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August 3, 2022 Conference Call Conference call to discuss Bandwidth's financial results for the second quarter ended June 30, 2022 on August 3, 2022, via the investor section of its website at https://investors.bandwidth.com where a replay will also be available shortly following the conference call. | Raleigh, NC - Bandwidth Inc. (NASDAQ: BAND), a leading global enterprise cloud communications company, today announced financial results for the second quarter ended June 30, 2022. “I am proud of the operating discipline that enabled us to deliver results that exceeded expectations on both the top and bottom line. Our second quarter results and customer wins demonstrate our execution and focus on serving enterprise customers amidst an uncertain macroeconomic environment,” said David Morken, Bandwidth’s Chief Executive Officer. “I am confident we are well positioned because we provide mission-critical cloud communications that reduce costs for large enterprises.” Second Quarter 2022 Financial Highlights The following table summarizes the consolidated financial highlights for the three months ended June 30, 2022 and 2021 (in millions, except per share amounts). (1) | ||||||||||||||||
Conference Call Details August 3, 2022 5:00 pm ET Domestic dial-in: 800-926-9174 International dial-in: 212-231-2920 Replay information An audio replay of this conference call will be available through August 10, 2022, by dialing (844) 512-2921 or (412) 317-6671 for international callers, and entering passcode 22019850. Investor Contact Sarah Walas Bandwidth 919-504-6585 ir@bandwidth.com | Three months ended June 30, | ||||||||||||||||
2022 | 2021 | ||||||||||||||||
Total Revenue | $ | 136 | $ | 121 | |||||||||||||
Gross Margin(1) | 41 | % | 44 | % | |||||||||||||
Non-GAAP Gross Margin(1) | 53 | % | 51 | % | |||||||||||||
Net Loss | $ | (6) | $ | (7) | |||||||||||||
Non-GAAP Net (Loss) Income | $ | (1) | $ | 9 | |||||||||||||
Net loss per share, basic and diluted | $ | (0.25) | $ | (0.28) | |||||||||||||
Non-GAAP net (loss) income per Non-GAAP share | $ | (0.04) | $ | 0.32 | |||||||||||||
(1) Prior period has been conformed to the current period presentation. Additional information regarding the non-GAAP financial measures discussed in this release, including an explanation of these measures and how each is calculated, is included below under the heading “Non-GAAP Financial Measures.” A reconciliation of GAAP to non-GAAP financial measures has also been provided in the financial tables included below. |
Three months ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Number of Active Customers (1) | 3,362 | 3,085 | |||||||||
Dollar-based net retention rate (1) | 112% | 128% |
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Bandwidth Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:
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Adjusted EBITDA We define Adjusted EBITDA as net income or losses from continuing operations, adjusted to reflect the addition or elimination of certain income statement items including, but not limited to: income tax provision (benefit); 52 Table of ContentsManagement's Discussion and Analysis interest (income) expense, net; depreciation and amortization expense; acquisition related expenses; stock-based compensation expense; impairment of intangible assets, if any; loss (gain) on sale of business; loss (gain) on disposal of property and equipment, if any; and net cost associated with early lease terminations and leases without economic benefit Adjusted EBITDA is a key measure used by management to understand and evaluate our core operating performance and trends, to generate future operating plans and to make strategic decisions regarding the allocation of capital.
41 Table of ContentsManagement's Discussion and Analysis Sales and Marketing Sales and marketing expenses consist of salaries and related personnel costs, commissions, and costs related to advertising, marketing, brand awareness activities, sales support and professional services fees, and customer billing and collections functions.
Unbilled revenue made up 47% and 50% of outstanding accounts receivable, net of allowance for doubtful accounts, as of June 30, 2022 and 2021, respectively.
This increase was primarily due to increased personnel costs from greater numbers of employed staff of $6 million and an increase of facilities and IT expenses of $2 million.
This increase was primarily due to increased personnel costs from greater numbers of employed staff of $10 million and an increase of facilities and IT expenses of $4 million.
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Ticker: BAND
CIK: 1514416
Form Type: 10-Q Quarterly Report
Accession Number: 0001514416-22-000153
Submitted to the SEC: Thu Aug 04 2022 7:22:09 AM EST
Accepted by the SEC: Thu Aug 04 2022
Period: Thursday, June 30, 2022
Industry: Prepackaged Software