Buy Rating Affirmed for Bandwidth Amid Strong Financial Performance and AI-Driven GrowthWe are optimistic that its current range is achievable and see potential for upside if AI voice volume continues to accelerate. NRR declines to 105%, from 112% last quarter. Reported NRR was 105% in the third quarter and NRR excluding the impact ofpolitical messaging was 107%. Gross logo retention held steady above 99% in the quarter, but the lower NRR was likely driven by less usage, particularly on the messaging side and by the absence of political campaign messaging revenue, which had materially benefited in the same period last year. Management anticipates a similar headwind in the fourth quarter, as prior-year comparable benefited from a meaningful contribution from political campaign activity that is not recurring this year.