First quarter revenue of $138 million exceeded guidance
Messaging revenue up 8% year-over-year
RALEIGH,
N.C., May 2, 2023 /PRNewswire/
-- Bandwidth Inc. (NASDAQ: BAND), a leading global
enterprise cloud communications company, today announced financial
results for the first quarter ended March
31, 2023.
"Our results for the quarter demonstrate solid progress
adding enterprise customers, developing innovative award-winning
products, and advancing our strategic initiatives with a focus on
profitability," said David Morken,
Bandwidth's Chief Executive Officer. "Looking ahead, we remain
focused on maximizing our direct-to-enterprise momentum,
capitalizing on new innovations like Maestro and emerging AI
technologies, increasing product penetration across our three key
customer categories, and exploiting the competitive advantage of
being the only CPaaS provider with our own global
network."
First Quarter 2023 Financial
Highlights
The following table summarizes the
consolidated financial highlights for the three months ended
March 31, 2023 and 2022 (in millions,
except per share amounts).(1)
|
Three months ended
March 31,
|
|
2023
|
|
2022
|
Total
Revenue
|
$
138
|
|
$
131
|
Gross Margin
|
40 %
|
|
42 %
|
Non-GAAP Gross Margin
(1)
|
54 %
|
|
53 %
|
Adjusted
EBITDA(1)
|
$
5
|
|
$
8
|
Dollar-based net
retention rate (2)
|
109 %
|
|
114 %
|
(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.
(2) Additional information regarding our
dollar-based net retention rate and how it is calculated is
included below.
|
"We are pleased with our start to the year delivering
first quarter revenue of $138
million, exceeding our expectations, and adjusted EBITDA of
$5 million. Those results position us
to deliver our full year outlook growing profitability 30 percent,"
said Daryl Raiford, Bandwidth's
Chief Financial Officer. "Our guidance for the remainder of the
year remains unchanged – with continued growth amid a challenging
economic backdrop and driving profitability through operating
leverage. We will remain focused on what we can control, serving
and delighting our customers every day, being disciplined with our
costs and growing profitability for the longer term."
First Quarter Customer and Operational
Highlights
- The leading online bank in the U.S. chose Bandwidth to power
its Genesys cloud contact center. The resiliency and redundancy of
Bandwidth's network and integrations with third-party fraud
detection applications provided the assurance and control needed to
move to the cloud.
- The largest issuer of Visa and Mastercard credit cards in the
U.S. expanded its contact center partnership with Bandwidth in a
new line of business, while adding international calling, due to
Bandwidth's ability to add additional geographic coverage
seamlessly in our global cloud.
- A large mutual life insurance and investment services company
selected Bandwidth to migrate its complex contact center to the
cloud, using Bandwidth's platform approach and Pindrop voice
biometrics integration to power two different CCaaS
deployments.
- Launched Bandwidth Maestro, which integrates best-in-class
platforms and capabilities that CIOs need across UCaaS, CCaaS, and
AI, while, delivering faster time to value, lowering their
operating costs and providing a better customer and employee
experience.
Financial Outlook
Bandwidth's outlook is based on
current indications for its business, which are subject to change.
Bandwidth is providing guidance for its second quarter and full
year 2023 as follows:
|
Q2 2023
Guidance
|
|
Full Year 2023
Guidance
|
Total Revenue
(millions)
|
$140
- $142
|
|
$576
- $584
|
Adjusted EBITDA
(millions)
|
$4 - $6
|
|
$43 - $47
|
Bandwidth has not reconciled its second quarter and full year
2023 guidance related to Adjusted EBITDA to GAAP net income or
loss, because stock-based compensation cannot be reasonably
calculated or predicted at this time. Accordingly, a reconciliation
is not available without unreasonable effort.
Upcoming Investor Conference Schedule
- CIBC Technology and Innovation Conference in
Toronto, ON, CA on May 24, 2023.
About Bandwidth Inc.
Bandwidth (NASDAQ: BAND) is a
global cloud communications software company that helps enterprises
deliver exceptional experiences through voice calling, text
messaging and emergency services. Our solutions and our
Communications Cloud, covering 60+ countries and over 90 percent of
global GDP, are trusted by all the leaders in unified
communications and cloud contact centers–including Amazon Web
Services (AWS), Cisco, Google, Microsoft, RingCentral, Zoom,
Genesys and Five9–as well as Global 2000 enterprises and SaaS
builders like Docusign, Uber and Yosi Health. As a founder of the
cloud communications revolution, we are the first and only global
Communications Platform-as-a-Service (CPaaS) to offer a unique
combination of composable APIs, owner-operated network and broad
regulatory experience. Our award-winning support teams help
businesses around the world solve complex communications challenges
to reach anyone, anywhere. For more information, visit
www.bandwidth.com.
Conference Call
Conference call to discuss Bandwidth's financial results for the
first quarter ended March 31, 2023 on
May 2, 2023, via the investor section
of its website at https://investors.bandwidth.com where a replay
will also be available shortly following the conference call.
Conference Call Details
May 2, 2023
5:00 pm ET
Domestic dial-in:
844-481-2707
International dial-in:
412-317-0663
Replay information
An audio replay of this conference call will be available through
May 9, 2023, by dialing
(877)-344-7529 or (412)-317-0088 for international callers, and
entering passcode 6702378.
Forward-Looking Statements
This press release includes
forward-looking statements. All statements contained in this press
release other than statements of historical facts, including,
without limitation, future financial and business performance for
the quarter ending June 30, 2023 and
year ending December 31, 2023, the
success of our product offerings and our platform, and the value
proposition of our products, are forward-looking statements. The
words "anticipate," "assume," "believe," "continue," "estimate,"
"expect," "intend," "guide," "may," "will" and similar expressions
and their negatives are intended to identify forward-looking
statements. We have based these forward-looking statements largely
on our current expectations and projections about future events and
financial trends that we believe may affect our financial
condition, results of operations, business strategy, short-term and
long-term business operations and objectives and financial needs.
These forward-looking statements are subject to a number of risks
and uncertainties, including, without limitation, risks related to
our rapid growth and ability to sustain our revenue growth rate,
competition in the markets in which we operate, market growth, our
ability to innovate and manage our growth, our ability to expand
effectively into new markets, macroeconomic conditions both in the
U.S. and globally, legal, reputational and financial risks which
may result from ever-evolving cybersecurity threats, our ability to
operate in compliance with applicable laws, as well as other risks
and uncertainties set forth in the "Risk Factors" section of our
latest Form 10-K filed with the Securities and Exchange Commission
(the "SEC") and any subsequent reports that we file with the SEC.
Moreover, we operate in a very competitive and rapidly changing
environment. New risks emerge from time to time. It is not possible
for our management to predict all risks, nor can we assess the
impact of all factors on our business or the extent to which any
factor, or combination of factors, may cause actual results to
differ materially from those contained in any forward-looking
statements we may make. In light of these risks, uncertainties and
assumptions, we cannot guarantee future results, levels of
activity, performance, achievements or events and circumstances
reflected in the forward-looking statements will occur. We are
under no obligation to update any of these forward-looking
statements after the date of this press release to conform these
statements to actual results or revised expectations, except as
required by law. You should, therefore, not rely on these
forward-looking statements as representing our views as of any date
subsequent to the date of this press release.
Non-GAAP Financial Measures
To supplement our
consolidated financial statements, which are prepared and presented
in accordance with Generally Accepted Accounting Principles in
the United States, or GAAP, we
provide investors with certain Non-GAAP financial measures and
other business metrics, which we believe are helpful to our
investors. We use these Non-GAAP financial measures and other
business metrics for financial and operational decision-making
purposes and as a means to evaluate period-to-period comparisons.
We believe that these Non-GAAP financial measures and other
business metrics provide useful information about our operating
results, enhance the overall understanding of past financial
performance and future prospects and allow for greater transparency
with respect to metrics used by our management in its financial and
operational decision-making.
The presentation of Non-GAAP financial information and other
business metrics is not meant to be considered in isolation or as a
substitute for the directly comparable financial measures prepared
in accordance with GAAP. While our Non-GAAP financial measures and
other business metrics are an important tool for financial and
operational decision-making and for evaluating our own operating
results over different periods of time, we urge investors to review
the reconciliation of these financial measures to the comparable
GAAP financial measures included above, and not to rely on any
single financial measure to evaluate our business.
We define Non-GAAP gross profit as gross profit after adding
back depreciation, amortization of acquired intangible assets
related to acquisitions and stock-based compensation. We add back
depreciation, amortization of acquired intangible assets related to
acquisitions and stock-based compensation because they are non-cash
items. We eliminate the impact of these non-cash items, because we
do not consider them indicative of our core operating performance.
Their exclusion facilitates comparisons of our operating
performance on a period-to-period basis. Therefore, we believe that
showing gross margin, as adjusted to remove the impact of these
non-cash expenses, is helpful to investors in assessing our gross
profit and gross margin performance in a way that is similar to how
management assesses our performance. We calculate Non-GAAP gross
margin by dividing Non-GAAP gross profit by revenue less
pass-through messaging surcharges, expressed as a percentage of
revenue.
We define Non-GAAP net income as net income or loss adjusted for
certain items affecting period to period comparability. Non-GAAP
net income excludes stock-based compensation, amortization of
acquired intangible assets related to acquisitions, amortization of
debt discount and issuance costs for convertible debt, acquisition
related expenses, impairment charges of intangibles assets, net
cost associated with early lease terminations and leases without
economic benefit, (gain) loss on sale of business, net (gain) loss
on extinguishment of debt, non-recurring items not indicative of
ongoing operations and other, and estimated tax impact of above
adjustments, net of valuation allowances.
We define Adjusted EBITDA as net income or losses from
continuing operations, adjusted to reflect the addition or
elimination of certain statement of operations items including, but
not limited to: income tax (benefit) provision, interest (income)
expense, net, depreciation and amortization expense, acquisition
related expenses, stock-based compensation expense, impairment of
intangible assets, (gain) loss on sale of business, net cost
associated with early lease terminations and leases without
economic benefit, net (gain) loss on extinguishment of
debt, and non-recurring items not indicative of ongoing
operations and other. We have presented Adjusted EBITDA because it
is a key measure used by our management and board of directors to
understand and evaluate our core operating performance and trends,
generate future operating plans, and make strategic decisions
regarding the allocation of capital. In particular, we believe that
the exclusion of certain items in calculating Adjusted EBITDA can
produce a useful measure for period-to-period comparisons of our
business.
We define free cash flow as net cash provided by or used in
operating activities less net cash used in the acquisition of
property, plant and equipment and capitalized development costs for
software for internal use. We believe free cash flow is a useful
indicator of liquidity and provides information to management and
investors about the amount of cash generated from our core
operations that can be used for investing in our business. Free
cash flow has certain limitations in that it does not represent the
total increase or decrease in the cash balance for the period, it
does not take into consideration investment in long-term
securities, nor does it represent the residual cash flows available
for discretionary expenditures. Therefore, it is important to
evaluate free cash flow along with our consolidated statements of
cash flows.
While a reconciliation of Non-GAAP guidance measures to
corresponding GAAP measures is not available on a forward-looking
basis as a result of the uncertainty regarding, and the potential
variability of, many of these costs and expenses that we may incur
in the future, we have provided a reconciliation of Non-GAAP
financial measures and other business metrics to the nearest
comparable GAAP measures in the accompanying financial statement
tables included in this press release.
To calculate the dollar-based net retention rate, we first
identify the cohort of customers that generated revenue in the same
quarter of the prior year. The dollar-based net retention rate is
obtained by dividing the revenue generated from that cohort in a
quarter, by the revenue generated from that same cohort in the
corresponding quarter in the prior year. The dollar-based net
retention rate reported in a quarter is then obtained by averaging
the result from that quarter by the corresponding results from each
of the prior three quarters. Customers of acquired businesses are
included in the subsequent year's calendar quarter of acquisition.
Our dollar-based net retention rate increases when such customers
increase usage of a product, extend usage of a product to new
applications or adopt a new product. Our dollar-based net retention
rate decreases when such customers cease or reduce usage of a
product or when we lower prices on our solutions.
BANDWIDTH
INC.
Condensed Consolidated Statements of
Operations
(In thousands, except share and per share
amounts)
(Unaudited)
|
|
|
Three months ended
March 31,
|
|
2023
|
|
2022
|
Revenue
|
$
137,844
|
|
$
131,364
|
Cost of
revenue
|
82,191
|
|
75,950
|
Gross profit
|
55,653
|
|
55,414
|
Operating
expenses:
|
|
|
|
Research and
development
|
25,661
|
|
22,427
|
Sales and
marketing
|
25,029
|
|
23,152
|
General and
administrative
|
16,719
|
|
16,705
|
Total operating
expenses
|
67,409
|
|
62,284
|
Operating
loss
|
(11,756)
|
|
(6,870)
|
Other income,
net
|
|
|
|
Net gain on
extinguishment of debt
|
12,767
|
|
—
|
Other (expense)
income, net
|
(528)
|
|
235
|
Total other income,
net
|
12,239
|
|
235
|
Income (loss) before
income taxes
|
483
|
|
(6,635)
|
Income tax benefit
(provision)
|
3,128
|
|
(179)
|
Net income
(loss)
|
$
3,611
|
|
$
(6,814)
|
|
|
|
|
Net income (loss) per
share:
|
|
|
|
Basic
|
$
0.14
|
|
$
(0.27)
|
Diluted
|
$
(0.28)
|
|
$
(0.27)
|
|
|
|
|
Numerator used to
compute net income (loss) per share:
|
|
|
|
Basic
|
$
3,611
|
|
$
(6,814)
|
Diluted
|
$
(8,087)
|
|
$
(6,814)
|
|
|
|
|
Weighted average number
of common shares outstanding:
|
|
|
|
Basic
|
25,448,452
|
|
25,220,052
|
Diluted
|
29,273,258
|
|
25,220,052
|
|
The Company recognized
total stock-based compensation expense as follows:
|
|
|
Three months ended
March 31,
|
|
2023
|
|
2022
|
Cost of
revenue
|
$
192
|
|
$
99
|
Research and
development
|
3,141
|
|
1,868
|
Sales and
marketing
|
1,237
|
|
899
|
General and
administrative
|
2,808
|
|
2,480
|
Total
|
$
7,378
|
|
$
5,346
|
BANDWIDTH
INC.
Condensed Consolidated Balance
Sheets
(In thousands)
(Unaudited)
|
|
|
As of March
31,
|
|
As of December
31,
|
|
2023
|
|
2022
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
85,298
|
|
$
113,641
|
Marketable
securities
|
38,214
|
|
71,231
|
Accounts receivable,
net of allowance for doubtful accounts
|
63,224
|
|
74,465
|
Deferred
costs
|
3,651
|
|
3,566
|
Prepaid expenses and
other current assets
|
19,569
|
|
16,705
|
Total current
assets
|
209,956
|
|
279,608
|
Property, plant and
equipment, net
|
102,075
|
|
99,753
|
Operating right-of-use
asset, net
|
8,447
|
|
9,993
|
Intangible assets,
net
|
176,242
|
|
177,370
|
Deferred costs,
non-current
|
4,935
|
|
4,938
|
Other long-term
assets
|
28,192
|
|
31,251
|
Goodwill
|
331,275
|
|
326,405
|
Total assets
|
$
861,122
|
|
$
929,318
|
Liabilities and
stockholders' equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
16,376
|
|
$
26,750
|
Accrued expenses and
other current liabilities
|
57,514
|
|
62,577
|
Current portion of
deferred revenue
|
7,302
|
|
7,181
|
Advanced
billings
|
7,322
|
|
10,049
|
Operating lease
liability, current
|
6,476
|
|
7,450
|
Total current
liabilities
|
94,990
|
|
114,007
|
Other
liabilities
|
13,312
|
|
11,176
|
Operating lease
liability, net of current portion
|
3,778
|
|
4,640
|
Deferred revenue, net
of current portion
|
8,220
|
|
8,306
|
Deferred tax
liability
|
34,328
|
|
38,466
|
Convertible senior
notes
|
417,085
|
|
480,546
|
Total
liabilities
|
571,713
|
|
657,141
|
Stockholders'
equity:
|
|
|
|
Class A and Class B
common stock
|
26
|
|
25
|
Additional paid-in
capital
|
370,814
|
|
364,913
|
Accumulated
deficit
|
(44,936)
|
|
(48,547)
|
Accumulated other
comprehensive loss
|
(36,495)
|
|
(44,214)
|
Total stockholders'
equity
|
289,409
|
|
272,177
|
Total liabilities and
stockholders' equity
|
$
861,122
|
|
$
929,318
|
BANDWIDTH
INC.
Condensed Consolidated Statements of Cash
Flows
(In thousands)
(Unaudited)
|
|
|
Three months ended
March 31,
|
|
2023
|
|
2022
|
Cash flows from
operating activities
|
|
|
|
Net income
(loss)
|
$
3,611
|
|
$
(6,814)
|
Adjustments to
reconcile net income (loss) to net cash used in operating
activities
|
|
|
|
Depreciation and
amortization
|
8,894
|
|
9,170
|
Non-cash reduction to
the right-of-use asset
|
1,601
|
|
1,910
|
Amortization of debt
discount and issuance costs
|
1,011
|
|
760
|
Stock-based
compensation
|
7,378
|
|
5,346
|
Deferred taxes and
other
|
(4,683)
|
|
94
|
Net gain on
extinguishment of debt
|
(12,767)
|
|
—
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts receivable,
net of allowances
|
11,335
|
|
(7,416)
|
Prepaid expenses and
other assets
|
(1,509)
|
|
(11,334)
|
Accounts
payable
|
(10,707)
|
|
11
|
Accrued expenses and
other liabilities
|
(8,619)
|
|
3,690
|
Operating right-of-use
liability
|
(1,899)
|
|
(2,112)
|
Net cash used in
operating activities
|
(6,354)
|
|
(6,695)
|
Cash flows from
investing activities
|
|
|
|
Purchase of property,
plant and equipment
|
(2,889)
|
|
(5,272)
|
Capitalized software
development costs
|
(1,657)
|
|
(653)
|
Purchase of marketable
securities
|
(10,849)
|
|
—
|
Proceeds from sales
and maturities of marketable securities
|
43,938
|
|
—
|
Proceeds from sale of
business
|
418
|
|
—
|
Net cash provided by
(used in) investing activities
|
28,961
|
|
(5,925)
|
Cash flows from
financing activities
|
|
|
|
Payments on finance
leases
|
(55)
|
|
(48)
|
Net cash paid for debt
extinguishment
|
(51,146)
|
|
—
|
Proceeds from
exercises of stock options
|
155
|
|
125
|
Value of equity awards
withheld for tax liabilities
|
(1,016)
|
|
(1,701)
|
Net cash used in
financing activities
|
(52,062)
|
|
(1,624)
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash
|
308
|
|
(1,056)
|
Net decrease in cash,
cash equivalents, and restricted cash
|
(29,147)
|
|
(15,300)
|
Cash, cash equivalents,
and restricted cash, beginning of period
|
114,622
|
|
332,289
|
Cash, cash equivalents,
and restricted cash, end of period
|
$
85,475
|
|
$
316,989
|
BANDWIDTH
INC.
Reconciliation of Non-GAAP Financial
Measures
(In thousands, except share and per share
amounts)
(Unaudited)
|
|
|
Non-GAAP Gross
Profit and Non-GAAP Gross Margin
|
|
|
Three months ended
March 31,
|
|
2023
|
|
2022
|
Gross
Profit
|
$
55,653
|
|
$
55,414
|
Gross Profit Margin
%
|
40 %
|
|
42 %
|
Depreciation
|
3,529
|
|
3,376
|
Amortization of
acquired intangible assets
|
1,945
|
|
2,032
|
Stock-based
compensation
|
192
|
|
99
|
Non-GAAP Gross
Profit
|
$
61,319
|
|
$
60,921
|
Non-GAAP Gross
Margin % (1)
|
54 %
|
|
53 %
|
_____________________
|
(1) Calculated by dividing Non-GAAP
gross profit by revenue less pass-through messaging surcharges
of
$23.4 million and $17.4 million for the three months ended March
31, 2023 and 2022, respectively.
|
BANDWIDTH
INC.
Reconciliation of Non-GAAP Financial
Measures
(In thousands, except share and per share
amounts)
(Unaudited)
|
|
Non-GAAP Net
Income
|
|
Three months ended
March 31,
|
|
2023
|
|
2022
|
Net income
(loss)
|
$
3,611
|
|
$
(6,814)
|
Stock-based
compensation
|
7,378
|
|
5,346
|
Amortization of
acquired intangibles
|
4,274
|
|
4,566
|
Amortization of debt
discount and issuance costs for convertible debt
|
562
|
|
760
|
Gain on sale of
business
|
—
|
|
(918)
|
Net gain on
extinguishment of debt
|
(12,767)
|
|
—
|
Non-recurring items
not indicative of ongoing operations and other
(1)
|
559
|
|
155
|
Estimated tax effects
of adjustments (2)
|
(2,427)
|
|
(551)
|
Non-GAAP net
income
|
$
1,190
|
|
$
2,544
|
Interest expense on
Convertible Notes (3)
|
338
|
|
393
|
Numerator used to
compute Non-GAAP diluted net income per share
|
$
1,528
|
|
$
2,937
|
|
|
|
|
Net income (loss)
per share
|
|
|
|
Basic
|
$
0.14
|
|
$
(0.27)
|
Diluted
|
$
(0.28)
|
|
$
(0.27)
|
|
|
|
|
Non-GAAP net income
per Non-GAAP share
|
|
|
|
Basic
|
$
0.05
|
|
$
0.10
|
Diluted
|
$
0.05
|
|
$
0.09
|
|
|
|
|
Weighted average
number of shares outstanding
|
|
|
|
Basic
|
25,448,452
|
|
25,220,052
|
Diluted
|
29,273,258
|
|
25,220,052
|
|
|
|
|
Non-GAAP basic
shares
|
25,448,452
|
|
25,220,052
|
Convertible debt
conversion
|
3,824,806
|
|
5,788,805
|
Stock options issued
and outstanding
|
78,341
|
|
136,770
|
Non-GAAP diluted
shares
|
29,351,599
|
|
31,145,627
|
_____________________
|
(1)
Non-recurring items not indicative of ongoing operations and other
include $0.4 million of expense resulting from the early
termination of
our undrawn Silicon Valley Bank credit facility and $0.2 million of
losses on disposals of property, plant and equipment for the three
months
ended March 31, 2023, and $0.2 million of losses on disposals of
property, plant and equipment for the three months ended March 31,
2022.
|
(2) The
estimated tax-effect of adjustments is determined by recalculating
the tax provision on a Non-GAAP basis. The Non-GAAP effective
income tax rate was (143.4)% and 22.3% for the three months ended
March 31, 2023 and 2022, respectively. For the three months
ended
March 31, 2023, the Non-GAAP effective income tax rate differed
from the federal statutory tax rate of 21% in the U.S. primarily
due to the
near breakeven year-to-date Non-GAAP pre-tax book income in
relation to the research and development tax credits generated in
2023.
We analyze the Non-GAAP valuation allowance position on a quarterly
basis. In the fourth quarter of 2022, we removed the valuation
allowance against all U.S. deferred tax assets for Non-GAAP
purposes as a result of cumulative Non-GAAP U.S. income over the
past
three years and a significant depletion of net operating loss and
tax credit carryforwards on a Non-GAAP basis. As of March 31, 2023,
we
have no valuation allowance against our remaining deferred tax
assets for Non-GAAP purposes.
|
(3) Upon the
adoption of ASU 2020-06 on January 1, 2022, net income is increased
for interest expense as part of the calculation for diluted
Non-GAAP earnings per share.
|
BANDWIDTH
INC.
Reconciliation of Non-GAAP Financial
Measures
(In thousands, except share and per share
amounts)
(Unaudited)
|
|
Adjusted
EBITDA
|
|
Three months ended
March 31,
|
|
2023
|
|
2022
|
Net income
(loss)
|
$
3,611
|
|
$
(6,814)
|
Income tax (benefit)
provision
|
(3,128)
|
|
179
|
Interest expense,
net
|
914
|
|
1,250
|
Depreciation
|
4,620
|
|
4,604
|
Amortization
|
4,274
|
|
4,566
|
Stock-based
compensation
|
7,378
|
|
5,346
|
Gain on sale of
business
|
—
|
|
(918)
|
Net gain on
extinguishment of debt
|
(12,767)
|
|
—
|
Non-recurring items
not indicative of ongoing operations and other
(1)
|
157
|
|
155
|
Adjusted
EBITDA
|
$
5,059
|
|
$
8,368
|
_____________________
|
(1) Non-recurring items not
indicative of ongoing operations and other include $0.2 million of
losses on disposals of property,
plant and equipment for the three months ended March 31, 2023 and
2022.
|
|
Free Cash
Flow
|
|
|
Three months ended
March 31,
|
|
2023
|
|
2022
|
Net cash used in
operating activities
|
$
(6,354)
|
|
$
(6,695)
|
Net cash used in
investing in capital assets (1)
|
(4,546)
|
|
(5,925)
|
Free cash
flow
|
$
(10,900)
|
|
$
(12,620)
|
_____________________
|
(1) Represents the acquisition cost
of property, plant and equipment and capitalized development costs
for software for internal use.
|
View original
content:https://www.prnewswire.com/news-releases/bandwidth-announces-first-quarter-2023-financial-results-301813345.html
SOURCE Bandwidth Inc.