Business
Bandwidth Announces Second Quarter 2024 Financial Results
Revenue of $174 million, up 19% year-over-year Accelerating profitability, exceeding guidance Expanding cash flow generation RALEIGH, N.C., Aug. 1, 2024
About this update from Bandwidth Inc.
[{"type":"text","content":"Revenue of $174 million, up 19% year-over-year\nAccelerating profitability, exceeding guidance \nExpanding cash flow generation\nRALEIGH, N.C., Aug. 1, 2024 /PRNewswire/ -- Bandwidth Inc. (NASDAQ: BAND), a leading global enterprise cloud communications company, today announced financial results for the second quarter ended June 30, 2024.\n\n \n \n \n \n \n \n\n \n\"We're pleased to report a very strong first half, making significant progress toward our plan for 2024. In the second quarter, we delivered solid revenue growth while accelerating profitability and cash flow,\" said David Morken, CEO of Bandwidth. \"Our team's disciplined approach, coupled with innovative solutions like Maestro and AI Bridge, is driving strong performance in a dynamic market. I am incredibly proud of our Bandmates' execution and grateful for the trust our customers place in us. As we move forward, we remain focused on delivering exceptional value and transforming the communications landscape.\"\nSecond Quarter 2024 Financial Highlights\nThe following table summarizes the condensed consolidated financial highlights for the three months ended June 30, 2024 and 2023 ($ in millions).\nThree months endedJune 30,\n2024\n2023\nRevenue\n$ 174\n$ 146\nGross Margin\n37 %\n40 %\nNon-GAAP Gross Margin (1)\n56 %\n55 %\nAdjusted EBITDA(1)\n$ 19\n$ 11\nFree Cash Flow (1)\n$ 18\n$ (1)\n(1) 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. \n\"Bandwidth's second quarter results underscore our commitment to sustainable, profitable growth. With total revenue reaching $174 million and Adjusted EBITDA up 77% from the prior year, we are performing well across all categories,\" said Daryl Raiford, CFO of Bandwidth. \"Our strategic investments and disciplined financial management have driven impressive free cash flow and operational efficiency. We are well-positioned to continue this momentum into the second half of the year, further enhancing our financial strength and growth trajectory.\"\nSecond Quarter Customer and Operational Highlights \nA nationwide provider of medical cla...