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Mar 31, 2021
Bandwidth Q1 2021 Earnings Report
Announced first quarter 2021 financial results with revenue up 66% year-over-year.
Key Takeaways
Bandwidth reported strong first quarter 2021 financial results, with total revenue of $113.5 million, a 66% increase year-over-year. CPaaS revenue grew by 69% year-over-year, and the dollar-based net retention rate was 125%.
Total revenue for the first quarter of 2021 was $113.5 million, up 66% compared to the first quarter of 2020.
CPaaS revenue was $100.1 million, up 69% compared to the first quarter of 2020.
The number of active CPaaS customers was 2,959 as of March 31, 2021, an increase of 64% from March 31, 2020.
The dollar-based net retention rate was 125% during the first quarter of 2021, compared to 126% during the first quarter of 2020.
Forward Guidance
Bandwidth provided guidance for its second quarter and full year 2021, including the impact of the Voxbone acquisition.
Positive Outlook
- Second quarter CPaaS revenue is expected to be in the range of $101.2 million to $102.2 million.
- Second quarter total revenue is expected to be in the range of $116.0 million to $117.0 million.
- Second quarter Non-GAAP earnings per share is expected to be in the range of $0.08 to $0.10 per share, using 26.8 million weighted average diluted shares outstanding.
- Full year 2021 CPaaS revenue is expected to be in the range of $417.6 million to $420.6 million.
- Full year 2021 total revenue is expected to be in the range of $473.1 million to $476.1 million.
Challenges Ahead
- Bandwidth has not reconciled its second quarter and full-year guidance related to non-GAAP net earnings or loss to GAAP net earnings or loss.
- Bandwidth has not reconciled non-GAAP earnings or loss per share to GAAP earnings or loss, because stock-based compensation cannot be reasonably calculated or predicted at this time.
Historical Earnings Impact
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