Business
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
About this update from Bandwidth Inc.
[{"type":"text","content":"Total first quarter revenue of $68.5 million, up 29% year-over-year\n CPaaS first quarter revenue of $59.1 million, up 31% year-over-year\n Active CPaaS customers of 1,808, up 34% year-over-year\n First quarter dollar-based net retention rate of 126%\n\n\nRALEIGH, N.C., April 30, 2020 /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, 2020. \n\"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.\"\nFirst Quarter 2020 Financial Highlights \nRevenue: 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 quart...