Bandwidth Inc. (BAND) 2026 Q2 法說會逐字稿

Hello, ladies and gentlemen, thank you all for standing by. My name is Mark, and I will be your conference operator for today. At this time, I would like to welcome everyone to the Bandwidth's second quarter 2026 earnings call. (Operator Instructions)

各位女士、先生，大家好，感謝各位稍候。我叫 Mark，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 Bandwidth 2026 年第二季財報電話會議。（接線員指示）

And I would now like to turn the call over to Nils Erdmann, Senior Vice President, Investor Relations. Please go ahead.

接下來我想把電話會議交給投資人關係資深副總裁 Nils Erdmann。請開始。

Thank you, Operator. Good morning, and welcome to Bandwidth's second quarter 2026 earnings conference call. I'm joined today by David Morken, Chief Executive Officer, and Daryl Raiford, Chief Financial Officer. We will begin with prepared remarks and then open up the call for Q&A.

謝謝，接線員。各位早安，歡迎參加 Bandwidth 2026 年第二季財報電話會議。今天與我一同出席的有執行長 David Morken，以及財務長 Daryl Raiford。我們將先進行事先準備的發言，接著開放問答。

During this call, we will make forward-looking statements, including statements related to our future financial performance, expectations regarding the growth of our business, our outlook for the third quarter and full year 2026, and other indications of future opportunities. These forward-looking statements are subject to certain risks, uncertainties, and assumptions, and actual results may differ materially. These forward-looking statements represent our beliefs and assumptions only as of today.

在本次電話會議中，我們將發表前瞻性陳述，包括與我們未來財務表現、對業務成長的預期、對 2026 年第三季與 2026 全年的展望，以及其他未來機會的指標相關之陳述。這些前瞻性陳述受若干風險、不確定性與假設影響，實際結果可能出現重大差異。這些前瞻性陳述僅代表截至今日我們的信念與假設。

We undertake no obligation to revise or update any statements to reflect changes that occur after this call. Further information on factors and other risks that could cause actual results to differ materially from these forward-looking statements is included in our reports filed with the SEC, including our most recent Form 10-K and our forthcoming Form 10-Q, and in our second quarter earnings press release and earnings presentation that were issued this morning.

我們不承擔任何義務就本次電話會議後發生的變化修訂或更新任何陳述。有關可能導致實際結果與這些前瞻性陳述出現重大差異之因素及其他風險的更多資訊，載於我們向美國證券交易委員會（SEC）提交的報告中，包括我們最近一期的 Form 10-K 與即將提交的 Form 10-Q，以及我們今早發布的第二季財報新聞稿與財報簡報。

During the call, we refer to certain metrics, including non-GAAP financial measures. Definitions of these non-GAAP metrics and other operating metrics, as well as reconciliations with the most comparable historical GAAP measures, are available in our earnings press release and our earnings presentation, both of which can be found on the Investor Relations page of our website at investors.bandwidth.com.

在本次電話會議中，我們將提及若干指標，包括非 GAAP 財務衡量指標。這些非 GAAP 指標與其他營運指標的定義，以及與最可比之歷史 GAAP 指標的調節表，均可在我們的財報新聞稿與財報簡報中查閱；兩者皆可於我們網站 investors.bandwidth.com 的投資人關係頁面取得。

With that, I will now turn the discussion over to David.

接下來，我把討論交給 David。

Thank you, and welcome, everyone. We are pleased to report outstanding second quarter results with revenue and profitability exceeding expectations. Based upon our performance, we are raising our full-year financial outlook. AI is changing how enterprises buy communications infrastructure, shifting the decision toward providers that can support mission-critical AI interactions. AI and AI voice agents are driving customers to highly value our services that provide trust, compliance, and global performance.

謝謝，也歡迎各位。我們很高興報告第二季表現亮眼，營收與獲利能力均超出預期。基於我們的表現，我們上調全年財務展望。AI 正在改變企業採購通訊基礎設施的方式，使決策更傾向於能支援關鍵任務 AI 互動的供應商。AI 與 AI 語音代理正促使客戶高度重視我們所提供的信任、合規與全球效能服務。

This is creating numerous strategic opportunities for Bandwidth. We're capitalizing on this shift to secure larger customer wins across a wide range of AI-native companies, Global 2000 enterprises, hyperscalers, and software platforms. And we're innovating to strengthen our competitive position, growing faster and creating durable long-term shareholder value.

這為 Bandwidth 創造了眾多策略性機會。我們正把握這一轉變，在各類 AI 原生公司、全球 2000 大企業、超大規模雲端業者（hyperscalers）以及軟體平台中，拿下更大型的客戶案與勝利。同時，我們持續創新以強化競爭地位，加速成長並創造可持續的長期股東價值。

In the second quarter, these themes yielded revenue growth of 22%, EBITDA growth of 27%, and five new $1 million-plus customer wins and expansions. Additionally, we strengthened our balance sheet with a convertible notes offering in June. This offering reduces our financing costs, retires the large bulk of our 2028 maturity, and reinforces our capacity to invest profitably in AI voice infrastructure. Daryl will walk through the details shortly.

在第二季，這些主題帶來 22% 的營收成長、27% 的 EBITDA 成長，以及 5 個新增與擴張的年化 100 萬美元以上客戶案。此外，我們於 6 月透過可轉換公司債發行強化了資產負債表。此項發行降低了我們的融資成本，償還了 2028 年到期債務中的大部分，並強化我們在 AI 語音基礎設施上進行具獲利性投資的能力。Daryl 稍後將說明細節。

I'd like to thank our customers for trusting Bandwidth with their most important customer interactions. I'd also like to thank our bandmates, whose passion for innovation and serving customers continues to set us apart. And I thank God for the opportunity to serve alongside such an exceptional team.

我要感謝我們的客戶，將他們最重要的客戶互動託付給 Bandwidth。我也要感謝我們的 bandmates（團隊夥伴），他們對創新與服務客戶的熱情持續讓我們脫穎而出。我也感謝上帝，讓我有機會與如此卓越的團隊一同服務。

A year ago, AI came up in only a fraction of our customer conversations. Today, it leads nearly every time. Whether we're talking with AI-native startups, global enterprises, or hyperscalers, they're increasingly reaching the same conclusion. AI is only as good as the communications platform it runs on. That means customer buying decisions are now driven by a partner's ability to consistently deliver the trusted, compliant, high-performance communications foundation that production AI demands.

一年前，AI 只在我們與客戶對話中的一小部分被提及。而今天，它幾乎每次都成為主軸。無論我們與 AI 原生新創、全球企業或超大規模雲端業者交流，他們愈來愈常得出相同結論。AI 的好壞取決於其運行所依賴的通訊平台。這意味著，客戶的採購決策如今由合作夥伴能否持續提供生產級 AI 所需的可信、合規、高效能通訊基礎所驅動。

We're seeing that shift play out across every category of our business. A great example is one of the fastest-growing AI-native voice agent developers, which we signed in the second quarter. As the company scaled, they quickly outgrew the provider they used to initially build their business. To serve larger enterprises, they needed the higher-quality voice infrastructure, global reach, regulatory compliance, and higher control, observability, and auditability that Bandwidth provides.

我們看到這一轉變正在我們業務的每個類別中上演。一個很好的例子是我們在第二季簽下的一家成長最快的 AI 原生語音代理開發商。隨著該公司規模擴張，他們很快就超越了最初用來建立業務的供應商能力。為了服務更大型的企業客戶，他們需要 Bandwidth 所提供的更高品質語音基礎設施、全球覆蓋、法規合規，以及更高程度的控制、可觀測性與可稽核性。

This win demonstrates something we're seeing across this space. Many AI-native companies began with speed and experimentation. As they mature into enterprise platforms, we see them needing high-performing, trusted communications infrastructure that can support production workloads around the world. That's exactly where Bandwidth is uniquely positioned and where our business model creates more value.

這項勝利展示了我們在此領域普遍看到的現象。許多 AI 原生公司起步時追求速度與實驗。當它們成熟為企業級平台時，我們看到它們需要高效能、可信的通訊基礎設施，以支援全球各地的生產工作負載。這正是 Bandwidth 具備獨特定位之處，也是我們的商業模式能創造更多價值之所在。

As agentic voice adds more legs to every interaction, each of those legs becomes a new source of usage on our platform: sentiment analysis, transcription, translation, and orchestration between systems. We're also making it easier for these next-generation AI companies to build on our platform. In June, we introduced Bandwidth Build, enabling authenticated AI agents to autonomously provision and launch communication services on our network. We're already seeing early sign-ups generating real traffic.

隨著代理式語音（agentic voice）為每一次互動增加更多「環節」，每個環節都成為我們平台上的新使用量來源：情緒分析、轉錄、翻譯，以及系統間的協同編排（orchestration）。我們也在讓這些新一代 AI 公司更容易在我們的平台上建置。6 月，我們推出 Bandwidth Build，使經驗證的 AI 代理能在我們的網路上自主配置並啟動通訊服務。我們已看到早期註冊開始產生實際流量。

As AI voice agents proliferate, we're ensuring Bandwidth is easy to discover, authenticate with, integrate, and deploy. Every major frontier AI lab is racing toward the same conclusion, that the primary way people will engage with AI is through speaking and listening. This is a conclusion being heard by our customers around the world. They require the same carrier-grade, regulated global voice network we've spent two decades building.

隨著 AI 語音代理快速普及，我們正確保 Bandwidth 易於被發現、完成身分驗證、整合並部署。每一家主要的前沿 AI 實驗室都在競相走向同一個結論：人們與 AI 互動的主要方式將是透過說與聽。這個結論也正被全球各地的客戶所聽見。他們需要的正是我們花了二十年打造的同一套電信等級、受監管的全球語音網路。

And it's why we're already integrating leading voice agents into Maestro, so our customers can deploy them faster and with more control over their voice AI tech stack. And there are elements of that voice AI tech stack infrastructure, which belong closer to the end user in our global network in order to perform faster, better, and more cost-effectively.

這也是為什麼我們已開始把領先的語音代理整合進 Maestro，讓客戶能更快部署，並對其語音 AI 技術堆疊擁有更多控制力。此外，語音 AI 技術堆疊基礎設施中有些要素，應更靠近我們全球網路中的終端使用者，才能以更快、更好且更具成本效益的方式運作。

We're seeing those same AI-driven requirements translate into larger opportunities with Global 2000 enterprises as they modernize customer engagement for the next generation of AI-enabled experiences. That trend continued in the second quarter with five new $1 million-plus customer wins and expansions, 100% of which included Maestro or AI services.

我們看到同樣由 AI 驅動的需求，正轉化為全球 2000 大企業在為下一代 AI 賦能體驗而現代化客戶互動時的更大商機。這一趨勢在第二季持續延伸，新增與擴張的 100 萬美元以上客戶贏單共五筆，且其中 100% 都包含 Maestro 或 AI 服務。

A great example is a growing healthcare system operating dozens of hospitals and 400 clinics across five states in the Midwest. This $1 million-plus opportunity came through one of our channel partners, as the customer needed to modernize their complex legacy environment for the cloud. They selected Bandwidth's Communications Cloud and Maestro orchestration platform for our native Webex Calling integration, automated migration capabilities that reduce porting times from weeks to days, and centralized operational control.

一個很好的例子是一個正在成長的醫療體系，在美國中西部五個州營運數十家醫院與 400 家診所。這個 100 萬美元以上的商機是透過我們的一位通路合作夥伴而來，因為客戶需要將其複雜的既有傳統環境現代化以遷移至雲端。他們選擇了 Bandwidth 的 Communications Cloud 與 Maestro 編排平台，原因包括我們原生的 Webex Calling 整合、可將攜碼時間從數週縮短至數天的自動化遷移能力，以及集中式營運控管。

This modernization with Bandwidth creates a foundation for the customer's planned cloud contact center adoption and future AI-enabled communications. Another new $1 million-plus customer is a leading European appliance care and warranty provider that selected Bandwidth to modernize its customer engagement platform.

透過 Bandwidth 進行的這項現代化，為客戶規劃中的雲端聯絡中心導入與未來 AI 賦能通訊奠定基礎。另一位新的 100 萬美元以上客戶，是一家領先的歐洲家電維修與保固服務供應商，選擇 Bandwidth 來現代化其客戶互動平台。

Operating across multiple European markets left the customer with a fragmented communications environment across different incumbent carriers and regulatory requirements in each country. The customer simplified that complexity by consolidating onto a single trusted communications partner. Bandwidth's Global Communications Cloud, combined with our native Genesys Cloud BYOC integration, enables the customer to improve performance, simplify operations, and increase control across its European communications environment.

在多個歐洲市場營運，使該客戶在不同既有電信業者之間，以及各國不同的法規要求下，形成碎片化的通訊環境。客戶透過整合到單一可信賴的通訊合作夥伴，簡化了這種複雜性。Bandwidth 的 Global Communications Cloud 結合我們原生的 Genesys Cloud BYOC 整合，使客戶能提升效能、簡化營運，並在其歐洲通訊環境中提高掌控力。

As the customer expands its use of AI within Genesys Cloud, it will do so on our trusted carrier-grade infrastructure required to deliver those experiences at scale. In addition to these new logos, here are three $1 million-plus examples of existing customers deepening their strategic partnerships with Bandwidth. A global electronic brokerage serving investors in more than 200 countries expanded a multi-year messaging relationship into global voice, replacing regional carriers across its highly regulated markets with one global partner in Bandwidth.

隨著客戶在 Genesys Cloud 中擴大 AI 的使用，他們將在我們值得信賴、電信等級的基礎設施上進行，以滿足大規模交付這些體驗的需求。除了這些新客戶標誌之外，以下是三個 100 萬美元以上的例子，展示既有客戶如何加深與 Bandwidth 的策略合作夥伴關係。一家服務超過 200 個國家投資人的全球電子券商，將多年期的訊息合作關係擴展至全球語音，並以 Bandwidth 這個全球合作夥伴取代其在高度監管市場中的區域電信業者。

And one of our longest-standing hyperscaler partners significantly expanded our role supporting a key digital service internationally, which is continued proof that as these partners scale their AI and cloud platforms, they scale on Bandwidth. We also saw this pattern in messaging with a $1 million-plus existing customer expansion by one of the largest text messaging platforms in the US, serving approximately 2,500 brands. This customer had been managing traffic across six different vendors.

此外，我們最長期合作的超大規模雲端（hyperscaler）夥伴之一，顯著擴大了我們在國際上支援其一項關鍵數位服務的角色，這再次證明當這些夥伴擴展其 AI 與雲端平台時，也是在 Bandwidth 上擴展。我們也在訊息業務中看到同樣模式：美國最大的簡訊平台之一（服務約 2,500 個品牌）帶來一筆 100 萬美元以上的既有客戶擴張。該客戶先前一直在六家不同供應商之間管理流量。

As their business scaled, they needed more capacity, better deliverability, and stronger digital campaign management. Consolidating with Bandwidth, they've moved over 95% of their messaging volume onto our platform. We now support their business across all key channels and expect to add RCS as they evaluate a 2027 launch.

隨著其業務規模擴大，他們需要更高的容量、更好的送達率，以及更強的數位活動管理能力。在與 Bandwidth 整合後，他們已將超過 95% 的訊息量遷移到我們的平台上。我們現在在所有關鍵通路上支援其業務，並預期在他們評估於 2027 年推出之際加入 RCS。

This is a strong example of how our messaging business continues to win when customers need scale, deliverability, and operational discipline, not just volume. We announced in March that Salesforce selected Bandwidth as its exclusive critical infrastructure partner for voice and messaging within Agentforce Contact Center.

這是一個強而有力的例子，說明當客戶需要的是規模、送達率與營運紀律，而不只是量體時，我們的訊息業務仍能持續勝出。我們在三月宣布，Salesforce 選擇 Bandwidth 作為其 Agentforce Contact Center 中語音與訊息的獨家關鍵基礎設施合作夥伴。

Salesforce has publicly discussed customer momentum following the March launch, including wins across both mid-sized organizations and growing interest from large enterprises. We're encouraged by what we're seeing and pleased to have already begun supporting the opportunities Salesforce is bringing to market. It's exciting to see the first traffic flowing across our platform, and we expect revenue to begin growing as customer deployments scale.

Salesforce 已公開討論三月上線後的客戶動能，包括在中型組織的贏單，以及大型企業日益升溫的興趣。我們對目前所見感到鼓舞，也很高興已開始支援 Salesforce 推向市場的各項商機。看到第一批流量在我們平台上流動令人振奮，且我們預期隨著客戶部署規模擴大，營收將開始成長。

This is a relationship we believe in deeply. Salesforce's own vision is that every customer call should become a conference call with a human, an AI agent, and the full context of that customer relationship on the line together. We share that vision, and we built Maestro on top of our global network to make it possible. We're embedded in Salesforce's governed workflows today with the control, observability and integration depth their platform requires.

這是一段我們深信不疑的合作關係。Salesforce 自身的願景是：每一通客戶來電都應成為一場會議通話，讓真人、AI 代理，以及該客戶關係的完整脈絡同時在線。我們認同這個願景，並在我們的全球網路之上打造 Maestro，使其成為可能。我們如今已嵌入 Salesforce 受治理的工作流程中，具備其平台所需的控制力、可觀測性與整合深度。

Over the last 18 months, we have been accelerating innovation behind the opportunities we believe will create the greatest value proposition for our customers. That decision reflects our confidence that we've just begun one of the most significant technology shifts in history. We are already seeing these investments pay off.

在過去 18 個月，我們加速推動創新，聚焦於我們相信能為客戶創造最大價值主張的機會。這項決策反映了我們的信心：我們才剛開始經歷史上最重大的科技變革之一。我們已經看到這些投資開始帶來回報。

The upgrades to our owned and operated network have contributed to the gross margin and Adjusted EBITDA expansion we reported this quarter, giving us confidence that continued investment is self-reinforcing. Our innovation investments are broadening our portfolio in four key areas. First, we're extending our Global Communications Cloud's network footprint, regulatory coverage, and capacity into additional strategic markets where our Global 2000 customers are growing. This positions us to support our customers wherever they choose to do business.

我們自有並自行營運的網路升級，促成了本季所報告的毛利率與調整後 EBITDA 的擴張，讓我們更有信心持續投資具有自我強化的效果。我們的創新投資正從四個關鍵面向擴展產品組合。第一，我們正將 Global Communications Cloud 的網路覆蓋、法規涵蓋與容量，延伸至更多策略市場，以配合我們的全球 2000 大客戶成長。這使我們能在客戶選擇經營業務的任何地方支援他們。

Second, we're expanding Maestro and have launched Bandwidth Build to give enterprises even more integration choices and flexibility in how they deploy, orchestrate, and manage AI-powered communications across their technology environments.

第二，我們正在擴展 Maestro，並推出 Bandwidth Build，讓企業在其技術環境中部署、編排與管理 AI 驅動通訊時，擁有更多整合選項與更高彈性。

Third, we're continuing to broaden our trust portfolio with capabilities that help enterprises improve answer rates, strengthen customer trust, mitigate fraud, and protect their brands at a time when trust and security have never been more important. We're also protecting new IP in this area with a patent awarded for AI voice bot authentication this quarter, which reinforces the defensibility of the platform we're building. And finally, we're investing in our global infrastructure at the edge and data center level to power even more secure, compliant, high-performance AI-driven communications.

第三，我們持續擴大信任（trust）產品組合，提供可協助企業提升接通率、強化客戶信任、降低詐欺並保護品牌的能力；在信任與安全前所未有重要的時刻，這些能力尤為關鍵。我們也在此領域保護新的智慧財產：本季我們獲得一項 AI 語音機器人身分驗證的專利，進一步強化我們正在打造之平台的可防禦性。最後，我們正投資於邊緣與資料中心層級的全球基礎設施，以支援更安全、合規且高效能的 AI 驅動通訊。

In total, investments like these examples, with rapid returns, are designed to widen our competitive moat, increase the value we deliver to customers, and strengthen our ability to create durable growth and shareholder value. As we progress into the second half of 2026, our momentum is strong. We see voice AI adoption driving enterprise modernization and larger platform wins, and we expect those wins to translate into stronger owner economics, growing software services attachment, and continued expansion of profitability and cash generation.

總體而言，像這些具備快速回報的投資案例，旨在擴大我們的競爭護城河、提升我們為客戶交付的價值，並強化我們創造長期成長與股東價值的能力。隨著我們邁入 2026 年下半年，我們的動能強勁。我們看到語音 AI 的採用正推動企業現代化與更大的平台贏單，並預期這些贏單將轉化為更強的自有經濟效益、軟體服務附加率提升，以及獲利能力與現金創造的持續擴張。

The examples we shared today span AI-native startups, Global 2000 enterprises, messaging and software platforms, and hyperscalers, different customers, different verticals, different use cases. Yet they're all increasingly making the same strategic decision to standardize on Bandwidth. We've spent years building the owned infrastructure, orchestration software, and consumption pricing model needed for this moment. As AI reshapes enterprise communications, we believe our innovations position us to be the mission-critical foundation of AI-driven communications, creating more value for our customers and for our shareholders.

我們今天分享的案例涵蓋 AI 原生新創、全球 2000 大企業、訊息與軟體平台，以及超大規模雲端業者；不同客戶、不同產業、不同使用情境。然而，他們都愈來愈多地做出同一項策略決策：以 Bandwidth 作為標準化平台。我們多年來持續打造此刻所需的自有基礎設施、編排軟體與按用量計價模式。隨著 AI 重塑企業通訊，我們相信我們的創新使我們具備成為 AI 驅動通訊之關鍵任務基礎的定位，為客戶與股東創造更多價值。

Now, I'll turn it over to Daryl to walk through the financial details of the quarter.

現在，我把時間交給 Daryl，請他帶大家回顧本季的財務細節。

Thank you, David, and good morning, everyone. We delivered another outstanding quarter with results exceeding our expectations. Our performance reflects disciplined execution, durable customer demand, and the growing benefits of the strategic innovation we've made over the past several years. This comprehensive execution across all key metrics, including revenue, gross profit, Adjusted EBITDA, non-GAAP earnings per share, and free cash flow, provides us with the confidence to raise our full-year financial guidance today.

謝謝你，David，各位早安。我們再度交出一個表現出色的季度，成果超出我們的預期。我們的表現反映出嚴謹的執行力、穩健持久的客戶需求，以及過去數年我們在策略性創新上的投入所帶來的日益顯著效益。在所有關鍵指標上（包括營收、毛利、調整後 EBITDA、非 GAAP 每股盈餘以及自由現金流）全面到位的執行成果，讓我們有信心在今天上調全年財務指引。

Now diving into our second quarter 2026 results. Total revenue was $220 million, an increase of 22% year-over-year. Cloud communications revenue, which is total revenue less messaging surcharge revenue of $68 million, reached $152 million, a 12% year-over-year increase. Non-GAAP gross profit of $90 million increased 14% year-over-year, representing a gross profit yield of approximately 68% on incremental cloud communications revenue growth.

接著說明我們 2026 會計年度第二季的業績。總營收為 2.20 億美元，年增 22%。雲端通訊營收（即總營收扣除 6,800 萬美元的簡訊附加費營收）達 1.52 億美元，年增 12%。非 GAAP 毛利為 9,000 萬美元，年增 14%，相當於雲端通訊增量營收成長的增量毛利率約 68%。

Non-GAAP gross margin improved 1 percentage point to 59.4%, illustrating the structural margin advantage of our trusted, global-owned, and operated communications platform. Adjusted EBITDA grew by 27% to $28 million. Adjusted EBITDA margin reached a record 18.3%, demonstrating the scalability of our business model and our ability to convert revenue growth into meaningful profit expansion.

非 GAAP 毛利率提升 1 個百分點至 59.4%，顯示我們值得信賴、由我們自有並營運的全球通訊平台具備結構性的毛利優勢。調整後 EBITDA 成長 27% 至 2,800 萬美元。調整後 EBITDA 利潤率創新高達 18.3%，展現我們商業模式的可擴展性，以及將營收成長轉化為具實質意義的獲利擴張的能力。

Non-GAAP net income was 15% higher, while non-GAAP earnings per share was $0.37, reflecting net movement in fully diluted shares from our new convertible issuance, 2028 convertible repurchase, and other capital activities during the quarter. Free cash flow was $24 million, showing another quarter of strong execution and reinforcing our confidence in the long-term earnings and cash-generating power of our business.

非 GAAP 淨利年增 15%，非 GAAP 每股盈餘為 0.37 美元，反映本季因新發行可轉換公司債、回購 2028 年到期可轉債，以及其他資本活動所造成的完全稀釋股數淨變動。自由現金流為 2,400 萬美元，顯示我們再度交出強勁的執行成果，並強化我們對公司長期獲利能力與現金創造能力的信心。

Focusing on our second quarter cloud communications revenue growth of 12%, both voice and programmable messaging solutions exceeded our expectations. For our voice solutions, we reported revenue of $121 million, growing 9%. In programmable messaging, revenue of $31 million grew 22%, resulting from strong commercial messaging growth of 18%, combined with approximately $1 million of earned messaging revenue during the quarter from political campaign activities.

聚焦於第二季雲端通訊營收 12% 的成長，語音與可程式化簡訊解決方案皆優於我們的預期。在語音解決方案方面，我們回報營收 1.21 億美元，成長 9%。在可程式化簡訊方面，營收 3,100 萬美元，成長 22%，主要來自商用簡訊營收強勁成長 18%，並加上本季因政治競選活動而認列約 100 萬美元的已賺取簡訊營收。

Additionally, attached revenue across both voice and messaging from software services grew 66% compared with last year. While software services remained a relatively small contributor to total revenue last quarter because we monetize on usage rather than seats or licenses, AI adoption converts directly into revenue as interactions scale.

此外，語音與簡訊兩者的軟體服務附加營收較去年成長 66%。由於我們以使用量而非席次或授權來變現，軟體服務在上季對總營收的貢獻仍相對較小；但隨著互動規模擴大，AI 的採用會直接轉化為營收。

As a result, growing AI activity across our platform flows through to our top line, rather than remaining an adoption metric alone. Turning to our operating metrics. Our reported net retention rate for the second quarter was 107%. Adjusted to normalize for the cyclical political campaign revenue impact, our commercial net retention rate was 113%, growing 3% sequentially.

因此，我們平台上日益增加的 AI 活動會直接反映在營收端，而不僅僅停留在採用度指標。接著看我們的營運指標。第二季我們揭露的淨留存率為 107%。若調整以排除政治競選營收的週期性影響，我們的商用淨留存率為 113%，較前一季提升 3%。

Customer name retention rate remained above 99%, reflecting the mission-critical nature of our communications cloud and the very low churn we have consistently delivered. Average annual revenue per customer reached a record $256,000, reflecting both continued customer expansion and our success attracting larger enterprise customers to the platform. Collectively, these metrics underscore the strength of our existing customer relationships as customers expand their usage, adopt more of our solutions, and trust our platform for a broader set of mission-critical communications.

客戶名稱留存率仍維持在 99% 以上，反映我們通訊雲的任務關鍵性，以及我們一貫維持的極低流失率。每位客戶平均年營收創新高達 25.6 萬美元，反映客戶持續擴張，以及我們成功吸引更大型企業客戶加入平台。整體而言，這些指標凸顯我們既有客戶關係的強韌度：客戶擴大使用量、採用更多解決方案，並信任我們的平台以支援更廣泛的任務關鍵通訊需求。

Turning to our capital allocation strategy, during the quarter we deployed an incremental $15 million toward share repurchases, opportunistically buying back 263,000 shares at an average price of $57.06. This brings the total cash used this year for share repurchases to $20 million. We further completed an offering of $316 million of 0.00% convertible senior notes due 2032, which included the full exercise of the initial purchaser's option.

談到我們的資本配置策略，本季我們額外投入 1,500 萬美元進行庫藏股回購，以機會性方式以平均每股 57.06 美元回購 263,000 股。這使得今年迄今用於庫藏股回購的現金總額達 2,000 萬美元。我們也完成發行 3.16 億美元、0.00% 的 2032 年到期可轉換優先票據，且包含初始承銷商選擇權的全數行使。

Strong demand for the offering reflected deep investor confidence in our long-term strategy and financial profile. After underwriting discounts, capped call costs, and other transaction expenses, the offering generated approximately $282 million in net proceeds. We utilized approximately $122 million of these proceeds to repurchase a large portion of our 2028 convertible notes, reducing that outstanding principal balance to approximately $28 million.

本次發行需求強勁，反映投資人對我們長期策略與財務體質的高度信心。扣除承銷折扣、上限買權（capped call）成本及其他交易費用後，本次發行帶來約 2.82 億美元的淨募集資金。我們運用其中約 1.22 億美元回購了我們 2028 年到期可轉債的大部分，將其未償還本金餘額降至約 2,800 萬美元。

Our net leverage closed the quarter at 1.6 times, compared with 1.5 times at the end of the first quarter of 2026, resulting in an essentially stable leverage ratio while adding cash to the balance sheet, lowering financing costs, and improving the maturity profile.

本季結束時，我們的淨槓桿倍數為 1.6 倍，相較於 2026 年第一季末的 1.5 倍，槓桿比率基本維持穩定，同時增加資產負債表現金、降低融資成本，並改善到期結構。

Turning to our third quarter 2026 outlook, we expect revenue to be in the range of $231 million and $235 million, representing approximately 21% growth year-over-year. Adjusted EBITDA to be in the range of $32 million and $34 million, representing approximately 36% growth year-over-year, and non-GAAP EPS to be in the range of $0.45 and $0.49, implying approximately 66% non-GAAP net income growth.

展望 2026 會計年度第三季，我們預期營收介於 2.31 億至 2.35 億美元之間，約為年增 21%。調整後 EBITDA 預期介於 3,200 萬至 3,400 萬美元之間，約為年增 36%；非 GAAP 每股盈餘預期介於 0.45 至 0.49 美元之間，意味非 GAAP 淨利約成長 66%。

For the full year 2026, we are raising our guidance to reflect our second quarter beat and sustained demand strength. Our confidence in the remainder of the year is supported by two key growth drivers. First, the revenue ramp from our recent enterprise customer wins, with a total of 13 new $1 million-plus annual contracts won since the beginning of last year, that is, six last year and seven already this year, with two in the first quarter and five in the second quarter.

針對 2026 全年，我們上調指引，以反映第二季優於預期的表現以及需求強度的延續。我們對今年剩餘期間的信心，來自兩項關鍵成長動能。第一，近期贏得的企業客戶帶來的營收爬坡：自去年年初以來，我們總計拿下 13 份年約 100 萬美元以上的新合約，其中去年 6 份、今年迄今已 7 份（第一季 2 份、第二季 5 份）。

The phased deployment of these large-scale implementations provides meaningful visibility into future revenue growth that we expect to layer into our financial results over the next 12 months. Second, our owned and operated global network is driving structural margin and efficiency gains. As transaction volumes scale, our unique infrastructure allows us to capture higher incremental gross profit, converting top-line growth into efficient, bottom-line Adjusted EBITDA and cash flow.

這些大型導入案的分階段部署，為未來營收成長提供了具實質意義的能見度；我們預期在未來 12 個月逐步反映在財務結果中。第二，我們自有並營運的全球網路正推動結構性毛利與效率提升。隨著交易量擴大，我們獨特的基礎設施使我們能取得更高的增量毛利，將營收端成長有效轉化為調整後 EBITDA 與現金流等獲利端成果。

Thanks to our usage-based model, our platform and software innovations begin contributing to cash flow almost immediately after release. We now expect for the full year 2026, total revenue to be in the range of $900 million and $910 million, representing 20% growth year-over-year at the midpoint, compared to our prior range of $880 million and $900 million. Within total revenue, we expect cloud communication to be in the range of $622 million and $626 million, representing 11% growth year-over-year at the midpoint.

受惠於以使用量計費的模式，我們的平台與軟體創新在發布後幾乎可立即開始貢獻現金流。我們目前預期 2026 全年總營收介於 9.00 億至 9.10 億美元之間，以中位數計年增 20%，高於先前 8.80 億至 9.00 億美元的區間。在總營收中，我們預期雲端通訊營收介於 6.22 億至 6.26 億美元之間，以中位數計年增 11%。

Adjusted EBITDA outlook to be in the range of $123 million and $125 million, representing 33% growth year-over-year at the midpoint, and a 20% EBITDA margin compared to our prior range of $119 million and $125 million. Non-GAAP EPS to be in the range of $1.71 and $1.79, implying full-year non-GAAP net income growth of 48%, and the true-up for a higher fully diluted share count estimate, resulting from the second quarter convertible offering and other capital activities.

調整後 EBITDA 展望為 1.23 億至 1.25 億美元區間，以中位數計算年增 33%，且 EBITDA 利潤率為 20%，相較於我們先前的區間 1.19 億至 1.25 億美元。非 GAAP 每股盈餘（EPS）預計為 1.71 至 1.79 美元，意味著全年非 GAAP 淨利年增 48%，並就更高的完全稀釋後股數估計進行調整（true-up），該估計係源自第二季可轉債發行及其他資本活動。

Additional modeling details underlying our full year 2026 outlook are as follows. We expect net interest income to be in the range of $500,000 and $1 million. Depreciation expense to be in the range of $38 million and $42 million. Adjusted effective tax rate to be in the range of 20% and 22%. Weighted average diluted shares outstanding of approximately 39 million. And for capital expenditures, we expect these to be in the range of $24 million and $26 million.

支撐我們 2026 全年展望的其他建模細節如下。我們預期淨利息收入介於 50 萬至 100 萬美元。折舊費用介於 3,800 萬至 4,200 萬美元。調整後有效稅率介於 20% 至 22%。加權平均稀釋後流通股數約 3,900 萬股。至於資本支出，我們預期介於 2,400 萬至 2,600 萬美元。

In summary, our second quarter results reinforce that Bandwidth is becoming a larger, more profitable, and increasingly differentiated communications platform. We continue to benefit from durable customer demand, growing adoption of AI-enabled communications, and the structural advantages of our usage-based, owned and operated global network. Combined with our strength and balance sheet and disciplined capital allocation strategy, we believe we are well-positioned to deliver sustainable, profitable growth and create long-term value for our shareholders.

總結而言，我們第二季的結果再次印證 Bandwidth 正在成為規模更大、獲利能力更強，且差異化程度日益提升的通訊平台。我們持續受惠於穩健的客戶需求、AI 賦能通訊的採用率提升，以及我們以用量計費、自有並營運之全球網路所帶來的結構性優勢。結合我們的實力與資產負債表，以及嚴謹的資本配置策略，我們相信公司已具備條件實現可持續且具獲利性的成長，並為股東創造長期價值。

With that, I'll now turn the call over to the operator for Q&A.

接下來，我將把電話會議交給接線員進行問答。

(Operator Instructions)

（接線員指示）

Patrick Walravens, Citizens.

Patrick Walravens，Citizens。

Hey, Dave, can we talk a little more about the Salesforce Agentforce Contact Center? And two questions in particular. One, just when you look on their website, it says it's generally available in the US and Canada, but not the rest of the world yet. And is that something that would make a difference for you guys?

嗨，Dave，我們能否再多談談 Salesforce Agentforce 聯絡中心？特別有兩個問題。第一，從他們網站上看，該產品在美國與加拿大已全面可用（generally available），但全球其他地區似乎尚未。這件事對你們會有影響嗎？

And then secondly, Salesforce closed a massive deal with the Veterans Administration that was publicly disclosed, where basically they're going to help all our vets, you included, schedule their appointments in a much easier way. Is that the sort of thing that you guys would fit into?

第二，Salesforce 與退伍軍人事務部（Veterans Administration）達成了一筆已公開披露的超大型交易，基本上他們將協助所有退伍軍人（包括你）更容易地安排就診。這類案子是你們能夠切入並配合的嗎？

Thank you, Pat, and appreciate your compliments. And the short answer to both dimensions of your Salesforce question are yes. Global expansion serving customers around the world fits very nicely into our underlying global platform and network and would be beneficial. And the second part, yes, again, we are already seeing traffic flowing across our platform, large opportunities. Larger than our garden variety run-of-the-mill opportunities are one of the reasons why we're so excited about this relationship and why we believe so deeply in it.

謝謝你，Pat，也感謝你的稱讚。針對你關於 Salesforce 的兩個面向，簡短答案都是肯定的。面向全球、服務世界各地客戶的擴張，與我們底層的全球平台與網路非常契合，並且會帶來助益。至於第二點，是的，我們已經看到有流量在我們平台上流動，且存在大型機會。這些比我們一般常見、例行性的機會更大，也是我們對這段合作關係如此興奮、並且深信不疑的原因之一。

Great. And if I could ask a follow-up on the finance side. Can you guys just touch on the gross margin? It came in a little below what I was expecting.

很好。如果我可以再追問一個財務面的問題。你們能否談一下毛利率？實際結果比我預期略低一些。

Yes, hey, good morning, Pat, and thanks again for your nice comments at the top. Margin came in essentially right where we expected, which is sequentially essentially stable and 1 point over last year. As revenue grows again with our 20% guide, 21% guide in the third quarter, we're expecting margin expansion through the third quarter and fourth quarter. And we're on target for what we believe to be 60% approximately non-GAAP gross margin for the full year.

是的，嗨，Pat，早安，也再次感謝你一開始的好評。毛利率基本上符合我們的預期，按季來看大致持平，且較去年提高 1 個百分點。隨著營收成長——我們第三季指引為 20% 到 21%——我們預期第三季與第四季毛利率將擴張。我們也正朝著全年約 60% 的非 GAAP 毛利率目標前進。

Erik Suppiger, B. Riley Securities.

Erik Suppiger，B. Riley Securities。

I think in the past you've talked about an inflection in the second half of the year. If I look at the cloud communications outlook, it looks like a slight deceleration in the second half of the year on a year-over-year basis. And so I was just wondering if I'm doing my math right on that. Then secondly, what is your expectation for contribution from political campaigns in the second half of the year?

我記得你們過去曾談到下半年會出現一個拐點。但如果我看雲端通訊的展望，按年比較下半年似乎略有放緩。所以我想確認一下我這樣算是否正確。第二，你們預期下半年政治競選活動會帶來多少貢獻？

Yes, so thank you. Hey, this is Daryl, and thank you for that question. We are -- you're right, on a first half to second half, and an over last year growth rate, we have guided cloud communications at being slightly less than the first half growth rate. I think with some conservatism in our model, we have left out from our model guiding for you today any future benefit related to Salesforce, as well as the newest five enterprise deals ramping. So we believe that there's tailwinds for that, but we're being conservative with our guide.

是的，謝謝。嗨，我是 Daryl，謝謝你的問題。你說得沒錯，從上半年到下半年、以及相較去年同期的成長率來看，我們對雲端通訊的指引確實略低於上半年的成長率。我想在我們的模型中帶有一些保守性；我們今天提供的指引中，尚未把任何與 Salesforce 相關的未來潛在效益，以及最新五筆企業級交易的放量（ramping）納入。因此我們認為那裡存在順風，但在指引上我們採取保守態度。

And the second question, we initially entered the year and reaffirmed it, so to speak, in the first quarter that we believe approximately $15 million of political campaign revenue benefit would be earned by us, principally in the second half.

至於第二個問題，我們在年初進入本年度時，以及在第一季某種程度上再次確認時，都認為政治競選活動帶來的營收效益約為 1,500 萬美元，且主要會在下半年實現。

We've revised that expectation to $13 million, and our guide reflects that. Now clearly -- so while we are growing revenue to the extent that we are in the third quarter, and now since you understand the full year, you have the implied fourth quarter, we've actually raised our commercial cloud communications revenue expectations while lowering the political campaign revenue expectations just very moderately.

我們已將該預期下修至 1,300 萬美元，而我們的指引也反映了這點。很明顯——因此，儘管我們第三季營收成長如指引所示，而你現在也能推算出第四季的隱含數字——我們其實上調了商業雲端通訊營收的預期，同時僅非常溫和地下調政治競選活動營收的預期。

Joshua Reilly, Needham.

Joshua Reilly，Needham。

I believe last quarter you discussed for the $1 million-plus customers that you won in 2025. One was above 100% of the initial plan that you had had for that customer. I'm curious, have any others now are on track to exceed 100% of their original plan? And then on the five $1 million-plus customers that you won in the quarter, I know a few of them were expansions relative to net new customers.

我記得上季你們提到 2025 年贏得的年營收 100 萬美元以上客戶中，有一位客戶的表現超過你們對該客戶最初計畫的 100%。其中一位超過了你們對該客戶原先的初始計畫的 100%。我想了解，現在是否還有其他客戶也正朝著超過其原始計畫 100% 的方向前進？另外，關於本季贏得的五位年營收 100 萬美元以上客戶，我知道其中有幾位是既有客戶的擴張，而非全新客戶。

Can you help us just maybe understand with some more color how you expect these customers to layer in the model over the coming quarters versus what a $1 million-plus customer may have in the past where it may have taken a bit longer to get them ramped up? What's the right way to think about that dynamic?

你能否再多提供一些背景，幫助我們理解你們預期這些客戶在未來幾季會如何逐步反映在模型中，相較於過去的年營收 100 萬美元以上客戶——過去可能需要更長時間才能完成放量？應該如何正確看待這種動態？

Yes. The right way to think about that dynamic for the expansions, indeed, as you indicate, is a faster ramp. They're already provisioned in many cases and it's scaling. Some of them do have new services that are either coverage related or different product, but I think it's a good assumption that they scale more quickly.

是的。正如你所指出的，對於擴張（expansions）而言，理解這個動態的正確方式，確實就是更快的爬坡（ramp）。在許多情況下，它們已經完成資源配置，接下來就是規模化擴張。其中有些確實會有新的服務，可能與覆蓋範圍相關或是不同的產品，但我認為假設它們會更快擴張是合理的。

As to the first, there are customers that are scaling at a pace that should allow them to exceed 100% of our expectation. We didn't call any out in the script, but that's a reasonable assumption. There's no reason to believe that there's some slowdown among those large customers.

至於第一點，確實有一些客戶的擴張速度，應該能讓他們超過我們預期的 100%。我們在講稿裡沒有特別點名，但這是合理的假設。沒有理由相信那些大型客戶之中出現了某種放緩。

And this is Daryl. And hey, Josh, I would like to put a fine point on that just to clarify. We are very excited about the ramp of those particular customers. We're expecting two to be nearly twice as much the estimated contract value when they exit '26 than what we had originally assessed in last year. So we're very excited about that.

我是 Daryl。Josh，嗨，我想把這點講得更精準一些以便釐清。我們對這些特定客戶的爬坡非常興奮。我們預期其中兩家在 26 年結束時的估計合約價值（estimated contract value）將接近我們去年原先評估的兩倍。所以我們對此非常振奮。

All six taken together will exit the year at a deployment rate of approximately 80%, which we feel really, really good about. We're also really excited, to reinforce David's comment, we're really excited about the faster ramping of some. We reported 22% growth in programmable messaging this last quarter. That's 18% commercial with the benefit of $1 million of political campaign revenue.

六家合計來看，年底的部署率（deployment rate）大約會到 80%，我們對此感覺非常、非常好。同時也再次強化 David 的評論，我們也對其中一些更快的爬坡速度感到非常興奮。我們在上一季的可程式化訊息（programmable messaging）成長為 22%。其中商業（commercial）成長 18%，並受惠於 100 萬美元的政治競選收入。

That 18% is twice, it's double what we estimate to be a growth rate in programmable messaging. And it's a point, nearly 2 points, is being added by the large messaging win of last year as they ramp onto our platform. We're really excited about looking forward into the second half and into the first half of '27. We announced another -- a very large messaging win this quarter, which given the speed at which messaging can ramp, we believe that, that's going to really benefit our results as we grow into next year.

這個 18% 是我們估計的可程式化訊息成長率的兩倍。而且，去年那筆大型訊息（messaging）贏單在導入我們平台的爬坡過程中，為成長額外貢獻了將近 2 個百分點。我們非常期待下半年以及 27 年上半年。我們本季也宣布了另一筆——非常大型的訊息贏單；考量訊息業務爬坡的速度，我們相信這將在我們邁向明年成長時，對業績帶來很大助益。

Got it. That's super helpful. And then just following up on that. One of the questions I get a lot from investors is, as the large -- as the $1 million-plus customers are coming on to your platform, how much of their initial volumes are related to AI use cases versus what they're planning over the next few years?

了解。這非常有幫助。接著追問一下。投資人常問我的一個問題是，當大型——也就是年貢獻超過 100 萬美元的客戶——開始導入你們的平台時，他們初期的用量（volumes）有多少是與 AI 使用情境相關，相較於他們未來幾年的規劃？

Because I think investors are trying to get a sense of, as you win these new customers, can then they grow off their base of what they're bringing to the platform by adding more and more AI use cases? Or are they already involved with AI voice use cases when they're starting right now in real time?

因為我想投資人試圖理解的是，當你們贏得這些新客戶後，他們是否能在帶進平台的既有基礎之上，透過加入越來越多的 AI 使用情境來成長？還是說，他們在一開始、在當下就已經在做 AI 語音（AI voice）的使用情境？

So let me start and then invite John Bell, our Chief Product Officer, to chime in as well, but the short answer is many of these customers have moved from prototyping AI use cases to beginning to scale. Almost all of them have additional use cases planned and are experimenting or trialing capabilities in AI voice that will come online later in their contract life cycle. Let me pause and invite John to add to that.

我先回答，然後也請我們的產品長 John Bell 一起補充；簡短的答案是，許多這類客戶已經從 AI 使用情境的原型設計（prototyping）走向開始規模化。幾乎所有客戶都規劃了額外的使用情境，並且正在實驗或試行 AI 語音的能力，這些會在合約生命週期的後段上線。我先停一下，請 John 補充。

Yes, great question. We definitely see initial use cases coming on, along with the established legacy communications customers bring. But at the same time, those deployments are very often coming with future use cases and multiple platforms, multiple AI platforms that they want to continue to work with us to expand on.

是的，這是個好問題。我們確實看到初期使用情境會與既有的傳統通訊（legacy communications）客戶帶來的需求一起上線。但同時，這些部署往往也會搭配未來的使用情境，以及多個平台、甚至多個 AI 平台；他們希望持續與我們合作來擴展。

Arjun Bhatia, William Blair.

Arjun Bhatia，William Blair。

Maybe if I can just start with a question on the voice business. It sounds like there's a lot of positive developments happening, the new wins, the AI-native customers, obviously, expansion deals continuing. But it did seem like this quarter, there was a bit of a decel in the voice business, both on the global communication side and the enterprise side.

也許我先從語音業務的問題開始。聽起來有很多正向進展，包括新的贏單、AI 原生（AI-native）客戶，當然還有持續的擴張合約。但本季語音業務似乎有一點點減速（decel），不論是在全球通訊端或企業端都是如此。

What would you guys just sort of chalk that up to? Is that just you're waiting for some of these customers in the pipeline to ramp? Or is there some other sort of dynamic at play there that we should consider from Q2?

你們會把這主要歸因於什麼？是因為你們在等待管線中的一些客戶開始爬坡？還是有其他我們在 Q2 需要考量的動態因素？

I'll invite Daryl to comment on the metrics, but there's no new competitive dynamic. There's no noticeable new headwind and the AI voice acceleration continues. So we see the product-market fit of what we're bringing to market with Maestro and the need for orchestration across multiple platforms and regional providers and many other dynamics to be still very much part of our exceeding, beating, raising, and focus on continuing the growth that we have this year into next year. Let me pause and invite Daryl to comment on any of the metrics that you indicated.

我先請 Daryl 針對指標做評論，但沒有新的競爭態勢。也沒有明顯的新逆風，而 AI 語音的加速仍在持續。因此，我們看到我們以 Maestro 推向市場的產品與市場契合度（product-market fit），以及跨多個平台與區域供應商進行編排（orchestration）的需求，仍然非常明確地支撐我們「超預期、優於預期、上調指引」，並聚焦把今年的成長延續到明年。我先停一下，請 Daryl 針對你提到的指標補充。

Yes, sir. For the full year -- in the second quarter, year-over-year, global -- our total voice did grow 9%. That is a little less than last quarter. That's primarily due to an enterprise growth that was less than last quarter. That is completely related to the timing of ramping of new customers.

好的。以全年來看——在第二季、年對年（year-over-year），全球——我們的語音總量成長了 9%。這確實比上一季略低。主要原因是企業端成長低於上一季。這完全與新客戶爬坡時點（timing）有關。

We continue to have embedded in our second half, as I said three months ago, that we are expecting a large growth and acceleration of our enterprise customers as the six deploy into next year -- into the second half as well as the installed base growth and what we see in terms of our pipeline. So I think that's just a quarter-to-quarter timing. And quarter-to-quarter growth rates on any particular product will vary a little bit, but I'm very confident in what we're looking at for the second half and into '27.

正如我三個月前所說，我們在下半年已經內含（embedded）對企業客戶的大幅成長與加速的預期，因為這六家客戶會在下半年部署並延伸到明年——同時也包括既有客戶基礎（installed base）的成長，以及我們在管線中看到的動能。所以我認為這只是季度之間的時點差異。任何單一產品的季度成長率都會有些波動，但我對下半年以及邁入 27 年的展望非常有信心。

All right, perfect. That's great to hear. And then, David, I think you talked about when you were kind of discussing some of the investment areas for the business, you mentioned expanding the network footprint. Can you just expand a little bit on what that entails?

好，完美。很高興聽到。接著，David，我想你在談到公司的一些投資領域時，提到要擴大網路覆蓋（network footprint）。你能再多談一點這具體包含哪些內容嗎？

I can certainly see how that would be beneficial to your large customers, but does that require just incremental spending? I didn't notice the CapEx guide didn't pick up. So maybe just walk us through the pieces there and how you go about expanding your footprint there?

我當然能理解這對你們的大型客戶會很有幫助，但這是否需要額外的支出增加？我注意到資本支出（CapEx）指引似乎沒有上調。所以能否帶我們走一遍這裡面的組成，以及你們如何擴大你們的覆蓋範圍？

Yes, so geographic expansion is historically very efficient on CapEx. It takes time because you have to become a regulated provider in that territory. You do deploy gear, and that is something that's vital for the value of the large global enterprises that we serve. These voice agents, these use cases have an expectation to reach multiple markets.

是的，因此從歷史來看，地理擴張在資本支出（CapEx）方面非常有效率。這需要時間，因為你必須在該地區成為受監管的服務供應商。你確實會部署設備，而這對於我們所服務的大型全球企業的價值至關重要。這些語音代理、這些使用案例，預期要能觸及多個市場。

And so it's incumbent upon us to identify those next markets that are most important, and we invest behind that demand that we see in those geographic areas. But in addition, there are two other aspects of investment that we're focused on right now, expanding Maestro's capability to orchestrate across varied and emerging different AI platforms, voice platforms, and to have pre-integration and orchestration capabilities that are broad across different AI vendors.

因此，我們有責任辨識下一批最重要的市場，並針對我們在那些地理區域所看到的需求進行投資。此外，我們目前還聚焦於另外兩個投資面向：擴展 Maestro 的能力，使其能在多元且新興的不同 AI 平台、語音平台之間進行編排，並具備可廣泛涵蓋不同 AI 供應商的預先整合與編排能力。

So enterprises can choose and select and benefit from the already existing integration and administration that Maestro provides. And so expanding Maestro and investing behind the 100% adoption rate we're seeing is vital. And then last, it's really exciting to see how our global platform and network can lend itself vitally to the AI voice experience.

如此一來，企業就能選擇並受益於 Maestro 已提供的既有整合與管理能力。因此，擴展 Maestro，並針對我們所看到的 100% 採用率進行投資，至關重要。最後，看到我們的全球平台與網路如何能對 AI 語音體驗提供關鍵支撐，真的令人振奮。

And so elements of the AI voice tech stack, can they be more accurate, time-efficient, more cost-efficient, and in terms of regulatory, maybe more jurisdictionalized in an important way for our enterprise customers by moving elements of the AI tech stack closer to the user within our network. That will be responsible CapEx by us. We have begun deploying GPUs into various POPs for that reason.

因此，AI 語音技術堆疊中的各個要素，是否能透過把 AI 技術堆疊的部分元素在我們的網路內更靠近使用者來部署，讓其更精準、更省時、更具成本效益，並且在法規面向上，或許能以對企業客戶很重要的方式更符合各司法管轄區的要求。這將是我們負責任的資本支出（CapEx）。基於這個原因，我們已開始在各個 POP 部署 GPU。

We're excited about how those developments are looking, but we'll always be focused on durable, profitable growth when we do those CapEx spends. But those are three areas, including coverage that you mentioned, that are vital for our growth in the future.

我們對這些發展的進展感到振奮，但在進行這些資本支出（CapEx）時，我們始終會聚焦於可持續、具獲利性的成長。不過，這三個領域——包括你提到的覆蓋範圍——對我們未來的成長都至關重要。

(Operator Instructions)

（接線員指示）

James Fish, Piper Sandler.

James Fish，Piper Sandler。

Hey guys, just to touch on, and I know it's very new here, but what type of funnel has build -- Bandwidth Build generated at this point? Does this change how you're thinking about your own internal hiring that we can leverage here as this builds up pipeline?

各位好，想簡單問一下，我知道這才剛開始，但截至目前 Bandwidth Build 產生了什麼樣的漏斗（funnel）？隨著這個管線（pipeline）建立起來，這是否會改變你們對內部招募的思考方式，讓我們能在這裡加以運用？

Yes, it's been awesome to see meaningful business customers hit a command-line interface and sign up and provision and begin flowing traffic through the build process. It's a totally different buying cycle, buying process, buying behavior and it supports autonomous agent sign-up. And so it's really cool. It's a frontier, James, that we're excited about, and it's generating already revenue.

是的，看到有具規模的企業客戶進到命令列介面（CLI），完成註冊、開通配置，並開始在 build 流程中導入流量，這真的很棒。這是一個完全不同的採購週期、採購流程與採購行為，而且它支援自主代理（autonomous agent）自行註冊。所以這真的很酷。James，這是一個我們很興奮的前沿領域，而且它已經開始帶來營收。

And that's exciting to see. And those are business customers that are hitting that interface and buying from us. So we are excited about what it means. We've lived through API as an innovative way for software developers to begin generating communications through different use cases. Right now, we're living through, instead of API for developers, we're living through CLI for agents. And that's exciting.

看到這點很令人振奮。而且這些是企業客戶，正在使用那個介面並向我們購買。所以我們對其意義感到很期待。我們曾經歷 API 作為一種創新方式，讓軟體開發者能透過不同使用案例開始產生通訊。而現在，我們正在經歷的不是「給開發者的 API」，而是「給代理的 CLI」。這很令人振奮。

Got it. And Daryl, for you, you guys raised the annual guide on the top line by about $15 million, but the cloud communications only by about $4 million. I think you even just said political down from $15 million for the year to $13 million, correct me if I'm wrong.

了解。Daryl，想請教你們把全年營收指引上調了大約 1,500 萬美元，但雲端通訊（cloud communications）只上調了大約 400 萬美元。我想你剛才甚至說政治相關收入從全年 1,500 萬美元下修到 1,300 萬美元；如果我說錯請糾正我。

So it does suggest you're just implying more fees are coming and that that's the upside here on the messaging piece. Is there an update to how you guys are thinking about messaging versus that voice side of the business as well? Just kind of help us as we think about the back half of the year.

所以這似乎表示你們是在暗示會有更多費用進來，而這就是訊息（messaging）部分的上行空間。你們對訊息業務相對於語音業務的看法，有沒有更新？請協助我們在思考下半年時更好地理解。

Right, the walk down of the guidance is simply the flow-through of the overachievement in the second quarter, the lowering, so to speak, of political campaign revenue from $15 million to $13 million, the increase in both voice and commercial messaging. And then the -- since commercial messaging is increasing, the increasing in what we expect to be messaging surcharges as well.

對，指引的拆解（walk down）很單純：就是第二季超預期的傳導效應、所謂政治競選收入從 1,500 萬美元下調到 1,300 萬美元、語音與商用訊息（commercial messaging）兩者的增加。然後——由於商用訊息在增加——我們預期的訊息附加費（messaging surcharges）也會隨之增加。

So we have the flow-through of our beat, we have voice increasing, we have commercial messaging increasing, we have political campaign revenue benefit, the cyclicality decreasing some, and then we have those surcharges increasing on the volume of commercial messaging. Jim, we might have -- if you're still there, we might have lost you.

所以我們有超預期表現的傳導效應，語音在增加，商用訊息在增加，有政治競選收入的挹注，但其週期性（cyclicality）有所下降，然後商用訊息量增加也帶動那些附加費上升。Jim，如果你還在線上，我們可能——我們可能把你弄丟了。

No, I'm good. Thanks, guys. Appreciate it.

沒有，我還在。謝謝各位。感謝。

That will conclude our question-and-answer session. And I would now like to turn the call back over to David Morken for closing remarks. Please go ahead.

問答環節到此結束。接下來我想把電話交回給 David Morken 作結語。請開始。

Thank you, Operator. The themes we opened with today played out across our business. AI is reshaping enterprise buying decisions. Those decisions are driving record customer wins, and we're innovating to lead the AI transformation. Before we conclude, I'd like to invite you to join us at Reverb 2026 here in Raleigh, North Carolina on November 10. Reverb has become our flagship customer and product event where we'll showcase how enterprises are deploying AI into production and how Bandwidth is making it possible. We hope to see you then. Thank you.

謝謝你，接線員。我們今天開場提到的主題，已在我們的業務中一一展現。AI 正在重塑企業的採購決策。這些決策帶動了創紀錄的客戶贏單，而我們也正透過創新來引領 AI 轉型。在結束之前，我想邀請各位於 11 月 10 日在北卡羅來納州羅利參加 Reverb 2026。Reverb 已成為我們的旗艦客戶與產品活動，我們將在活動中展示企業如何把 AI 部署到正式生產環境，以及 Bandwidth 如何讓這一切成為可能。希望到時見到各位。謝謝。

That will conclude Bandwidth's second quarter 2026 earnings conference call. Thank you all for joining. You may now disconnect.

Bandwidth 2026 年第二季財報電話會議到此結束。感謝各位參與。您現在可以掛線。