Business
Bandwidth Announces Third Quarter 2021 Financial Results
Total Revenue of $131 million, up 54% year-over-year CPaaS Revenue of $107 million, up 46% year-over-year RALEIGH, N.C., Nov. 8, 2021 /PRNewswire/ --
About this update from Bandwidth Inc.
[{"type":"text","content":"Total Revenue of $131 million, up 54% year-over-year\n CPaaS Revenue of $107 million, up 46% year-over-year\n\n\n\n RALEIGH, N.C., Nov. 8, 2021 /PRNewswire/ -- Bandwidth Inc. (NASDAQ: BAND), a leading global enterprise cloud communications company, today announced financial results for the third quarter ended September 30, 2021. \n\n \n \"Bandwidth continues to play a critical role in the enterprise move to the cloud,\" stated David Morken, Chief Executive Officer of Bandwidth. \"We delivered another solid quarter, with a number of important customer wins, strong momentum from cross-selling on our global network, and continued growth in our API-driven CPaaS products. The DDoS attacks on our network have sharpened our defenses and made us stronger than ever, and we're in a position to leverage what we've learned to help make the ecosystem safer for enterprise communications.\" \nThird Quarter 2021 Financial Highlights The following table summarizes the consolidated financial highlights for the three months ended September 30, 2020 and 2021 (in millions, except per share amounts). \nThree months ended September 30,\n2020\n2021\nCPaaS Revenue¹\n$\n73.8\n$\n107.4\nTotal Revenue¹\n$\n84.8\n$\n130.6\nConsolidated Gross Margin\n46\n%\n45\n%\nNon-GAAP² Gross Margin\n49\n%\n49\n%\nCPaaS Gross Margin\n47\n%\n49\n%\nNon-GAAP CPaaS Gross Margin\n50\n%\n54\n%\nNet Loss\n$\n(2.4)\n$\n(6.9)\nNon-GAAP² Net Income\n$\n6.5\n$\n6.5\nNet loss per share, basic and diluted\n$\n(0.10)\n$\n(0.28)\nWeighted average shares outstanding, basic and diluted\n24.2\n25.1\nNon-GAAP net income per Non-GAAP share\n$\n0.24\n$\n0.25\nNon-GAAP weighted average shares outstanding, diluted\n26.5\n26.4\nAdjusted EBITDA\n$\n9.3\n$\n14.2\n \n¹Total and CPaaS revenue include $27 million and $26 million, respectively, from Voxbone.\n²Additional 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\"We were pleased to deliver another quarter of strong results, with both top and bottom line results exceeding guidance,\" said Daryl Raiford, Chief Financial Officer of Bandwidth. \"Our CPaaS no...