述均反映了我們截至今日的分析，我們沒有計劃或義務對其進行更新。

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

關於可能影響我們實際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文件以及隨後提交給美國證券交易委員會（SEC）的其他文件中的相關內容。接下來，我將把討論交給David。

Thank you, and welcome, everyone. We're pleased to report a solid fourth quarter, capping off a year defined by sustained business performance and strengthening fundamentals. Throughout 2025, we delivered steady progress across revenue, profitability and free cash flow.

謝謝大家，歡迎各位。我們很高興地宣布第四季度業績穩健，為過去一年持續強勁的業務表現和不斷增強的基本面畫上了圓滿的句號。 2025年全年，我們在營收、獲利能力和自由現金流方面均取得了穩步進展。

A primary highlight of the year was our success in the large enterprise space. We closed a record number of $1 million plus deals, including two significant wins in the fourth quarter alone.

今年的一大亮點是我們在大型企業市場的成功。我們達成了創紀錄的百萬美元以上交易數量，光是第四季就拿下了兩筆重大訂單。

We also continued to invest in high-margin innovation. We are seeing tangible results from our AI voice tools, our Trust portfolio, our global communications cloud and our Maestro orchestration software.

我們也持續投資於高利潤率的創新。我們的人工智慧語音工具、Trust產品組合、全球通訊雲以及Maestro編排軟體都已取得了實質成果。

Entering 2026, we are confident in the upward trajectory of our business. When we reported 2022 results, we set ambitious four year goals extending through 2026, a 15% to 20% revenue compound annual growth rate, a 5-percentage-point increase in gross margin to 60%, a 20% EBITDA margin, a 15% free cash flow margin and $125 million in cumulative free cash flow.

展望2026年，我們對公司業務的上升趨勢充滿信心。在公佈2022年業績時，我們制定了雄心勃勃的四年目標（直至2026年）：營收複合年增長率達到15%至20%，毛利率提高5個百分點至60%，EBITDA利潤率達到20%，自由現金流利潤率達到15%，累計自由現金流達到1.25億美元。

While market dynamics, particularly in messaging, will almost certainly keep us short of our multiyear revenue CAGR target, our 2026 outlook is fully on track to achieve our goals for gross margin, EBITDA margin and free cash flow margin.

儘管市場動態，特別是資訊傳遞方面的動態，幾乎肯定會使我們無法實現多年收入複合年增長率目標，但我們對 2026 年的展望完全符合實現毛利率、EBITDA 利潤率和自由現金流利潤率目標的預期。

Furthermore, we will significantly exceed our 2026 cumulative free cash flow objective, having already surpassed $125 million by the end of 2025.

此外，我們將大幅超過 2026 年累積自由現金流目標，到 2025 年底，我們已超過 1.25 億美元。

Daryl will walk through our full 2026 guidance in more detail shortly, but at a high level, our 2026 outlook reflects healthy demand across both voice and messaging, along with continued solid execution, giving us confidence in the direction of our business and our financial model.

Daryl 稍後將更詳細地介紹我們 2026 年的完整業績指引，但總體而言，我們的 2026 年展望反映了語音和訊息傳遞方面的健康需求，以及持續穩健的執行，這讓我們對公司業務方向和財務模式充滿信心。

Earlier today, we also announced the authorization of our inaugural share repurchase program. This reflects our confidence in the durability of our business model and our ability to generate cash while simultaneously investing in our future.

今天早些時候，我們也宣布了首個股票回購計畫的批准。這體現了我們對自身商業模式永續性的信心，以及在創造現金流的同時投資未來的能力。

I want to thank our customers for their continued trust in Bandwidth. I also want to thank our Bandmates for their tireless commitment to excellence, and I thank God for the blessing of another year filled with opportunities for our team to learn and grow.

我要感謝客戶們一直以來對 Bandwidth 的信任。我也要感謝我們所有 Bandmates 成員對卓越品質的不懈追求。感謝上帝，另一年來，我們的團隊獲得了許多學習和成長的機會。

Over two years ago, we identified AI voice as the next frontier. Since then, we've helped customers move from AI voice experimentation into real-world production.

兩年多前，我們就將人工智慧語音技術視為下一個發展前沿。自那時起，我們一直致力於幫助客戶將人工智慧語音技術從實驗階段過渡到實際生產應用。

From an AI voice concierge for a global hospitality brand to an AI-powered voice ordering system for food venues nationwide, enterprises are trusting Bandwidth to launch new AI-driven customer experience use cases.

從為全球飯店品牌打造的 AI 語音禮賓服務，到為全國各地餐飲場所提供的 AI 語音點餐系統，各大企業都在信賴 Bandwidth 來推出全新的 AI 驅動型顧客體驗用例。

Our AI investments are paying off. The Bandwidth Communications Cloud and Maestro are purpose-built to integrate and manage AI voice across diverse environments with the quality, reliability, ultra-low latency and scale that global businesses require to support multichannel AI-driven customer conversations.

我們在人工智慧方面的投資正在發揮成效。頻寬通訊雲和 Maestro 專為在各種環境中整合和管理人工智慧語音而構建，能夠提供全球企業所需的高品質、高可靠性、超低延遲和可擴展性，從而支援多通路人工智慧驅動的客戶對話。

Our enterprise momentum validates this network-centric approach. Our role as a foundational platform for AI deeply embedded in the global communications network becomes even more critical as enterprises manage constant change across shifting AI models and application platforms.

我們企業的發展勢頭驗證了這種以網路為中心的策略。隨著企業不斷應對不斷變化的AI模型和應用平台，我們作為深度嵌入全球通訊網路的AI基礎平台的作用變得愈發重要。

Simply put, our communications cloud and Maestro orchestration software are essential to enabling AI in enterprise production environments. We're seeing AI-driven voice adoption across both new enterprise wins and expanding deployments within our existing customer base.

簡而言之，我們的通訊雲端和 Maestro 編排軟體對於在企業生產環境中實現人工智慧至關重要。我們看到，無論是新贏得的企業客戶，或是現有客戶群中不斷擴展的部署，都在採用人工智慧驅動的語音技術。

A good illustration comes from a major household name US insurance group, which selected Bandwidth to replace their legacy provider in a $1 million plus deal. They cited our AI-enabling features and seamless integration with their complex Cisco environment.

一個很好的例子來自美國知名大型保險集團。該集團選擇 Bandwidth 來替換原有的供應商，交易金額超過 100 萬美元。他們特別提到了 Bandwidth 的人工智慧功能以及與其複雜的思科環境的無縫整合。

Bandwidth will power a new cloud-based customer experience stack for claims and customer quoting functions, utilizing inbound voice calling alongside Google Conversational AI.

Bandwidth 將為新的基於雲端的客戶體驗堆疊提供動力，用於理賠和客戶報價功能，利用呼入語音呼叫以及 Google 對話式人工智慧。

This is a blueprint for how we serve large global enterprises, achieving rapid value capture for our customers through low-risk cloud adoption while enabling new AI voice capabilities. Our other $1 million plus deal in Q4 is with a top 10 US bank serving millions of customers nationwide.

這是我們如何服務大型全球企業的藍圖，透過低風險的雲端部署，幫助客戶快速實現價值最大化，同時啟用全新的人工智慧語音功能。我們在第四季度達成的另一筆超過100萬美元的交易是與一家服務於全美數百萬客戶的美國排名前十的銀行進行的。

They selected Bandwidth's resilient toll-free solution to modernize and protect their contact center infrastructure to enhance customer experience. This win was driven by our differentiated failover architecture and open integration strategy.

他們選擇Bandwidth公司高可靠性的免費電話解決方案，以實現呼叫中心基礎設施的現代化和安全防護，從而提升客戶體驗。此次合作的成功得益於我們差異化的故障轉移架構和開放式整合策略。

A similar dynamic resulted in another win in financial services, the US consumer financing arm for a top 5 global carmaker. In this case, Bandwidth was selected to launch AI-enabled communications for their Genesys contact center.

類似的策略也促成了金融服務領域的另一項勝利，即一家全球排名前五的汽車製造商的美國消費金融部門。此次，Bandwidth 被選中為其 Genesys 呼叫中心推出人工智慧通訊解決方案。

This win came through our channel and reflects our ability to align with partner ecosystems while serving the customer directly. By moving to Bandwidth, the customer gained greater flexibility and freed up cost savings, which supported their investments in new AI services.

此次成功拿下該項目，得益於我們的通路合作，體現了我們與合作夥伴生態系統緊密協作並直接服務客戶的能力。客戶遷移到 Bandwidth 後，獲得了更大的靈活性並節省了成本，從而更好地支援了其在新型人工智慧服務方面的投資。

The transition has been seamless, thanks to the long-standing partnership and technical alignment between Bandwidth and Genesys. It's a strong example of our Maestro orchestration platform enabling enterprise customers to modernize on their terms.

由於 Bandwidth 和 Genesys 之間長期的合作夥伴關係和技術上的契合，此次過渡非常順利。這充分體現了我們的 Maestro 編排平台能夠幫助企業客戶按照自身需求實現現代化轉型。

We also saw momentum in our messaging business, winning an e-commerce platform that supports high-volume, time-sensitive communications for top brands. This customer chose Bandwidth over our largest CPaaS competitor, citing our superior deliverability, scalable capacity and operational support during high-demand retail seasons like Black Friday.

我們的即時通訊業務也取得了顯著進展，成功拿下了一個支援頂級品牌高容量、時效性通訊的電商平台。該客戶最終選擇 Bandwidth 而非我們最大的 CPaaS 競爭對手，理由是我們在黑色星期五等零售旺季期間擁有卓越的送達率、可擴展的容量和營運支援。

A particularly strong example of our progress in RCS messaging is highlighted by a long-time customer that supports hundreds of enterprise brands on their platform. Our customer trusted us to power their first production RCS campaigns for several of their well-known consumer brands across retail, home furnishings and hospitality.

我們在RCS訊息傳遞方面取得的顯著進展，可以從一位長期客戶的案例中充分體現。該客戶在其平台上支援數百個企業品牌。他們信任我們，委託我們為其旗下多個知名消費品牌（涵蓋零售、家居和酒店業）打造首個正式的RCS行銷活動。

The decision followed a broader evaluation of messaging providers and was driven by Bandwidth's ability to ensure consistent deliverability, scalable throughput and operational reliability as RCS grows from early trials toward broader enterprise use.

該決定是在對訊息服務提供者進行更廣泛的評估之後做出的，其驅動因素是 Bandwidth 能夠確保 RCS 從早期試驗發展到更廣泛的企業應用過程中，始終如一的可送達性、可擴展的吞吐量和運行可靠性。

Taken together, these wins share a common theme. Customers need an open, scalable, reliable global platform to support their most mission-critical communications, both for today's customer experience and the AI-driven conversations now being deployed.

總而言之，這些成功案例都體現了一個共同的主題：客戶需要一個開放、可擴展、可靠的全球平台，以支援其最關鍵的通信，無論是當今的客戶體驗，還是目前正在部署的AI驅動型對話。

The majority of these wins also follow our broader pattern of large enterprise wins in 2025, multi-location rollouts, deep integration into existing infrastructure and clear line of business value realization within the first 90 to 180 days of launch.

這些成功案例中的大多數也符合我們 2025 年贏得大型企業客戶的大趨勢，包括多地點推廣、與現有基礎設施的深度集成，以及在發布後的前 90 到 180 天內實現明確的業務價值。

Perhaps most exciting is the validation we are seeing from the AI developer community. The number of third-party conversational AI developers building on our platform has more than quadrupled over the past six months.

最令人振奮的或許是我們從人工智慧開發者社群獲得的認可。在過去六個月裡，在我們平台上建立第三方對話式人工智慧應用的開發者數量增加了四倍多。

While this cohort does not yet contribute materially to revenue, the momentum is a powerful leading indicator. Developers are choosing Bandwidth for our low latency, quality and predictable economics.

雖然這部分用戶目前對營收貢獻不大，但其成長動能是一個強而有力的先行指標。開發者選擇 Bandwidth 是因為我們提供的低延遲、高品質和可預測的經濟效益。

Bandwidth enters 2026 at the exciting confluence of enterprise communications and AI with the global infrastructure, software platform and the vibrant ecosystem to lead this next wave of innovation. Now I'll turn it over to Daryl to walk through the financial details of the last quarter.

頻寬產業在2026年迎來了企業通訊和人工智慧蓬勃發展的激動人心的融合時期，憑藉全球基礎設施、軟體平台和充滿活力的生態系統，將引領下一波創新浪潮。現在，我將把時間交給達裡爾，讓他詳細介紹上一季的財務狀況。

Thank you, David, and good morning, everyone. I'll begin with a brief update on the fourth quarter, then touch on the full year 2025 before spending the majority of my time on our outlook for 2026 and the fundamentals of Bandwidth's business model.

謝謝David，大家早安。我先簡要報告一下第四季度的情況，然後簡要介紹一下2025年全年計劃，最後將主要時間用於闡述我們對2026年的展望以及Bandwidth商業模式的基本面。

In the fourth quarter of 2025, strong execution drove solid revenue and record levels of profitability and free cash flow. Total revenue saw a 12% year-over-year increase on an organic basis.

2025年第四季度，強勁的執行力推動了穩健的營收成長，並實現了創紀錄的獲利能力和自由現金流。總營收年增12%（以有機成長計算）。

This organic growth metric excludes the cyclical revenue generated from political campaign messaging in 2024, providing a clear view of our core business strength.

這項有機成長指標不包括 2024 年政治競選訊息帶來的周期性收入，從而清楚地展現了我們的核心業務實力。

Both our voice and Messaging segments were key contributors, each achieving healthy double-digit growth. In voice, our 11% year-over-year growth was fueled by increased voice usage, rising adoption of voice-based AI applications and growing contributions from software services revenue.

我們的語音和即時通訊業務都是主要貢獻者，兩者都實現了兩位數的健康成長。語音業務方面，年增11%，這主要得益於語音使用量的成長、基於語音的人工智慧應用日益普及以及軟體服務收入的持續成長。

Messaging organic growth of 12% year-over-year was driven by robust holiday messaging demand. EBITDA margin reached 17%, reflecting improved pricing and mix and continued progress on profitability, providing a strong close to the year.

受強勁假期資訊行銷的需求推動，資訊行銷業務年增12%。息稅折舊攤銷前利潤率達到17%，反映出定價和產品組合的優化以及盈利能力的持續提升，為這一年畫上了圓滿的句號。

Looking at the full year 2025, we delivered another year of disciplined performance where we generated total revenue of $754 million, up 10% organically year-over-year, non-GAAP gross margin of 58%, adjusted EBITDA of $93 million and free cash flow of $57 million.

展望 2025 年全年，我們又實現了穩健的業績，總收入達到 7.54 億美元，年增 10%，非 GAAP 毛利率為 58%，調整後 EBITDA 為 9,300 萬美元，自由現金流為 5,700 萬美元。

Durable customer relationships drove accelerated growth in our largest voice customer category, global voice plans, where 8% revenue growth more than doubled compared to 2024. Our enterprise voice customer category also delivered strong full year results, growing 21%, supported by a record number of $1 million dollar plus deals.

穩固的客戶關係推動了我們最大的語音客戶類別——全球語音套餐——的加速成長，該類別收入成長8%，比2024年翻了一番還多。我們的企業語音客戶類別也取得了強勁的全年業績，成長了21%，這得益於創紀錄的100萬美元以上交易數量的成長。

While large enterprise customers typically have extended onboarding cycles, these customers are experiencing a faster time to value realization after launching on Bandwidth's Communications Cloud.

雖然大型企業客戶的入職週期通常較長，但這些客戶在 Bandwidth 的通訊雲上啟動後，能夠更快地實現價值。

In fact, the enterprise cohort of customers added in 2025 already represents 15% of total enterprise revenue, making it the second highest contributing annual cohort in our history.

事實上，2025 年新增的企業客戶群已經佔企業總收入的 15%，成為我們史上貢獻第二高的年度客戶群。

Notably, more than 40% of 2025 enterprise voice growth came from accounts added in the past three years, one of the strongest proof points that our enterprise cohort expansion continues to compound over time. Programmable messaging achieved 7% organic year-over-year growth, in line with our expectations.

值得注意的是，2025 年企業語音業務成長的 40% 以上來自過去三年新增帳戶，這有力地證明了我們的企業用戶群持續成長。可程式訊息服務實現了 7% 的年成長，符合我們的預期。

Beyond the numbers, 2025 reinforced critical themes, the durability of our customer relationships growing deal sizes and improving profitability driven by operating leverage and an expanding mix of higher-value software services.

除了數字之外，2025 年還強化了幾個關鍵主題：客戶關係的持久性、交易規模的成長以及透過營運槓桿和不斷擴大的高價值軟體服務組合來提高獲利能力。

As we look ahead, we expect 2026 to be a year of continued growth and margin expansion. First, we expect continued accelerating revenue growth in voice, supported by higher usage demand, including usage influenced by AI-driven call flows, large deal activity, increasing software services contribution and geographic expansion.

展望未來，我們預計2026年將是持續成長和利潤率提升的一年。首先，我們預期語音業務收入將繼續加速成長，這得益於更高的使用需求，包括受人工智慧驅動的呼叫流程、大型交易活動、軟體服務貢獻增加以及地域擴張影響的使用量。

Second, we remain focused on operating leverage and platform investments, which we expect will continue to support margin expansion and profit growth.

其次，我們將繼續專注於營運槓桿和平台投資，我們預計這將繼續支持利潤率擴張和利潤成長。

Based on these factors, our 2026 full year guidance shows total revenue growth of approximately 16% year-over-year, including cloud communications growth of approximately 10%, adjusted EBITDA improvement of nearly 30% year-over-year, in line with our aim to achieve a 20% full year adjusted EBITDA margin and non-GAAP earnings per share of approximately $1.66 to $1.74, representing growth of approximately 19%.

基於這些因素，我們對 2026 年全年業績的預測顯示，總收入同比增長約 16%，其中雲端通訊業務成長約 10%，調整後 EBITDA 同比增長近 30%，這符合我們實現全年調整後 EBITDA 利潤率 20% 的目標，非 GAAP 每股收益約為 1.66 美元，增長約 174 美元。

We're excited that our execution and investments position us now to achieve our three year goals around gross margin, adjusted EBITDA margin and cash flow goals.

我們很高興，我們的執行和投資使我們現在能夠實現三年內圍繞毛利率、調整後 EBITDA 利潤率和現金流目標的各項目標。

And beyond 2026, we anticipate delivering sustained double-digit growth in cloud communications revenue, independent of the political campaign cycle while driving further growth in gross margin, EBITDA and free cash flow.

展望 2026 年後，我們預期雲端通訊收入將持續實現兩位數成長，不受政治競選週期的影響，同時毛利率、EBITDA 和自由現金流也將進一步成長。

Now I want to spend time on what we believe is the most important point, the quality of Bandwidth's business model. Our view is simple. Bandwidth is a durable cloud communications platform with software-like expansion economics.

現在我想重點談談我們認為最重要的一點，即Bandwidth商業模式的品質。我們的觀點很簡單：Bandwidth是一個持久的雲端通訊平台，擁有類似軟體的擴展經濟效益。

There are five principal reasons we believe this is true. First, our customer relationships are highly durable. We set the industry standard for customer satisfaction rates.

我們相信這一點主要有五點原因。首先，我們與客戶的關係非常穩固。我們的客戶滿意度在業界樹立了標竿。

We see the direct outcome of that with ultra-low customer churn and strong retention across customer categories. Our customer name retention rate remains above 99%, and our organic net retention of 107% reflects ongoing expansion as customers grow their usage with us over time.

我們從中直接看到了成果：極低的客戶流失率和各個客戶類別的高留存率。我們的客戶名稱留存率維持在 99% 以上，107% 的自然淨留存率反映了隨著客戶使用我們產品和服務的時間成長，我們的業務也持續擴張。

Our top 20 accounts have a median tenure of 12 years. Within enterprise voice, we again, in 2025 realized a 100% customer name retention, which means zero churn.

我們排名前 20 名的客戶的平均合作時長為 12 年。在企業語音領域，我們再次實現了 2025 年 100% 的客戶留存率，這意味著零流失率。

In fact, we recognized a 98% customer retention rate from our enterprise voice customer cohort of three years ago, a remarkable demonstration of outstanding customer durability.

事實上，我們發現三年前的企業語音客戶群的客戶留存率高達 98%，這充分證明了我們卓越的客戶忠誠度。

In addition, our average annual revenue per customer continues to increase, driven by larger deployments, deeper integrations and expanding use cases. We ended 2025 with average annual customer revenue of $232,000, a record and up from $171,000 three years ago.

此外，由於更大規模的部署、更深入的整合和不斷擴展的應用場景，我們的每位客戶年均收入持續成長。截至2025年底，我們每位客戶的平均年收入達到23.2萬美元，創歷史新高，高於三年前的17.1萬美元。

All these metrics underscore the long-term value of our customer base and the mission-critical role our platform plays.

所有這些指標都凸顯了我們客戶群的長期價值以及我們平台所扮演的關鍵角色。

Second, Bandwidth owns and operates a scaled infrastructure-based global cloud communications platform. In contrast to others, we do not market a thin application layer underpinned by reselling commodity third-party carrier access.

其次，Bandwidth擁有並經營一個規模化的、基於基礎設施的全球雲端通訊平台。與其他公司不同，我們不銷售以轉售第三方營運商接入服務為基礎的薄應用層。

Bandwidth's ownership model supports structurally higher margins that expand with usage and create durable operating leverage over time. Our margin performance is fueled by scale, voice AI adoption, growing software services contribution, global coverage and operational efficiencies.

Bandwidth 的所有權模式支持結構性更高的利潤率，該利潤率會隨著使用量的增加而增長，並隨著時間的推移創造持久的營運槓桿。我們的利潤率表現得益於規模、語音人工智慧的普及、不斷增長的軟體服務貢獻、全球覆蓋範圍和營運效率。

Our incremental gross profit yield of 82% in 2025 demonstrates that each incremental cloud communications revenue dollar converts at highly attractive economics.

我們預計到 2025 年，增量毛利率將達到 82%，這表明每一美元的雲端通訊增量收入都能帶來極具吸引力的經濟效益。

This is the foundation of our operating leverage, driving long-term profitability and creating a meaningful competitive advantage for large enterprises that require consistent quality at scale. Third, we continue to see strong traction in large deals.

這是我們營運槓桿的基礎，它能推動長期獲利，並為需要大規模穩定品質的大型企業創造顯著的競爭優勢。第三，我們在大型交易方面持續取得強勁進展。

In 2025, we closed a record number of $1 million plus deals. These larger deals not only contribute to near-term growth, but also create long-term expansion opportunities as customers increase usage and adopt additional services.

2025年，我們完成了創紀錄的百萬美元以上交易數量。這些大額交易不僅有助於近期成長，而且隨著客戶使用量的增加和更多服務的採用，也為長期擴張創造了機會。

Fourth, we see a growing opportunity to expand relationships through upsell and cross-sell. Software services are becoming a more meaningful part of our value proposition and our financial model.

第四，我們看到透過追加銷售和交叉銷售拓展客戶關係的機會日益增加。軟體服務在我們價值主張和財務模式中正扮演著越來越重要的角色。

These solutions complement our communications cloud, deepen customer engagement, increase platform stickiness and support continued progress toward margin expansion over time.

這些解決方案與我們的通訊雲相輔相成，加深了客戶互動，提高了平台黏性，並支持我們隨著時間的推移不斷擴大利潤率。

We exited fourth quarter of 2025 with software services revenue at an approximate $15 million annualized run rate, driven by solutions that are increasingly attached to core voice usage such as Maestro, Call Assure and our trust services offerings.

截至 2025 年第四季末，我們的軟體服務收入年化運行率約為 1500 萬美元，這主要得益於 Maestro、Call Assure 和我們的信任服務等與核心語音使用日益緊密相關的解決方案。

Our year-end annualized run rate was meaningfully ahead of the $10 million expectation that we expressed a few months ago. Notably, software is now attached to all $1 million plus deals.

我們年底的年化運行率顯著高於幾個月前我們預期的1000萬美元。值得注意的是，現在所有超過100萬美元的交易都包含軟體。

These solutions are embedded into customers communication stacks, producing recurring high-margin revenue streams that scale with usage. Finally, our model is designed to grow profitably.

這些解決方案嵌入到客戶的通訊架構中，產生可隨使用量成長而擴展的、高利潤的持續性收入流。最終，我們的模式旨在實現獲利成長。

We are focused on scaling the business in a disciplined way, balancing growth with operating leverage, margin expansion and cash generation.

我們專注於以嚴謹的方式擴大業務規模，在成長與營運槓桿、利潤率擴張和現金流產生之間取得平衡。

As we continue to execute, we believe Bandwidth is positioned to deliver sustainable revenue growth, expanding margins and increasing long-term value creation. Regarding capital allocation, our business is strong and set to generate continued meaningful free cash flow.

隨著我們持續推進各項舉措，我們相信 Bandwidth 已做好充分準備，實現可持續的收入成長、利潤率提升並創造更多長期價值。在資本配置方面，我們的業務穩健，並將持續產生可觀的自由現金流。

After focusing since 2023 on reaching the 2026 margin metrics we previously outlined, we are pleased to announce, as David mentioned, that our Board of Directors has authorized an inaugural share repurchase program of up to $80 million in common stock.

自 2023 年以來，我們一直致力於實現先前概述的 2026 年利潤率指標。正如 David 所提到的，我們很高興地宣布，我們的董事會已批准一項高達 8000 萬美元的首次普通股回購計畫。

Our balanced capital strategy involves both this new share repurchase program and our largest investment in research and development in company history this year to accelerate innovation across our AI portfolio.

我們均衡的資本策略包括這項新的股票回購計劃，以及今年公司史上規模最大的研發投資，以加速我們人工智慧產品組合的創新。

This dual approach gives Bandwidth the flexibility to capitalize on market opportunities when they arise while actively managing dilution to enhance shareholder value.

這種雙管齊下的方法使 Bandwidth 能夠靈活地抓住市場機會，同時積極管理股權稀釋，以提高股東價值。

In closing, we believe our performance in 2025 and our outlook for 2026 demonstrate the strength and durability of Bandwidth's business.

最後，我們相信我們在 2025 年的業績以及我們對 2026 年的展望將證明 Bandwidth 業務的實力和持久性。

We are encouraged by continued voice growth, the incremental usage driven by AI-enabled applications and the expanding contribution from software and services, all supported by the strength of our business model and sustained operational performance.

語音業務的持續成長、人工智慧應用帶來的增量使用以及軟體和服務貢獻的不斷擴大，都令我們倍感鼓舞，而這一切都得益於我們強大的商業模式和持續的營運績效。

We're also proud of how we're embracing AI across our business. Recently, Bandwidth was honored to be recognized by Gartner as a first mover in the deployment of AI for investor relations.

我們也為公司在各個業務領域積極應用人工智慧而感到自豪。最近，Bandwidth 很榮幸被 Gartner 評為在投資者關係領域率先部署人工智慧的企業。

We believe this mindset, combining innovation with operational excellence, positions Bandwidth well for the future. With that, I'll turn the call back to the operator for questions.

我們相信，這種將創新與卓越營運相結合的理念，將使 Bandwidth 在未來佔據有利地位。接下來，我會把電話轉回給接線生，回答大家的問題。

(Operator Instructions) Arjun Bhatia with William Blair.

（操作說明）Arjun Bhatia 與 William Blair。

Maybe if I can start off first, just I want to touch on the enterprise voice segment. It seems like you're clearly signaling you're getting good enterprise demand there and software services as a part of that is also ticking up.

或許我可以先從企業語音領域談起。你們似乎已經明確表示，企業對這方面的需求很好，而且相關的軟體服務也穩定成長。

I was hoping you could just touch a little bit on what you saw in terms of Q4 trends and the growth rate. I think if I'm backing into some sort of an implied Q4 growth rate for enterprise voice specifically, there was a little bit of a tick down.

我希望您能簡要談談您對第四季度趨勢和成長率的看法。我認為，如果我推斷企業語音業務第四季的成長率，可能會略有下降。

So I was hoping you could address that. And then talk about outlook in 2026 as well, especially with those large deals starting to contribute, how much of a bump and tailwind could that be next year?

所以我希望您能談談這個問題。另外，也請您談談2026年的前景，特別是隨著那些大型交易開始發揮作用，明年它們能帶來多大的成長和利好？

This is Daryl. Thanks for joining the call. We appreciate the question. There was about 10 questions in there. So let me start with, and I'm grateful for that. Let me start with the growth rates in terms of enterprise for the fourth quarter.

我是達裡爾。感謝您參加電話會議。我們非常感謝您的提問。這次會議大約有十個問題。那麼，讓我先從第四季企業成長率的問題開始，我對此深表感謝。

We did have acceleration last year with some deployments of customers. So we had a little bit of a lapping and tougher compare, for a quarter.

去年，隨著一些客戶部署專案的推進，我們的業績確實有所加速成長。因此，該季度我們面臨一定的年比波動，業績比較也更加艱難。

We are real pleased with the annual rate of 21%. Again, with a record number of $1 million plus deals, we see that deployment and ramping into 2026, driving the growth that we've called for, for enterprise.

我們對21%的年增長率非常滿意。此外，隨著超過100萬美元的交易數量創下新高，我們預計到2026年，部署和成長將推動我們所期望的企業級成長。

So we're projecting a very healthy growth again in enterprise going forward into the new year. In terms of software services contribution, absolutely. As we said, each of the $1 million plus deals and really nearly every deal includes software services now as an upsell, cross-sell, add-in feature.

因此，我們預計企業業務在新的一年將再次實現非常健康的成長。就軟體服務貢獻而言，情況確實如此。正如我們所說，所有超過100萬美元的交易，實際上幾乎所有交易都包含軟體服務，作為追加銷售、交叉銷售或附加功能。

We think that it's becoming critical to the, for the customer in terms of the value that it provides. The value proposition is just dramatically clear to them.

我們認為，就其提供的價值而言，這對客戶來說變得越來越重要。其價值主張對他們來說非常清晰。

The benefits that we accrue as a company are as I articulated previously, which is around stickiness as well as durability and as well as allowing us to continue to expand and cross-sell and upsell. So did I capture the bulk of your questions, Arjun? Is there something that I might have missed?

正如我之前所說，我們公司獲得的收益體現在客戶黏著性和持久性上，也體現在能夠讓我們持續擴張、交叉銷售和向上銷售。那麼，Arjun，我是否涵蓋了你的大部分問題？還有什麼我可能遺漏的嗎？

Yeah. No, that's super helpful. You touched on all of it. And then actually, Daryl, a follow-up for you. Just in terms of 2026, can you just help us understand how you're thinking through political contribution? And should we comp that to 2022? Or what's the kind of right cadence?

是的，這真的很有幫助。你都談到了。還有，達裡爾，我還有一個後續問題。就2026年而言，你能幫我們理解一下你對政治捐款的看法嗎？我們應該把它和2022年的情況做比較嗎？或者說，合適的節奏應該是怎麼樣的？

Yeah. I'm glad you asked. We've guided to 15% revenue growth, 10% cloud communications growth. The midterm elections are different from the presidential elections in the, since that the presidential elections, the caucuses and the early primaries would have already started two years ago, and we would have more visibility.

是的，很高興你問到這個問題。我們預計營收成長15%，雲端通訊業務成長10%。中期選舉與總統選舉有所不同，因為總統選舉的黨團會議和早期初選早在兩年前就已經開始，我們對選舉結果會有更清晰的了解。

The midterms are more state local. They don't really have the presidential primaries. They start later in the season, say, mid-summer-ish time frame is where we may see benefit.

中期選舉較多是州級地方選舉，沒有總統初選。中期選舉開始時間較晚，大約在仲夏前後，我們或許能從中受益。

Based on what we're seeing and speaking and hearing from our customers, we think that the political campaign contribution this year will be roughly 2.5% of cloud communications revenue, and we will keep monitoring that.

根據我們從客戶那裡看到、聽到和了解到的情況，我們認為今年的政治競選捐款將約佔雲端通訊收入的 2.5%，我們將繼續關注這一情況。

We don't really experience, don't plan to experience anything in the first half of the year, but we'll keep monitoring that. It's good to say that four years ago, we were making the remark that our political campaign customers were beginning to diversify, that they weren't really just appearing for like a and then going back into the ground, that they were beginning to diversify their business models.

我們目前沒有遇到任何問題，也不打算在今年上半年遇到任何問題，但我們會持續關注。值得一提的是，四年前我們就曾指出，我們的政治競選客戶開始多元化發展，他們不再只是曇花一現，而是開始嘗試多元化他們的商業模式。

Four years on, they truly have. So these customers are really durable for us in terms of civic engagement and other commercial types of messaging business as well as they scale up and down for the political content.

四年過去了，事實的確如此。因此，就公民參與和其他商業類型的宣傳業務而言，這些客戶對我們來說非常穩定，而且他們也會根據政治內容的需求靈活調整規模。

So we're really happy with that. And we'll see maybe about 2.5%. But we'll update you again next quarter as we get better visibility into the year.

我們對此非常滿意。預計成長率約為2.5%。但下個季度我們會再次向您匯報，屆時我們將對全年業績有更清晰的了解。

Erik Suppiger with B. Riley Securities.

Erik Suppiger，B. Riley Securities公司。

First, can you just discuss or give us some context around the dynamics between the cloud communication growth outlook for 10% and the total revenue growth of 15%. Why is there a significant difference between those two?

首先，能否請您談談雲端通訊成長預期10%與總營收成長15%之間的動態關係，或是提供一些背景資訊？為什麼這兩者之間有顯著差異？

Well, that would be the difference in surcharge growth rate for carrier messaging surcharges. Last year, you will have noticed in our reported results that surcharge growth was relatively tame, very moderate.

嗯，這指的是營運商簡訊附加費成長率的差異。去年，您可能已經注意到，在我們公佈的業績報告中，附加費的成長相對溫和，非常適中。

It was dampened by the carrier pricing environment where there was really only one noticeable price increase by a carrier on surcharges last year. So surcharge growth last year for us on a reported basis was simply due to our continued messaging volume growth.

營運商的定價環境抑制了這一成長，去年只有一家業者明顯提高了附加費。因此，我們去年報告的附加費成長僅是由於我們簡訊量的持續成長所致。

This year, and just one note, I think this is David. Sorry to interrupt, Daryl. I think you mentioned topline total growth at 15%, it's actually 16%.

今年還有一點要補充，我想這位是戴維。不好意思打斷一下，達裡爾。你之前提到總營收成長15%，實際上是16%。

Yes. Sorry, yes, correct, that 16% and 10%, 16% and 10%. This year, preceding our guide that we just released, we've all, two carriers, I won't go to the effort to name them, but two major carriers have already announced price increases that have gone into effect and will be going into effect in the next month or so.

是的。抱歉，是的，沒錯，是16%和10%，16%和10%。今年，在我們剛發布的指南之前，有兩家航空公司——我就不點名了——已經宣布了價格上漲，並且在接下來的一個月左右將繼續生效。

So we've had, we've taken those price increases into account in our guide.

所以，我們已經將這些價格上漲因素考慮在內，並納入了我們的指南中。

And just critically, those are pass-through surcharges. So they aren't margin important at all for us. And cloud comms importantly, has become, as Daryl mentioned, so durable that we're projecting forward to achieve double-digit cloud communications growth irrespective of political seasons altogether.

關鍵在於，這些都是轉嫁附加費。所以它們對我們的利潤率來說根本不重要。而且，正如達裡爾所提到的，雲端通訊已經變得非常穩定，以至於我們預期未來無論政治情勢如何，雲端通訊都能實現兩位數的成長。

Okay. Second question, Twilio had noted a significant increase in their voice traffic. I'm wondering if you're seeing evidence of them getting more competitive on the voice side of the CPaaS market.

好的。第二個問題，Twilio 注意到他們的語音流量顯著成長。我想知道您是否看到有證據表明他們在 CPaaS 市場的語音領域變得更具競爭力。

We are not. The customer examples we cited in our script were win aways from Verizon in two of the cases, from AT&T in one of the cases and from a smaller carrier in the final case, and none of those was Twilio relevant.

我們並非如此。我們在腳本中引用的客戶案例中，有兩個是從 Verizon 那裡爭取來的，一個是從 AT&T 那裡爭取來的，最後一個是從一家規模較小的運營商那裡爭取來的，這些案例都與 Twilio 無關。

Patrick Walravens at Citizens.

《公民》雜誌的派崔克·瓦爾拉文斯。

Congratulations to you guys. Dave, can you, I actually have two questions. But the first one is, can you talk a little bit more about the insurance example that you gave us?

恭喜你們！戴夫，我其實有兩個問題。第一個問題是，你能再詳細說說你​​剛才舉的保險例子嗎？

And you said that you were working with Google Conversational AI on that. Can you just explain what exactly they were doing, what you do and what the potential is to do more of those kinds of deals with Google?

您提到您曾與Google對話式人工智慧團隊合作進行這項工作。您能否具體解釋一下他們具體在做什麼，您自己又在做什麼，以及未來與Google開展更多此類合作的潛力如何？

So absolutely. The most important aspect of that customer case is the complex pre-existing Cisco environment for their contact center and the need that this very large household name insurance company had to integrate Google's AI solution within that environment.

沒錯。這個客戶案例最重要的方面是他們呼叫中心原有的複雜的思科環境，以及這家家喻戶曉的大型保險公司需要將谷歌的人工智慧解決方案整合到該環境中。

And so orchestration among chosen best-of-breed AI solutions is vital, was vital for them and Maestro from us is perfect. And that's what facilitated that opportunity.

因此，協調運用精選的頂尖人工智慧解決方案至關重要，對他們來說也至關重要，而我們的 Maestro 正是完美之選。正是這一點促成了這次合作機會。

And in the other cases, if some of our other customers chose differently to go with Google or to go with someone else, again, Maestro is ideally situated to give flexibility at scale for these enterprise customers to navigate what is the most fluid and dynamic changing AI environment imaginable.

在其他情況下，如果我們的其他一些客戶選擇使用 Google 或其他服務商，Maestro 也能夠為這些企業客戶提供規模化的靈活性，幫助他們應對瞬息萬變的 AI 環境。

All right, great. And my second question is for every stock that we cover, really, it's become all about is the incredibly rapid increases in AI good or bad for this business?

好的，太好了。我的第二個問題是，對於我們報道的每一隻股票，實際上都變成了：人工智慧的快速發展對這家公司來說是好是壞？

And what are the moats that the business has to prevent larger new AI companies from coming in and somehow disrupting their business. How would you explain that to shareholders? What are your moats?

企業有哪些護城河可以抵禦規模較大的新興人工智慧公司進入市場並顛覆其業務？您會如何向股東解釋這一點？您的護城河是什麼？

So the first part of your question is as interesting, and I will get to moats. As to the relevance of AI for Bandwidth as a tailwind, we are deeply convicted that the need for intelligent voice agents to communicate across every imaginable channel with the empathy and intelligence to answer questions of all kinds means that for us, and we're already seeing this in our voice growth and acceleration for us, it's an amazing moment.

所以，你問題的第一部分很有意思，關於護城河，我稍後會談到。至於人工智慧對頻寬業務發展帶來的推動作用，我們深信，我們需要智慧語音代理能夠透過各種管道進行溝通，並具備同理心和智能，回答各種各樣的問題。這意味著，對我們來說，這是一個激動人心的時刻——我們已經從語音業務的成長和加速發展中看到了這一點。

It may not manifest as fast as the work-from-home dynamic that occurred back in the early 2020s, but it will ultimately be far more durable and persistent as the next billion users of the global PSTN that we have a footprint for are voice agents acting on our behalf in wonderful, delightful ways.

它可能不會像 2020 年代初出現的居家辦公模式那樣迅速顯現，但最終它將更加持久和穩定，因為我們所覆蓋的全球 PSTN 的下一個十億用戶將以美妙、令人愉悅的方式代表我們行事，而語音代理也將如此。

What kind of a moat do we have? We have a moat that is a mile wide, filled with oil and lit on fire. Very difficult to cross because you have to cross it at the speed of government across 80 plus countries.

我們擁有什麼樣的護城河？我們擁有一條寬達一英里的護城河，裡面注滿了油，還點燃了。這條護城河非常難渡過，因為你必須以橫跨80多個國家的政府的速度渡過它。

We have interconnections with all the global incumbents necessary to provide immediate footprint, again, to the next billion voice agents. We own and operate this infrastructure.

我們與所有必要的全球領導者建立了互聯互通，能夠立即為下一個十億語音客服人員提供服務。我們擁有並經營這套基礎設施。

It's across the globe. That gives us a structural margin and cost advantage, which is why we've grown gross margins from 47% to now 60% during the time that we've been a public company.

我們的業務遍及全球。這為我們帶來了結構性的利潤率和成本優勢，這也是為什麼我們上市以來毛利率從 47% 增長到現在的 60% 的原因。

Our ARPU per customer is exploding because of their adoption of our different software services. And again, we're focused on the enterprise and the agents that are lining up to be able to engage globally in use cases that are awesome.

由於客戶廣泛採用我們的各種軟體服務，我們的每位客戶平均收入 (ARPU) 正在爆炸式增長。此外，我們仍然專注於企業客戶，以及那些渴望在全球範圍內參與各種精彩應用案例的代理商。

Joshua Reilly at Needham.

約書亞·雷利在尼德姆。

How should we think about the pipeline for voice AI relative to other voice opportunities here heading into '26? And does that remain a relatively low overall mix of voice revenue today?

展望2026年，我們該如何看待語音人工智慧的發展前景，以及它與其他語音技術機會之間的關係？目前語音技術在整體收入中所佔的比例是否仍相對較低？

And is 2026 maybe kind of the inflection point where voice AI use cases are ramping in the marketplace and your overall revenue base?

2026 年是否會成為語音 AI 應用案例在市場和整體收入基礎方面迅速增長的轉捩點？

It's a really good question, Josh. AI is a component of all enterprise conversations with Maestro attaching to almost, actually to every enterprise deal. So it's really a degree question. It's not whether or not AI is germane to these enterprise conversations.

喬什，你問得真好。人工智慧是所有企業對話的組成部分，Maestro幾乎參與了每一筆企業交易。所以這其實是程度問題，而不是人工智慧是否與這些企業對話相關的問題。

It's to what extent does the revenue of that motion manifest. And your primary question is, when is the inflection point in voice growth driven by AI disproportionately or more heavily?

關鍵在於這種趨勢帶來的收益能達到什麼程度。而你的主要問題是，人工智慧何時會不成比例地或更強烈地推動語音領域的成長？

And what we believe, having for two years, been focused on this moment, what we believe is that we are seeing, whether it's the developer channel that's quadrupled as we talked about on our script, or the enterprise use cases that are proliferating, this year is a vital year to watch and observe and see the results from AI adoption and voice hit the top and bottom line.

我們相信，經過兩年的關注，我們看到，無論是開發者管道（正如我們在腳本中提到的那樣增長了四倍），還是企業用例的激增，今年都是至關重要的一年，值得我們密切關注和觀察人工智能和語音技術的採用對企業營收和利潤的影響。

That's the year that we're in. We've captured that in our projection for 16% topline growth and 10% cloud communications growth. And again, we're disciplined as a team.

這就是我們目前所處的年份。我們已將此因素納入預測，預計營收將成長16%，雲端通訊業務將成長10%。再次強調，我們團隊一向嚴謹自律。

So 20% EBITDA margins render our overall business plan, I think, very strong. But we think this is a vital year for AI adoption to go from experimenting to real scale and deployment.

因此，我認為20%的EBITDA利潤率使我們的整體商業計劃非常強勁。但我們認為，今年是人工智慧應用從試驗階段過渡到真正規模化和部署的關鍵一年。

Got it, very helpful. And then you mentioned reaching a record number of $1 million plus deals. I think that was for the year of 2025, not the quarter, correct me if I'm wrong there. Could you just share a bit more about the composition of some of these newer Global 2000 deals?

明白了，很有幫助。您剛才提到達成了超過100萬美元交易數量的新紀錄。我記得那是2025年全年的數據，不是季度數據，如果我記錯了請指正。您能否詳細介紹一下這些新近達成的全球2000強交易的具體構成？

Is there functionality that they're asking for today that they weren't a couple of years ago? And maybe is that one of the key reasons that's helping you win against some of the legacy telcos?

他們現在提出的功能需求是否與幾年前不同？這或許是你們能夠戰勝一些傳統電信業者的關鍵原因之一？

Terrific question. We closed more $1 million plus deals in all of '25 than we did in '23 and '24 combined precisely for the reason that you're asking about.

問得好。 2025年我們達成的百萬美元以上交易數量比2023年和2024年加起來還要多，原因正是你所問的。

The product portfolio has expanded to really answer the key questions on value prop. And we've got here with us, our Chief Product Officer, John Bell, and I'll just invite him to add to my answer.

產品組合的擴展真正解答了有關價值主張的關鍵問題。我們今天邀請到了首席產品長約翰·貝爾，我請他補充我的回答。

Yeah. Maestro has been very, had a strong enterprise value proposition around integration, supporting the move to the cloud.

是的。 Maestro一直以來都非常注重整合方面的企業價值主張，支持向雲端遷移。

In all of these conversations we have with enterprises, it is really about now the move to AI. And so the move to AI is reinforcing the value proposition and showing up in these customer conversations.

在我們與企業的所有對話中，真正的主題都是轉型為人工智慧。因此，向人工智慧轉型正在強化價值主張，並在與客戶的對話中不斷凸顯。

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

謝謝。今天的問答環節和電話會議到此結束。感謝各位參加今天的報告。您可以掛斷電話了，祝您有美好的一天。