Bandwidth Announces Fourth Quarter and Full Year 2023 Financial Results, Exceeding Revenue and Profitability Guidance
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Insights
The reported 39% profitability growth and net operating cash flow of $39 million are significant indicators of Bandwidth Inc.'s financial health. Such a strong profitability growth suggests that the company has effectively leveraged its assets to generate earnings. The record Free Cash Flow is also a crucial metric, as it represents the cash a company generates after accounting for cash outflows to support operations and maintain its capital assets. Companies with high free cash flow are often seen as having stronger financial endurance, which can be attractive to investors looking for companies with the potential for long-term growth and stability.
Looking ahead, the anticipated 16% revenue growth and 50% profitability growth for 2024 indicate that the company is not only growing but also improving its margins, which could be due to increased operational efficiency, cost management, or a favorable shift in product mix. Investors often prize such forward-looking statements as they provide a glimpse into the company's expectations for future performance, which is a critical component of stock valuation.
Bandwidth Inc.'s position in the cloud communications industry is noteworthy, particularly as they celebrate their 25th year. The industry itself is on a growth trajectory, driven by the increasing adoption of cloud-based solutions across various sectors. Bandwidth's focus on innovation and customer success, as highlighted by their CEO, suggests a strategic alignment with industry trends such as the proliferation of software APIs and the shift towards more integrated communication platforms.
Moreover, the company's emphasis on a unique global platform may indicate a competitive advantage in an industry that is becoming increasingly globalized. As organizations expand their operations internationally, the demand for seamless and scalable communication solutions is likely to rise. Bandwidth's ability to capitalize on this trend could be a key driver of the projected revenue and profitability growth, making them a potentially compelling case for investors interested in the tech sector.
The substantial growth in profitability and free cash flow reported by Bandwidth Inc. is a testament to the robustness of the tech sector, especially in the domain of enterprise cloud communications. These results may reflect broader economic trends such as increased digitization and remote work practices, which have accelerated the adoption of cloud communication technologies. Furthermore, the company's optimistic revenue and profitability forecasts for the next year could be indicative of a favorable economic environment for the tech industry, despite potential headwinds such as interest rate hikes or economic slowdowns.
However, it is important for stakeholders to consider macroeconomic factors that can influence these projections, such as changes in technology adoption rates, competition and potential regulatory changes affecting cloud services. Long-term investors should particularly be aware of the cyclicality of tech investments and the impact of economic cycles on tech spending.
Achieved
Expects
"We are proud to conclude 2023 with outstanding results, reflecting our commitment to innovation in cloud communications and profitable growth. Thanks to the disciplined execution of the team in the fourth quarter we surpassed our guidance and set new records in profitability," said David Morken, Bandwidth's Chief Executive Officer. "As we enter our 25th year, Bandwidth remains at the forefront of the cloud communications revolution, driven by our unique global platform and software APIs, and commitment to customer success. We are confident in our medium-term plan and excited about our momentum as we start 2024."
Fourth Quarter and Full Year 2023 Financial Highlights The following table summarizes the consolidated financial highlights for the three months and year ended December 31, 2023 and 2022 (in millions). | |||||||
Three months ended | Year ended December 31, | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Revenue | $ 165 | $ 157 | $ 601 | $ 573 | |||
Gross Margin | 38 % | 41 % | 39 % | 42 % | |||
Non-GAAP Gross Margin (1) | 55 % | 56 % | 55 % | 55 % | |||
Adjusted EBITDA(1) | $ 19 | $ 8 | $ 48 | $ 35 | |||
Free Cash Flow (1) | $ 13 | $ (14) | $ 19 | $ (11) | |||
(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. | |||||||
"In 2023 we grew profitability 39 percent which contributed to our record second half 2023 free cash flow generation of
Fourth Quarter Customer Highlights
- A large infrastructure-as-a-service provider serving 27,000 business customers switched to Bandwidth, trusting us to be the sole provider for their mission-critical toll-free calling and other voice services.
- A premier health and community care technology firm selected Bandwidth as its exclusive provider for HIPAA-compliant text messaging services and voice services across their massive network of care agencies, to enhance the delivery of their critical healthcare communications at scale.
- A rapidly growing global active lifestyle brand selected Bandwidth to power their Genesys contact center, choosing our reliable and resilient toll-free calling solution and premium support to help scale their business, and resulting in significant operating efficiencies and cost savings.
Financial Outlook
Bandwidth's outlook is based on current indications for its business, which are subject to change. Bandwidth is providing guidance for its first quarter and full year 2024 as follows:
1Q 2024 | Full Year 2024 | ||
Revenue (millions) | |||
Adjusted EBITDA (millions) |
Bandwidth has not reconciled its first quarter and full year 2024 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
- JMP Securities Technology Conference in
San Francisco, CA. Fireside chat on Tuesday, March 5th at 1:00PM Pacific Time. - Morgan Stanley Technology, Media, & Telecom Conference in
San Francisco, CA. Fireside chat on Wednesday, March 6th at 8:00AM Pacific Time. - William Blair Tech Innovators Conference virtual investor meetings hosted on Friday, March 15th.
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 65+ 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
Bandwidth will host a conference call to discuss financial results for the fourth quarter and full year ended December 31, 2023 on February 28, 2024. Details can be found below and on 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
February 28, 2024
8:00 am 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 March 6, 2024, by dialing (877)-344-7529 or (412)-317-0088 for international callers, and entering passcode 3157084.
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 March 31, 2024 and year ending December 31, 2024, 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
Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in
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 below, 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 cloud communications revenue, which is revenue less pass-through messaging surcharges.
We define Non-GAAP net income (loss) as net income or loss adjusted for certain items affecting period to period comparability. Non-GAAP net income (loss) 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, gain on business interruption insurance recoveries, 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, gain on business interruption insurance recoveries, 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.
We believe that these Non-GAAP financial measures 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. 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.
BANDWIDTH INC. Condensed Consolidated Statements of Operations (In thousands, except share and per share amounts) (Unaudited) | |||||||
Three months ended December 31, | Year ended December 31, | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Revenue | $ 165,386 | $ 156,974 | $ 601,117 | $ 573,152 | |||
Cost of revenue | 103,336 | 92,903 | 364,960 | 334,799 | |||
Gross profit | 62,050 | 64,071 | 236,157 | 238,353 | |||
Operating expenses | |||||||
Research and development | 28,883 | 26,255 | 104,188 | 97,990 | |||
Sales and marketing | 26,269 | 26,995 | 102,063 | 96,658 | |||
General and administrative | 16,933 | 17,838 | 65,363 | 68,029 | |||
Total operating expenses | 72,085 | 71,088 | 271,614 | 262,677 | |||
Operating loss | (10,035) | (7,017) | (35,457) | (24,324) | |||
Other (expense) income, net | (665) | 39,348 | 16,154 | 41,630 | |||
(Loss) income before income taxes | (10,700) | 32,331 | (19,303) | 17,306 | |||
Income tax (provision) benefit | (234) | 1,103 | 2,960 | 2,264 | |||
Net (loss) income | $ (10,934) | $ 33,434 | $ (16,343) | $ 19,570 | |||
Net (loss) income per share: | |||||||
Basic | $ (0.42) | $ 1.32 | $ (0.64) | $ 0.77 | |||
Diluted | $ (0.42) | $ (0.16) | $ (0.64) | $ (0.48) | |||
Numerator used to compute net (loss) income | |||||||
Basic | $ (10,934) | $ 33,434 | $ (16,343) | $ 19,570 | |||
Diluted | $ (10,934) | $ (4,946) | $ (16,343) | $ (14,897) | |||
Weighted average number of common shares | |||||||
Basic | 25,829,587 | 25,326,063 | 25,612,724 | 25,282,796 | |||
Diluted | 25,829,587 | 30,465,279 | 25,612,724 | 30,907,869 | |||
The Company recognized total stock-based compensation expense as follows: | |||||||
Three months ended December 31, | Year ended December 31, | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Cost of revenue | $ 558 | $ 121 | $ 1,136 | $ 404 | |||
Research and development | 6,383 | 2,225 | 15,661 | 7,523 | |||
Sales and marketing | 2,448 | 589 | 6,273 | 2,808 | |||
General and administrative | 5,278 | 2,661 | 13,922 | 9,920 | |||
Total | $ 14,667 | $ 5,596 | $ 36,992 | $ 20,655 | |||
BANDWIDTH INC. Condensed Consolidated Balance Sheets (In thousands) (Unaudited) | |||
As of December 31, | |||
2023 | 2022 | ||
Assets | |||
Current assets: | |||
Cash and cash equivalents | $ 131,987 | $ 113,641 | |
Marketable securities | 21,488 | 71,231 | |
Accounts receivable, net of allowance for doubtful accounts | 78,155 | 74,465 | |
Deferred costs | 4,155 | 3,566 | |
Prepaid expenses and other current assets | 16,990 | 16,705 | |
Total current assets | 252,775 | 279,608 | |
Property, plant and equipment, net | 177,864 | 99,753 | |
Operating right-of-use asset, net | 157,507 | 9,993 | |
Intangible assets, net | 166,914 | 177,370 | |
Deferred costs, non-current | 4,586 | 4,938 | |
Other long-term assets | 5,530 | 31,251 | |
Goodwill | 335,872 | 326,405 | |
Total assets | $ 1,101,048 | $ 929,318 | |
Liabilities and stockholders' equity | |||
Current liabilities: | |||
Accounts payable | $ 34,208 | $ 26,750 | |
Accrued expenses and other current liabilities | 69,014 | 62,577 | |
Current portion of deferred revenue | 8,059 | 7,181 | |
Advanced billings | 6,027 | 10,049 | |
Operating lease liability, current | 5,463 | 7,450 | |
Total current liabilities | 122,771 | 114,007 | |
Other liabilities | 386 | 11,176 | |
Operating lease liability, net of current portion | 220,548 | 4,640 | |
Deferred revenue, net of current portion | 8,406 | 8,306 | |
Deferred tax liability | 33,021 | 38,466 | |
Convertible senior notes | 418,526 | 480,546 | |
Total liabilities | 803,658 | 657,141 | |
Stockholders' equity: | |||
Class A and Class B common stock | 26 | 25 | |
Additional paid-in capital | 391,048 | 364,913 | |
Accumulated deficit | (64,890) | (48,547) | |
Accumulated other comprehensive loss | (28,794) | (44,214) | |
Total stockholders' equity | 297,390 | 272,177 | |
Total liabilities and stockholders' equity | $ 1,101,048 | $ 929,318 | |
BANDWIDTH INC. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) | |||
Year ended December 31, | |||
2023 | 2022 | ||
Cash flows from operating activities | |||
Net (loss) income | $ (16,343) | $ 19,570 | |
Adjustments to reconcile net (loss) income to net cash provided by operating | |||
Depreciation and amortization | 41,717 | 35,599 | |
Non-cash reduction to the right-of-use asset | 9,323 | 6,977 | |
Amortization of debt discount and issuance costs | 2,520 | 3,082 | |
Stock-based compensation | 36,992 | 20,655 | |
Deferred taxes and other | (5,942) | (5,557) | |
Net gain on extinguishment of debt | (12,767) | (40,205) | |
Changes in operating assets and liabilities: | |||
Accounts receivable, net of allowances | (3,454) | (13,341) | |
Prepaid expenses and other assets | 2,141 | (5,795) | |
Accounts payable | 5,385 | 17,210 | |
Accrued expenses and other liabilities | (10,592) | 4,291 | |
Operating right-of-use liability | (9,979) | (7,580) | |
Net cash provided by operating activities from continuing operations | 39,001 | 34,906 | |
Cash flows from investing activities | |||
Purchase of property, plant and equipment | (9,257) | (41,661) | |
Deposits for construction in progress | — | (18,674) | |
Capitalized software development costs | (10,642) | (3,755) | |
Purchase of marketable securities | (80,625) | (179,598) | |
Proceeds from sales and maturities of marketable securities | 130,120 | 108,681 | |
Proceeds from sale of business | 1,253 | 1,558 | |
Net cash provided by (used in) investing activities | 30,849 | (133,449) | |
Cash flows from financing activities | |||
Payments on finance leases | (157) | (190) | |
Net cash paid for debt extinguishment | (51,259) | (117,286) | |
Payment of debt issuance costs | (710) | (553) | |
Proceeds from exercises of stock options | 413 | 163 | |
Value of equity awards withheld for tax liabilities | (1,062) | (2,139) | |
Net cash used in financing activities | (52,775) | (120,005) | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 610 | 881 | |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 17,685 | (217,667) | |
Cash, cash equivalents, and restricted cash, beginning of period | 114,622 | 332,289 | |
Cash, cash equivalents, and restricted cash, end of period | $ 132,307 | $ 114,622 | |
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 December 31, | Year ended December 31, | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Gross Profit | $ 62,050 | $ 64,071 | $ 236,157 | $ 238,353 | |||
Gross Profit Margin % | 38 % | 41 % | 39 % | 42 % | |||
Depreciation | 4,483 | 3,461 | 16,273 | 13,602 | |||
Amortization of acquired intangible assets | 1,947 | 1,860 | 7,810 | 7,657 | |||
Stock-based compensation | 558 | 121 | 1,136 | 404 | |||
Non-GAAP Gross Profit | $ 69,038 | $ 69,513 | $ 261,376 | $ 260,016 | |||
Non-GAAP Gross Margin % (1) | 55 % | 56 % | 55 % | 55 % | |||
________________________ |
(1) Calculated by dividing Non-GAAP gross profit by cloud communications revenue of |
BANDWIDTH INC. Reconciliation of Non-GAAP Financial Measures (In thousands, except share and per share amounts) (Unaudited) | |||||||
Non-GAAP Net Income | |||||||
Three months ended December 31, | Year ended December 31, | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Net (loss) income | $ (10,934) | $ 33,434 | $ (16,343) | $ 19,570 | |||
Stock-based compensation | 14,667 | 5,596 | 36,992 | 20,655 | |||
Amortization of acquired intangibles | 4,314 | 4,162 | 17,274 | 17,180 | |||
Amortization of debt discount and issuance | 484 | 693 | 2,004 | 2,977 | |||
Gain on sale of business | — | — | — | (3,777) | |||
Net cost associated with early | 2,779 | — | 3,954 | — | |||
Net gain on extinguishment of debt | — | (40,205) | (12,767) | (40,205) | |||
Gain on business interruption insurance | — | — | (4,000) | — | |||
Non-recurring items not indicative of | 378 | 1,702 | 1,171 | 1,992 | |||
Estimated tax effects of adjustments (2) | (864) | (36) | (5,525) | (3,396) | |||
Non-GAAP net income | $ 10,824 | $ 5,346 | $ 22,760 | $ 14,996 | |||
Interest expense on Convertible Notes (3) | 317 | 414 | 1,287 | 1,666 | |||
Numerator used to compute Non-GAAP | $ 11,141 | $ 5,760 | $ 24,047 | $ 16,662 | |||
Net (loss) income per share | |||||||
Basic | $ (0.42) | $ 1.32 | $ (0.64) | $ 0.77 | |||
Diluted | $ (0.42) | $ (0.16) | $ (0.64) | $ (0.48) | |||
Non-GAAP net income per Non-GAAP | |||||||
Basic | $ 0.42 | $ 0.21 | $ 0.89 | $ 0.59 | |||
Diluted | $ 0.38 | $ 0.19 | $ 0.83 | $ 0.54 | |||
Weighted average number of shares | |||||||
Basic | 25,829,587 | 25,326,063 | 25,612,724 | 25,282,796 | |||
Diluted | 25,829,587 | 30,465,279 | 25,612,724 | 30,907,869 | |||
Non-GAAP basic shares | 25,829,587 | 25,326,063 | 25,612,724 | 25,282,796 | |||
Convertible debt conversion | 3,317,023 | 5,139,216 | 3,442,229 | 5,625,073 | |||
Stock options issued and outstanding | 12,248 | 71,202 | 39,152 | 100,088 | |||
Non-GAAP diluted shares | 29,158,858 | 30,536,481 | 29,094,105 | 31,007,957 | |||
________________________ |
(1) Non-recurring items not indicative of ongoing operations and other include (i) |
(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 |
(3) Upon the adoption of Accounting Standards Update 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 December 31, | Year ended December 31, | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Net (loss) income | $ (10,934) | $ 33,434 | $ (16,343) | $ 19,570 | |||
Income tax provision (benefit) | 234 | (1,103) | (2,960) | (2,264) | |||
Interest (income) expense, net | (369) | 187 | 808 | 3,048 | |||
Depreciation | 7,716 | 4,571 | 24,443 | 18,419 | |||
Amortization | 4,314 | 4,162 | 17,274 | 17,180 | |||
Stock-based compensation | 14,667 | 5,596 | 36,992 | 20,655 | |||
Gain on sale of business | — | — | — | (3,777) | |||
Net cost associated with early lease | 2,779 | — | 3,954 | — | |||
Net gain on extinguishment of debt | — | (40,205) | (12,767) | (40,205) | |||
Gain on business interruption insurance | — | — | (4,000) | — | |||
Non-recurring items not indicative of | 378 | 1,702 | 769 | 1,992 | |||
Adjusted EBITDA | $ 18,785 | $ 8,344 | $ 48,170 | $ 34,618 | |||
________________________ | |||||||
(1) Non-recurring items not indicative of ongoing operations and other include (i) | |||||||
Free Cash Flow | |||||||
Three months ended December 31, | Year ended December 31, | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Net cash provided by operating activities | $ 19,268 | $ 10,566 | $ 39,001 | $ 34,906 | |||
Net cash used in investing in capital assets (1) | (6,228) | (24,626) | (19,899) | (45,416) | |||
Free cash flow | $ 13,040 | $ (14,060) | $ 19,102 | $ (10,510) | |||
________________________ | |||||||
(1) Represents the acquisition cost of property, plant and equipment and capitalized development costs for software for internal use. | |||||||
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SOURCE Bandwidth Inc.
FAQ
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