Bandwidth Inc.

Good morning and welcome to the Bandwidth's first quarter 2026 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal conference specialists by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Ankit Hira of Investor Relations. Please go ahead.

Good morning and welcome to Bandwidth's first quarter 2026 earnings call. I'm joined today by David Morgan, our CEO, and Daryl Rayford, our CFO. They will begin with prepared remarks, and then we will open up the call for Q&A. Our earnings press release was issued earlier today. The press release 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. During the call, we will make statements related to our business that may be considered forward-looking, including statements concerning our financial guidance for the full year 2026. 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 that vary materially from any future results or outcomes expressed or implied by the forward-looking statements. Any forward-looking statements made on this call and in the presentation slides reflect our analysis as of today, and we have no plans or obligation to update them. For our discussion of material risk 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 call over to David.

Thank you, and welcome everyone. Bandwidth has entered 2026 with historic momentum. In the first quarter, we exceeded our expectations with record revenue of $209 million, up 20% year-over-year, and record first quarter adjusted EBITDA of $26 million. Based on this performance, we are raising our full year outlook. These results represent far more than a quarterly beat. They are a definitive proof point of our structural advantage in a technology sector undergoing a profound transformation. Our global communications cloud and maestro orchestration layer are essential infrastructure that make voice AI possible. Bandwidth is flourishing as the mission critical foundation for the AI driven enterprise. Thank you to our customers for growing and innovating with us and to our bandmates for your amazing work. And I thank God for giving this team the opportunities to serve together. We are executing against a clear strategy to power mission-critical communications for the AI-driven enterprise. For voice AI to succeed in production, it requires ultra-low latency, carrier-grade reliability, and deep regulatory control capabilities that only a company that owns the underlying network can provide. This is our moat. It creates durable advantages in economics and performance that are impossible for virtual providers to replicate. We are no longer just enabling AI. We are orchestrating it. Through our Maestro platform, we participate in every interaction, allowing us to capture more value as customer usage grows. As AI increases the frequency and complexity of interactions, our model allows us to grow revenue per interaction, not just per minute. We are seeing this play out as customers deploy AI into their live workflows and rely upon our platform to support mission critical interactions. A key example is our expanded partnership with Salesforce. We recently announced that Salesforce selected Bandwidth as their critical infrastructure partner to power voice and messaging for their groundbreaking new AgentForce Contact Center platform. Salesforce is fundamentally re-architecting the contact center for the AI era, bringing together their customer data, digital engagement, and agentic AI capabilities into a single AI-first platform. In Salesforce's vision, AgentForce Contact Center becomes a native execution layer for CRM. This gives enterprises a single source of truth to achieve faster, more intelligent customer engagement. Salesforce is a longtime customer, and to realize its bold vision for AgentForce, they turned to bandwidth once again as their critical infrastructure partner. Only we are able to deliver the unique combination of network ownership, real-time orchestration, and global regulatory expertise required to support AgentForce's high-volume AI-driven interactions. This is the result of our years of powering hyperscalers and all the Gartner leaders in CCaaS and UCaaS. In our partnership, Salesforce has embedded Bandwidth's communications cloud directly into their governed workflows. enabling the control, observability, and integration depth required for agentic interactions at scale. This is significant for two reasons. First, it adds CRM as a new category of platforms we power. In addition to CCaaS, UCaaS, and conversational AI leaders, we are now partnered with the leading CRM platform as it becomes the system of execution for customer engagement. This expands our total addressable market, and positions us to capture meaningful share as CRM platforms take on a larger role in customer interactions. Second, it reinforces our emerging role as critical infrastructure embedded inside governed workflows, where every interaction represents a unit of usage and value creation. This is a blueprint for how we expand value by embedding deeper into core enterprise systems and participating in more workflows on our platform. As agent force adoption grows, we believe revenue will build over time. With AI becoming the primary interface for customer engagement, the traditional contact center stack is being re-architected around agentic workflows. We have a long history of working closely with the leading CCaaS providers, and they continue to innovate and invest in exciting new AI capabilities. The evolution of the category will expand the range of platforms enterprises can choose from, and bandwidth is positioned to support them all. Our open platform strategy ensures that regardless of which application or AI provider an enterprise selects, bandwidth remains the underlying communications infrastructure. We're seeing this same need for mission critical infrastructure play out in highly regulated industries, particularly in financial services. where we've secured large wins over several consecutive quarters, including two new million-dollar-plus deals. The first is with a leading U.S. consumer financial services company that has over 70 million active accounts. This customer selected Bandwidth to replace its legacy telecom provider and migrate its contact center to the cloud through our Maestro integration with Genesys and our ultra-reliable CallAssure toll-free voice solution. our solution delivers the reliability, control, and integration they needed, while also enabling their transition to AI-driven customer engagement. We're now positioned for significant expansion as the customer integrates AI into the next phase of their customer experience transformation. Our second million dollar plus deal during the quarter is with one of the largest mutual life insurance companies in the world. This customer selected bandwidth to replace a long-standing legacy carrier. Like many enterprises in regulated industries, this customer required both performance and trust, areas where our owned network and integrated platform provide a clear advantage. Their comprehensive customer experience transformation leverages our maestro integration with Genesys, our call-assured toll-free voice, and our trust services including call verification and number reputation management. Cost savings from modernization are being reinvested into new AI services which could further increase usage on our platform, redirecting spend away from legacy systems and toward more intelligent, scalable customer engagement with bandwidth. These examples demonstrate our continued strong momentum in financial services where scalability, compliance, and resiliency are non-negotiable. Standardizing on bandwidth enables best-in-class integrations, intelligent call routing, built-in failover, and a clear path to deploying new AI services. This is a land-and-expand model, where initial platform wins immediately demonstrate bandwidth's value proposition, leading to higher usage, increased software attachment, and long-term durable revenue growth. We're seeing a similar dynamic play out in our messaging business, where enterprises need a robust, reliable platform partner to scale real-time customer engagement across digital channels. During the first quarter, we want an additional high-volume messaging customer with major consumer brands across the retail and restaurant verticals. This customer reached a level of throughput where their previous large provider could no longer meet their requirements and switch to bandwidth for our proven delivery performance and ability to scale, particularly as they manage tens of millions of messages per month across short code, 10 DLC, and toll-free channels. As they add new AI workflows to automate campaign management and customer interactions, Bandwidth's messaging platform and campaign registration tools ensure reliable execution. This example shows how we're extending the same land and expand model into messaging. As customers grow and scale their engagement, activity flows directly through our platform, driving revenue and margin performance over time. In addition to our customer acquisition success in voice and messaging, we are increasingly supporting a growing ecosystem of AI developers building vertical applications on top of our platform. We're seeing continued momentum in this space with developers building agentic solutions across a wide variety of use cases from restaurants and hospitality to healthcare, home services, and customer support, where real-time voice and messaging are central to the customer experience. These AI app developers are choosing bandwidth for the same reasons as our enterprise customers. The ultra-low latency, reliability, and scalability required to run AI applications in production along with the orchestration capabilities of Maestro. As enterprises increasingly adopt verticalized applications built by third-party developers, bandwidth becomes the essential communications layer powering additional usage on our platform. In summary, we are the mission critical communications platform for AI-driven enterprises. First, we are executing against a clear and consistent strategy to power mission critical communications for the AI-driven enterprise. And we are seeing this focus translate into large enterprise adoption across our platform. Second, we are expanding our role inside governed customer workflows as AI moves into production. And third, we are scaling a business model that drives increasing usage, expands revenue per customer, and delivers exceptional incremental gross profit growth. Taken together, we are positioned as the mission-critical communications platform for AI-driven enterprises. Now, I'll turn it over to Daryl to walk through the financial details of the quarter.