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Jun 30, 2021
Bandwidth Q2 2021 Earnings Report
Bandwidth reported a strong second quarter, driven by robust CPaaS revenue growth and expanded global presence.
Key Takeaways
Bandwidth Inc. announced strong financial results for the second quarter ended June 30, 2021, with total revenue up 57% year-over-year to $120.7 million and CPaaS revenue also up 57% year-over-year to $105.0 million. The company's growth was fueled by broad-based demand and an expanded global footprint.
Total revenue for the second quarter of 2021 was $120.7 million, a 57% increase compared to the second quarter of 2020.
CPaaS revenue for the second quarter of 2021 was $105.0 million, also a 57% increase compared to the second quarter of 2020.
The number of active CPaaS customers reached 3,051 as of June 30, 2021, a 61% increase from 1,900 on June 30, 2020.
The dollar-based net retention rate was 114% during the second quarter of 2021.
Forward Guidance
Bandwidth provided guidance for its third quarter and full year 2021, incorporating current business conditions and foreign currency exchange rates, as well as the impact of the Voxbone acquisition.
Positive Outlook
- Third Quarter 2021 Guidance: CPaaS revenue is expected to be in the range of $106.1 million to $107.1 million.
- Third Quarter 2021 Guidance: Total revenue is expected to be in the range of $123.6 million to $124.6 million.
- Third Quarter 2021 Guidance: Non-GAAP earnings per share is expected to be in the range of $0.07 to $0.09 per share, using 26.9 million weighted average diluted shares outstanding.
- Full Year 2021 Guidance: CPaaS revenue is expected to be in the range of $418.4 million to $420.4 million.
- Full Year 2021 Guidance: Total revenue is expected to be in the range of $484.8 million to $486.8 million.
Challenges Ahead
- Full Year 2021 Guidance: Non-GAAP earnings per share is expected to be in the range of $0.71 to $0.75 per share, using 27.0 million weighted average diluted shares outstanding.
- Bandwidth has not reconciled its third quarter and full-year guidance related to non-GAAP net earnings or loss to GAAP net earnings or loss.
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