4Q25 and 2025 Earnings Results February 19, 2026 Legal Disclaimer This presentation includes forward-looking statements. All statements contained in this presentation other than statements of historical facts, including, without limitation, future financial and business performance for the quarter ending March 31, 2026 and year ending December 31, 2026, the success of our product offerings and our platform, and the value proposition of our products, are forward-looking statements. The words "anticipate," "a ...

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $192 million, an 11% year-over-year increase, normalized for the previous year's political campaign revenue [17] - Cloud Communications Services revenue reached $142 million, reflecting an 8% year-over-year increase on a normalized basis [17] - Adjusted EBITDA was $24 million, exceeding expectations due to higher revenue and lower spending [18] - Non-GAAP gross margin remained strong at 58% [17][18] - Free cash flow generated in the quarter was $13 million, with a trailing 12-month free cash flow growth of 35% year-over-year [18][21] Business Line Data and Key Metrics Changes - Enterprise Voice revenue increased by 22% year-over-year, driven by strong adoption among existing customers and new customer ramping [19] - Programmable Messaging achieved a normalized growth of 6% year-over-year [20] - Average annual revenue per customer reached a record of $231,000, growing 46% over the last three years [21] Market Data and Key Metrics Changes - The net retention rate for Q3 was 105%, and 107% when excluding political campaign revenue [20] - The largest customer category grew revenue by 7% year-over-year, more than doubling the growth rate from the previous year [20] Company Strategy and Development Direction - The company is evolving its business model towards a higher mix of recurring software-driven revenue and adding intelligent automation and value-added services [5] - The focus is on being the provider of choice for conversational AI deployment, with a strategy that includes native AI within CCaaS platforms and public APIs [7][8] - The Trust Services portfolio was highlighted as a key lever for competitive advantage, addressing customer challenges related to call answer rates [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued momentum in voice AI and increasing software revenue, positioning the company for a solid fourth quarter and start to the new year [22] - The company anticipates continued growth in Global Voice Plans and Enterprise Voice customers, along with a robust political campaign messaging season [23] Other Important Information - The company won the Technology Disruptor award from Ally Financial, recognizing its role in transforming customer experience [5] - The introduction of new AI-driven products, such as the AI Receptionist and Bandwidth Activation Agent, aims to enhance customer experience and operational efficiency [9][10] Q&A Session Summary Question: Can you characterize overall demand and customer conversations? - Management noted a record number of $1 million plus revenue customers, reflecting broad-based demand and healthy growth in voice [30] Question: What are the 2026 medium-term targets? - The company aims for above-market revenue growth, 60% and greater gross margins, 20% and greater EBITDA margin, and 15% and greater free cash flow margin [32] Question: How are new products impacting Enterprise Voice and Global Voice Plans? - New products are initially launched for enterprise customers but are quickly adopted by Global Voice Plans customers due to overlapping interests [49] Question: What trends are seen with the Number Reputation Management product? - The product addresses consumer trust issues and is expected to have a global opportunity, driving customer wins [70]

Financial Performance - Total revenue reached $756 million[12], with cloud communications revenue accounting for $555 million[12] - Adjusted EBITDA was $92 million[12], reflecting a 19% year-over-year growth[12] - Free cash flow amounted to $56 million[12], a 35% increase year-over-year[12] - The company is projecting approximately 10% year-over-year total revenue growth for 2025, normalized for political campaign revenue[40] Customer Metrics - Net Retention Rate (NRR) stood at 107%[18], indicating strong customer loyalty and revenue expansion[18] - Average annual customer revenue was $231,000[38], demonstrating a 9% year-over-year increase[38] Revenue Growth - Total revenue grew by 11% in 3Q25[20], while cloud communications revenue increased by 8%[20] - Non-GAAP gross margin expanded, reaching 58% in both the quarter and year-to-date periods[27] Future Outlook - The company raised its full-year 2025 EBITDA guidance to a range of $89 million to $92 million[40]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $174 million, a 7% year-over-year increase, normalized for 2024 cyclical political campaign revenue of $8 million [19] - Cloud communications revenue reached $133 million, reflecting a 6% year-over-year increase, also normalized for 2024 political campaign revenue [19] - Non-GAAP gross profit was $79 million, an 8% year-over-year increase, with a non-GAAP gross margin improvement to 59%, a two percentage point increase [20] - EBITDA grew by 40% to $22 million, exceeding expectations due to higher revenue and stronger margins [20] - Free cash flow performance was as expected, influenced by capital expenditures and working capital timing [20] Business Line Data and Key Metrics Changes - Enterprise Voice revenue grew 26% year-over-year, driven by strong demand from financial services and healthcare customers [21] - Global Voice Plans revenue increased by 4% year-over-year, supported by long-term customer expansions and new business from channel partnerships [21] - Programmable messaging accounted for 19% of cloud communications revenue, with a 9% year-over-year increase, driven by demand in key verticals [21] Market Data and Key Metrics Changes - The net retention rate for Q1 was 116%, with customer name retention above 99% [22] - Average annual revenue per customer reached a record $228,000, or $211,000 when excluding the political campaign benefit in 2024 [23] Company Strategy and Development Direction - The company is focused on disciplined execution, innovation, and delivering essential communications, with a strong emphasis on core platform growth [16] - The strategy includes expanding partnerships with managed service providers (MSPs) and system integrators to enhance market reach [30] - The company aims for double-digit core platform growth, profit expansion, and strengthening its capital structure for the full year 2025 [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the business despite macroeconomic volatility, with no anticipated material impact from current tariff environments [19] - The company raised its full-year revenue outlook to a range of $745 million to $760 million, reflecting increased organic growth expectations [24] - Management highlighted the importance of AI integration in driving growth across all product categories, emphasizing the effectiveness of AI voice solutions [70] Other Important Information - The company received two Gold Stevie Awards for innovation in customer service and customer engagement initiatives [16] - Capital expenditures for the quarter were $10 million, focused on network expansion activities [23] Q&A Session Summary Question: Insights on enterprise voice growth and pipeline - Management noted a strong pipeline for enterprise voice customers, with more million-dollar deals signed in the quarter than ever before, indicating robust growth potential [29][30] Question: Confidence in back half of the year amidst uncertainty - Management expressed confidence in continued growth driven by enterprise voice traction and a resilient voice business, while acknowledging potential risks in programmable messaging [35][36] Question: Drivers behind increased average revenue per customer - The increase is attributed to more enterprise voice customers utilizing the Maestro platform and expanding their business, along with cross-selling opportunities [39][40] Question: Future of the partner ecosystem - Management highlighted the growing contribution from partnerships with large MSPs, which are expected to enhance deal cycle efficiency and complexity management [45][46] Question: AI's role in growth across product categories - AI is seen as a significant growth driver, enhancing customer experiences and operational efficiencies across global voice, enterprise voice, and programmable messaging [66][70]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $174 million, a 7% year-over-year increase, normalized for 2024 cyclical political campaign revenue of $8 million [20] - Cloud communications revenue reached $133 million, reflecting a 6% year-over-year increase, also normalized for 2024 political campaign revenue [20] - Non-GAAP gross profit increased to $79 million, marking an 8% year-over-year growth, with a non-GAAP gross margin improvement to 59%, a two percentage point increase [21] - EBITDA grew by 40% to $22 million, exceeding expectations due to higher revenue and stronger margins [21] - Free cash flow performance was as expected, influenced by capital expenditures and working capital timing [21] Business Line Data and Key Metrics Changes - Enterprise Voice revenue grew 26% year-over-year, driven by strong demand from financial services and healthcare customers [22] - Global Voice Plans revenue increased by 4% year-over-year, supported by long-term customer expansions and new business from channel partnerships [22] - Programmable messaging accounted for 19% of cloud communications revenue, with a 9% year-over-year increase, driven by demand in key verticals including e-commerce and financial services [22] Market Data and Key Metrics Changes - The net retention rate for Q1 was 116%, with customer name retention above 99% [22] - Average annual revenue per customer reached a record $228,000, or $211,000 when excluding the political campaign benefit in 2024 [22] Company Strategy and Development Direction - The company is focused on disciplined execution, innovation, and delivering essential communications, with a strong emphasis on the Maestro platform for enterprise voice and AI integration [6][10] - The strategy includes expanding partnerships with managed service providers (MSPs) and system integrators to enhance market reach and customer engagement [11][31] - The company aims for double-digit core platform growth, profit expansion, and strengthening its capital structure in 2025 [23][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the business despite macroeconomic volatility, raising the full-year revenue outlook to $745 million to $760 million [20][25] - The company anticipates continued growth in enterprise voice and global voice plans, with a focus on maintaining strong customer relationships and expanding service offerings [34][36] - Management acknowledged potential risks in programmable messaging due to its exposure to retail and digital engagement markets, but emphasized the essential nature of voice communications [36] Other Important Information - The company received two Gold Stevie Awards for innovation in customer service and customer engagement initiatives, reflecting its commitment to customer satisfaction [17] - The company ended the quarter with a cash and securities balance of $42 million and no borrowings under its credit line [23] Q&A Session Summary Question: Insights on enterprise voice growth and pipeline - Management reported a strong pipeline for enterprise voice customers, with more million-dollar deals signed than ever before, indicating robust growth potential [30] Question: Confidence in back half of the year amidst market uncertainty - Management raised the second half outlook, expecting double-digit organic growth driven by enterprise voice and global voice plans, while monitoring risks in programmable messaging [34][36] Question: Drivers behind increased average revenue per customer - The increase is attributed to more enterprise voice customers utilizing the Maestro platform and expanding their business, along with cross-selling opportunities [39] Question: Durability of gross margin performance - Management expects margins to remain stable throughout the year, with confidence in achieving medium-term targets [41] Question: Future of the partner ecosystem and its contribution - Management highlighted the growing importance of partnerships with MSPs and the potential for increased sales through these channels [45][49] Question: Strategies to regain share in the messaging business - The focus will be on driving deliverability and expanding channels, including RCS and RBM, to enhance customer engagement and grow the messaging business [51][54] Question: Success factors in the healthcare vertical - The Maestro platform's ability to integrate innovation into complex healthcare environments is a key differentiator, with opportunities for expansion into other verticals like hospitality and manufacturing [58][60] Question: Key drivers for Global Voice business growth - Management expects Global Voice plans to double its growth rate, driven by onboarding new customers and leveraging channel partnerships [63]

Financial Performance - Total revenue for 1Q25 was $752 million[15] - Cloud communications revenue for 1Q25 reached $545 million[15] - Adjusted EBITDA for 1Q25 grew by 50% year-over-year to $88 million[15] - Free cash flow for 1Q25 increased by 94% year-over-year to $50 million[15] - The company is raising full year 2025 total revenue growth guidance to 9-11% when normalized for 2024 cyclical political campaign revenue[36, 37] Revenue Growth - Total revenue grew by 7% year-over-year in 1Q25[18] - Cloud communications revenue grew by 6% year-over-year in 1Q25[18] - Enterprise Voice revenue grew by 26% year-over-year[19] Customer Metrics - Net Retention Rate (NRR) was 116%[12, 23] - Average annual customer revenue increased by 20% year-over-year[23] Gross Margin - Non-GAAP gross margin increased to 59%[44]