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Bandwidth Inc. (BAND) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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Bandwidth Inc.

CIK: 1514416 Ticker: BAND


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Bandwidth Announces First Quarter 2020 Financial Results
Total first quarter revenue of $68.5 million, up 29% year-over-year
CPaaS first quarter revenue of $59.1 million, up 31% year-over-year
Active CPaaS customers of 1,808, up 34% year-over-year
First quarter dollar-based net retention rate of 126%
Raleigh, NC - April 30, 2020 -
Bandwidth Inc. (NASDAQ: BAND), a software company focused on communications for the enterprise, today announced financial results for the first quarter ended March 31, 2020.
“At Bandwidth we are incredibly humbled to support the world’s rapid response to COVID-19. Our mission is to develop and deliver the power to communicate, and now more than ever, we are meeting the most critical communication needs of healthcare systems, governments, businesses, teachers and students. Our teams have worked around the clock to expand our owned-and-operated network and platform to meet unprecedented and essential demand for our services,” stated David Morken, chief executive officer of Bandwidth. “We successfully met surging demand caused by work-from-home mandates during this crisis. A huge thank you to our teams who sacrificially delivered best-in-class service to our enterprise customers, including many responsible for providing critical care during this season.”

First Quarter 2020 Financial Highlights
Revenue: Total revenue for the first quarter of 2020 was $68.5 million, up 29% compared to $53.3 million in the first quarter of 2019. Within total revenue, CPaaS revenue was $59.1 million, up 31% compared to $45.0 million for the first quarter of 2019. Other revenue contributed the remaining $9.4 million for the first quarter of 2020. Other revenue was $8.3 million in the same period last year.
Gross Profit: Gross profit for the first quarter of 2020 was $32.2 million, compared to $24.6 million for the first quarter of 2019. Gross margin for the first quarter of 2020 was 47%, compared to 46% for the first quarter of 2019. Non-GAAP gross profit for the first quarter of 2020 was $34.7 million, compared to $25.9 million for the first quarter of 2019. Non-GAAP gross margin was 51% for the first quarter of 2020, compared to 49% for the first quarter of 2019.
Adjusted EBITDA: Adjusted EBITDA was $3.1 million for the first quarter of 2020, compared to $(1.7) million for the first quarter of 2019.
Net Income (Loss): Net loss for the first quarter of 2020 was $(1.1) million, or $(0.04) per share, based on 23.6 million weighted average shares outstanding. During the first quarter of 2019, net income was $2.0 million, or $0.09 per share, based on 22.0 million weighted average diluted shares outstanding.
Non-GAAP Net (Loss) Income: Non-GAAP net income for the first quarter of 2020 was $1.1 million, or $0.04 per share, based on 24.5 million weighted average diluted shares outstanding. This compares to a Non-GAAP net loss of $(2.5) million, or $(0.12) per share, based on 20.5 million weighted average shares outstanding for the first quarter of 2019.
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The following information was filed by Bandwidth Inc. (BAND) on Thursday, April 30, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-Q Quarterly Report

Cover
Condensed Consolidated Balance Sheets
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Changes In Stockholders??? Equity
Condensed Consolidated Statements Of Comprehensive Income (Loss)
Condensed Consolidated Statements Of Operations
Basic And Diluted Income (Loss) Per Common Share
Basic And Diluted Income (Loss) Per Common Share - Additional Information (Details)
Basic And Diluted Income (Loss) Per Common Share - Components Of Basic And Diluted Earnings Per Share (Details)
Basic And Diluted Income Per Common Share (Tables)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Details)
Debt
Debt (Tables)
Debt - Additional Information (Details)
Debt - Interest Income And Interest Expense Disclosure (Details)
Debt - Schedule Of Debt (Details)
Employee Benefit Plan
Employee Benefit Plan (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Details)
Fair Value Measurements - Assets Measured At Fair Value (Details)
Financial Statement Components
Financial Statement Components (Tables)
Financial Statement Components - Accounts Receivable, Net Of Allowance For Doubtful Accounts (Details)
Financial Statement Components - Accrued Expenses And Other Current Liabilities (Details)
Financial Statement Components - Allowance For Doubtful Accounts (Details)
Income Taxes
Income Taxes - Additional Information (Details)
Intangible Assets
Intangible Assets (Tables)
Intangible Assets - Additional Information (Details)
Intangible Assets - Future Estimated Amortization Expense (Details)
Intangible Assets - Summary Of Intangible Assets (Details)
Organization And Description Of Business
Organization And Description Of Business (Details)
Property And Equipment
Property And Equipment (Tables)
Property And Equipment - Additional Information (Details)
Property And Equipment - Depreciation Expense (Details)
Property And Equipment - Summary Of Property And Equipment, Net (Details)
Related Parties
Related Parties (Details)
Right-Of-Use Asset And Lease Liabilities
Right-Of-Use Asset And Lease Liabilities (Tables)
Right-Of-Use Asset And Lease Liabilities - Additional Information (Details)
Right-Of-Use Asset And Lease Liabilities - Assets And Liabilities, Lessee (Details)
Right-Of-Use Asset And Lease Liabilities - Components Of Lease Expense (Details)
Right-Of-Use Asset And Lease Liabilities - Future Minimum Sub-Lease Receipts (Details)
Right-Of-Use Asset And Lease Liabilities - Schedule Of Maturities Of Lease Liabilities (Details)
Right-Of-Use Asset And Lease Liabilities - Supplemental Cash Flow And Other Information (Details)
Segment And Geographic Information
Segment And Geographic Information (Tables)
Segment And Geographic Information - Reconciliation Of Revenue By Geographic Area (Details)
Segment And Geographic Information - Reconciliation Of Segment Profit (Loss) (Details)
Stock Based Compensation
Stock Based Compensation (Tables)
Stock Based Compensation - Additional Information (Details)
Stock Based Compensation - Restricted Stock Unit Activity (Details)
Stock Based Compensation - Stock Based Compensation Expense (Details)
Stock Based Compensation - Stock Option Activity (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Common Stock (Details)
Stockholders' Equity - Preferred Stock (Details)
Stockholders' Equity - Reserved Shares Of Common Stock For Issuance (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Accounts Receivable And Current Expected Credit Losses And Concentration Of Credit Risk (Details)
Summary Of Significant Accounting Policies - Estimates And Cash, Cash Equivalents And Restricted Cash (Details)
Summary Of Significant Accounting Policies - Recently Adopted Accounting Standards (Details)

Material Contracts, Statements, Certifications & more

Bandwidth Inc. provided additional information to their SEC Filing as exhibits

Ticker: BAND
CIK: 1514416
Form Type: 10-Q Quarterly Report
Accession Number: 0001514416-20-000107
Submitted to the SEC: Mon May 04 2020 7:36:05 AM EST
Accepted by the SEC: Mon May 04 2020
Period: Tuesday, March 31, 2020
Industry: Prepackaged Software

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