Select competitor performance and outlook CPaaS: Higher-value channels are supporting growth, while SMS remains volatile Twilio: Q1’26 guide: revenue +7%–9% Y/Y; FY25: organic growth 11.3%–11.5%, revenue $5.01B–$5.02B, FCF $920M–$930M; Q4’25: revenue $1.31B–$1.32B (+9.5%–10.5% Y/Y), with higher-value channel strength and continued RCS / AI-led momentum Sinch: Q1’26 guide: no near-term guide; 2027 targets reiterated: 7%–9% organic GP growth and 12%–14% AEBITDA margin; Q4’25: AEBITDA margin 13.7% (+0.8 ppts Y/Y), with RCS traffic tripled YTD and email +40% Y/Y supporting mix improvement Bandwidth: Q1’26 guide: low-to-mid single-digit growth; FY25: growth +9%–11% ex-political; Q4’25: revenue $208M, non-GAAP GM 58% (+200 bps Y/Y), with continued enterprise voice / messaging mix support UCaaS/CCaaS: Growth is steady, but outcomes are diverging by AI leverage and investment intensity RingCentral: Q1’26 guide: subscription revenue +4%–6% Y/Y; FY25: revenue +4.5%–5.0% Y/Y, FCF $525M–$530M; Q4’25: subscription revenue +5% Y/Y, with 26% AEBITDA margin (-2.3 ppts Y/Y) Five9: Q1’26 guide: +7%–9% Y/Y; FY25: revenue $1.143B–$1.150B (+9.7%–10.3%), AEBITDA margin >22%; Q4’25: revenue +8% Y/Y, AI bookings +80% Y/Y, AI revenue +41% Y/Y (~11% of enterprise subscription mix) NICE: Q1’26 guide: +6%–8% Y/Y; FY25: revenue growth ~+7% at midpoint; Q4’25: revenue +6% Y/Y, cloud +12% (ex-Cognigy), AI & self-service ARR $268M (+49% Y/Y; +43% ex-Cognigy) 8x8: Q1 FY26 guide: -3.9% to -1.1% Y/Y; FY26: Ver más