Business
Bandwidth Announces First Quarter 2019 Financial Results
RALEIGH, N.C., May 2, 2019 /PRNewswire/ -- Bandwidth Inc. (NASDAQ: BAND), a software company focused on communications for the enterprise, today announced
About this update from Bandwidth Inc.
[{"type":"text","content":"RALEIGH, N.C., May 2, 2019 /PRNewswire/ -- Bandwidth Inc. (NASDAQ: BAND), a software company focused on communications for the enterprise, today announced financial results for the first quarter ended March 31, 2019. \n\n \n\"We are very pleased with our strong first quarter results which provide a great start to 2019. Our go-to market investments are building momentum as we have made continued progress in attracting innovative customers who choose to build on the Bandwidth platform,\" stated David Morken, chief executive officer of Bandwidth. \"Additionally, we recently introduced new A2P messaging and voice services demonstrating the ability of our expanded software development and engineering teams to continually improve our platform capabilities to serve the needs of enterprise customers.\"\nFirst Quarter 2019 Financial Highlights\nRevenue: Total revenue for the first quarter of 2019 was $53.3 million, up 1% compared to $53.0 million in the first quarter of 2018, which included $6.3 million from a one-time legal settlement. Within total revenue, CPaaS revenue was $45.0 million, up 16% compared to $38.9 million for the first quarter of 2018. Other revenue contributed the remaining $8.3 million for the first quarter of 2019. Other revenue was $14.1 million in the same period last year and included the $6.3 million legal settlement. Gross Profit: Gross profit for the first quarter of 2019 was $24.6 million, compared to $27.6 million for the first quarter of 2018. Gross margin for the first quarter of 2019 was 46%, compared to 52% for the first quarter of 2018. Non-GAAP gross profit for the first quarter of 2019 was $25.9 million, compared to $28.7 million for the first quarter of 2018. Non-GAAP gross margin was 49% for the first quarter of 2019, compared to 54% for the first quarter of 2018. Excluding the one-time legal settlement, our Non-GAAP gross profit and margin for the first quarter of 2018 would have been $22.5 million and 48%, respectively. Net Income: Net income for the first quarter of 2019 was $2.0 million, or $0.09 per share, based on 22.0 million weighted average diluted shares outstanding. During the first quarter of 2018, net income attributable to common stockholders was $6.2 million, or $0.30 per share, based on 20.5 million weighted average diluted shares outstanding for the first quarter of 2018. Non-GAAP Ne...