Bandwidth is positioned at the center of global cloud communications, powering mission critical voice, messaging, emergency services, and AI for enterprises worldwide. In this presentation, we will walk through how Bandwidth is positioned at the center of global cloud communications, powering mission critical voice, messaging, emergency services, and AI for enterprises worldwide. Our story is anchored in three pillars. First, we're a global communications leader in a large, growing market, powering mission critical voice, messaging, and emergency services for some of the world's largest and most demanding enterprises. Second, we're orchestrating AI voice and messaging across cloud communications through our open, award winning Maestro platform. Third, we have a highly attractive business model delivering profitability and capital structure strength that powers durable long term growth. These pillars define how we compete and how we create long term value. Bandwidth powers mission critical communications across cloud platforms. We combine global infrastructure, software orchestration, and AI enablement, giving enterprises the performance, reliability, and flexibility they require. This is not just connectivity. This is intelligent communications at global scale. The market opportunity ahead of us continues to expand. Our total addressable market is projected to grow from ninety nine billion dollars in twenty twenty four to one hundred and sixty two billion dollars by twenty twenty nine, with a ten percent compound annual growth rate. That secular growth is a tailwind across our three customer categories. Global Voice Plans, our largest customer category powering the leaders in unified communications. Contact Center as a Service and voice AI platforms is expected to grow above the market growth rate of eight percent. Enterprise Voice, our smallest and fastest growing category providing voice powered customer experiences for the Global two thousand, is expected to grow more than double the market growth rate of thirteen percent. Programmable messaging our customers using text messaging to power digital engagement across platforms and applications are expected to grow in line with the market growth rate of ten percent. The fastest growth is expected to come from enterprise voice and AI powered customer engagement. And in this expanding market, Bandwidth is uniquely positioned to lead, especially as AI becomes central to how businesses engage with their customers. As AI becomes embedded into customer experience workflows, the demand for reliable, real time voice infrastructure expands. That structural shift is a meaningful tailwind for Bandwidth. Bandwidth powers global communications at scale, trusted by some of the world's most recognized and demanding brands. We power one hundred percent of the UCaaS and CCaaS leaders, including Microsoft, Google, Zoom, AWS, and Genesys. We're also trusted by large enterprises with their most mission critical needs, like Ally and Southwest, where reliability, scale, and uptime aren't just important, they're non negotiable. On the messaging side, Bandwidth is the trusted provider behind some of North America's largest engagement platforms. Through customers like Attentive, Yotpo, and Weave, we help thousands of brands reach their consumers at scale with reliable, high volume messaging. Our strategy to deepen direct connections with mobile carriers continues to improve capacity and cost efficiency while expanding margin. At the same time, our investments in global two way messaging are opening up new opportunities for our customers to deliver richer, more personalized brand experiences virtually anytime, anywhere. These aren't just logos you see on this slide. They represent platforms millions rely on daily. They trust Bandwidth for performance, scale, and reliability. That trust shows up in our customer metrics. Our name retention rate is over ninety nine percent. Once a customer chooses Bandwidth, they stay. Our twenty twenty five organic net retention rate was one hundred and seven percent, fueled by strong growth within existing accounts. And among our top twenty customers, the median tenure is twelve years. That's serious loyalty. These aren't just metrics. They reflect the trust we've earned by solving complex communications challenges and showing up as a true partner year after year. Across industries, from healthcare to financial services to hospitality, enterprises rely on Bandwidth for high performance voice solutions. Whether integrating cloud contact centers, enabling AI driven orchestration, or modernizing legacy infrastructure, we provide the foundation that allows customers to move faster with confidence. On the messaging side, we enable digital engagement at scale. From retail marketing platforms to healthcare communications and financial alerts, our infrastructure supports high volume, reliable messaging across short code, toll free, and 10DLC channels. As enterprises look to enhance customer engagement, messaging remains a powerful and growing channel. So what makes all of this possible? What gives Bandwidth its lasting edge in the market? First, our owned and operated Global Communications Cloud, creating structural margin and cost advantages. Second, AI voice orchestration. Expanding ARPU and increasing software mix. Third, enterprise led demand. Driving revenue durability and retention. This combination differentiates us in the market. Behind every call, message, and emergency connection is a global cloud platform that just works. A foundation our customers can build on with confidence. Bandwidth is the only scaled CPaaS provider built on a nationwide owned voice network that matters. We control the economics, the quality, and the customer experience. Bandwidth operates in more than sixty five countries, covering over ninety percent of the global economy. Each year, our cloud platform powers more than one hundred and ten billion voice minutes and delivers over fifty five billion messages, and growing. We support thirty million nine eleven endpoints and maintain five nines of core network uptime, because when communications matter most, our customers count on us. And while we operate at massive scale, we keep it simple: reducing regulatory complexity and maximizing support with a team that's human, responsive, and always on. AI is not a future roadmap for Bandwidth. It's already embedded across our portfolio and being deployed at scale, Across global voice plans, enterprise voice, and programmable messaging, our APIs are already embedded in UCCC and SaaS platforms and actively powering AI driven experiences today. Whether it's enhancing customer experience through intelligent routing and voice agents, or enabling conversational messaging with SaaS platforms, Bandwidth's infrastructure is already powering AI use cases today. The growth drivers are clear: digital transformation, artificial intelligence, and advanced messaging. Bandwidth is already enabling all three. We didn't retrofit AI into our platform. AI is running on it in production. Our innovation leadership is recognized across the industry. We're proud to be named a Leader in the IDC Worldwide CPaaS Marketscape for twenty twenty five, a testament to our scale, strategy and execution. We've also earned honors like Best CPaaS Platform, Most Innovative Product, Innovation in Customer Service, and Best of Show at Enterprise Connect. These awards validate a simple truth: We don't just follow the industry, we lead it. In the race to modernize customer engagement, AI will reshape how businesses harness voice and messaging, but delivering intelligent, real time experiences across channels and at global scale will take more than great AI models. It will take great orchestration. That's where Bandwidth stands apart. We're not just enabling AI, we're orchestrating AI powered voice and messaging across the cloud communications stack with an open architecture approach that gives the flexibility, fidelity, and global reach enterprises need to lead. We're at a turning point in how enterprises engage customers, and AI voice agents are leading the charge. Gartner predicts that seventy percent of customer service journeys will begin and be resolved through conversational third party assistance by twenty twenty eight. With major advances in latency, interruptibility, emotional tone, and model quality, These aren't basic bots or legacy IVR systems. They're intelligent, adaptive, and custom built, able to carry natural conversations, personalize responses, and improve service outcomes. AI Voice Agents will transform customer service at scale, eliminating hold times, boosting availability, and delivering instant, consistent support twenty fourseven. The expected result: faster resolutions, higher satisfaction, lower operational cost. With Bandwidth's platform powering AI enablement, enterprises can launch these experiences through a single global provider without compromising quality, performance, or control. Enterprise technology buyers consistently rank integrations, security, AI based features, and scalability as top decision criteria. Bandwidth aligns directly with these priorities. Our integration ecosystem, AI enablement, and enterprise grade reliability position us strongly across both mid market and large enterprise segments. Maestro is the orchestration layer for the modern enterprise, built on Bandwidth's open, API first platform. While many CPaaS providers push proprietary stacks and limit flexibility, Bandwidth takes a different approach. We enable freedom of choice. Maestro allows enterprises to integrate best in class solutions across CCaaS, UCaaS, and AI without vendor lock in. Whether they're using Genesys, Five9, or another provider, enterprises can bring in voice AI from Cognigy, Google Dialogflow, or a vertical specific solution, and orchestrate it all seamlessly through Maestro. Maestro provides centralized visibility, dynamic control, and resiliency across global communications environments. And because it runs on Bandwidth's owned and operated global network, enterprises get the low latency and high fidelity performance real time AI demands. With Maestro, enterprises don't have to compromise. They get the ecosystem they want, with the control they require at global scale. Maestro is already enabling enterprise transformation at scale, from healthcare organizations modernizing hybrid environments to financial services firms integrating AI voice agents, to Fortune twenty five companies transitioning contact center platforms, Maestro accelerates cloud migration, reduces cost, and unlocks AI capabilities. We've covered our platform, our position in AI, and the enterprises that rely on us. Now let's talk about what drives long term value creation. Bandwidth has a highly attractive business model, delivering profitable growth, operating leverage and capital strength. Revenue is growing, margins are expanding, and our model is built to scale. Let's start with revenue performance, where we've shown consistent growth over time. From twenty twenty two to twenty twenty five, Bandwidth increased total revenue more than thirty percent and is expected to grow sixteen percent year over year in twenty twenty six. That twenty twenty six outlook includes a ten percent year over year increase in cloud communications revenue, our core business. These results reflect the expansion of our enterprise relationships and rising demand for programmable voice and messaging across industries. We remain focused on durable, high quality revenue growth. In twenty twenty five, Bandwidth delivered five sixty one million dollars in cloud communications revenue across global voice, enterprise voice and programmable messaging. Global voice plans remain a significant revenue source at seventy two percent of revenue, growing eight percent year over year. Enterprise voice, now nine percent of our mix, grew twenty one percent as enterprises modernize communications with AI and customer experience integrations. Programmable messaging used for engagement, alerts and notifications grew seven percent and now makes up nineteen percent of cloud communications revenue. Best of all, the fastest growing parts of our business are also the most profitable, driving top line growth and long term operating leverage. Our network ownership model continues to drive strong margin expansion. In twenty twenty five, non GAAP gross margin was fifty eight percent and is on track to achieve our target of sixty percent in twenty twenty six. What sets Bandwidth apart is simple. We own our communications cloud. We don't resell third party carrier access. We run the network ourselves. That model supports structural margin advantages that expand with usage. Our margin performance is fueled by scale, AI adoption, software mix, global coverage and operational efficiencies. This is the foundation of our operating leverage and a key driver of long term profitability. Our revenue and gross margin gains are translating directly into bottom line growth. In twenty twenty five, we delivered ninety three million dollars in adjusted EBITDA, a seventeen percent adjusted EBITDA margin, and we expect to achieve our target of twenty percent adjusted EBITDA margin in twenty twenty six. This reflects operating leverage and disciplined cost management as we scale. As we grow, we're gaining leverage, not just in infrastructure, but across the business, setting us up for continued margin expansion and cash flow generation. Our disciplined execution and scalable model are driving meaningful free cash flow growth. In twenty twenty five, free cash flow margin reached ten percent, and we overachieved on our goal set in twenty twenty three to generate one hundred and twenty five million dollars cumulative free cash flow over three years. We continue to maintain a balanced capital allocation strategy. In the first quarter of twenty twenty six, we authorized an eighty million dollars opportunistic share repurchase program. Our balanced capital strategy involves both the new share repurchase program and our largest investment in research and development in company history in twenty twenty six. We believe this dual approach gives Bandwidth the flexibility to capitalize on market opportunities when they arise while actively managing dilution to enhance shareholder value. It all adds up to a clear and compelling investor thesis. First, we operate in a large and growing one hundred and sixty billion dollars market, serving mission critical enterprise communications around the world. Second, we have a durable, competitive advantage driven by software innovation and our global owned and operated communications cloud. Third, we're leading the next evolution of cloud communications, bringing voice, messaging and AI together with Maestro, our platform for choice, control and scale. And finally, we deliver from a position of financial strength, combining profitable growth, expanding margins and capital structure flexibility. Bandwidth is built for the dynamic world of communications today and orchestrated for where it's going next. And we're just getting started. At Bandwidth, our purpose is clear and powerful. We develop and deliver the power to communicate, From a voice call to customer support, to a flight confirmation text, to a life saving emergency alert, our technology makes it happen. We're at the center of mission critical communications for enterprises around the world, delivering cloud based voice, messaging and emergency services, all delivered over a global software driven platform that we own and operate, giving Bandwidth superior economics and our customers a resilient foundation where they can build, scale and innovate.