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Dec 31, 2021
Bandwidth Q4 2021 Earnings Report
Announced financial results for the fourth quarter and full year, exceeding top and bottom-line guidance despite DDoS impact and focusing on global CPaaS market opportunity after successful Voxbone integration.
Key Takeaways
Bandwidth reported strong Q4 2021 financial results, exceeding both top and bottom-line guidance despite an approximate $10 million impact from DDoS attacks. The company's strategic achievements in 2021, including customer cloud enablement and strengthened global service capabilities, have positioned it as a leading global platform for cloud communications transformation.
Total Revenue reached $126 million for Q4 2021.
CPaaS Revenue was $101 million for Q4 2021.
Bandwidth announced Duet for Genesys, expanding BYOC solutions.
A game-changing CCaaS provider chose to expand with Bandwidth in the U.S. and Canada.
Forward Guidance
Bandwidth provided guidance for Q1 2022 with total revenue between $125 million and $127 million and non-GAAP earnings per share between $(0.11) and $(0.07). Full year 2022 guidance includes total revenue between $547 million and $555 million and non-GAAP earnings per share between $0.03 and $0.09.
Positive Outlook
- Following a successful completion of its Voxbone integration efforts, a strategic organization of its go-to-market, operating and development functions in first quarter 2022
- Bandwidth has aligned its operating segment during first quarter 2022 to focus exclusively on its global CPaaS market opportunity.
- Bandwidth adopted ASU 2020-06 on January 1, 2022 using modified retrospective method
- Bandwidth accounted for our convertible notes due 2026 and 2028 on a whole-instrument basis.
- Upon adoption, diluted EPS is calculated using the "If-Converted Method" which results in an increase in weighted average diluted shares count of 4.8 million shares.
Challenges Ahead
- Bandwidth’s outlook assumes current business conditions, current foreign currency exchange rates including the effect of weakened US dollar rates, divestitures and an estimated impact of $16 million - $24 million in 2022 arising from the previously disclosed 2021 DDoS attacks.
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