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    Bandwidth Announces Fourth Quarter and Full Year 2024 Financial Results

    2/20/25 7:00:00 AM ET
    $BAND
    Computer Software: Prepackaged Software
    Technology
    Get the next $BAND alert in real time by email

    Reported quarterly and full year record revenue and record profitability

    Achieved net operating cash flow of $84 million and record free cash flow in 2024 

    RALEIGH, N.C., Feb. 20, 2025 /PRNewswire/ -- Bandwidth Inc. (NASDAQ:BAND), a leading global enterprise cloud communications company, today announced financial results for the fourth quarter and full year ended December 31, 2024.

    bandwidth logo (PRNewsfoto/BANDWIDTH.COM)

    "2024 was a transformative year for Bandwidth, delivering record financial results and groundbreaking product innovation," said David Morken, CEO of Bandwidth. "Our capabilities in Voice AI and enterprise-grade solutions are resonating strongly with customers, driving deeper adoption of our cloud communications platform. As we enter 2025, we believe we are well-positioned to capitalize on our momentum, expand our market leadership, and help our customers unlock new value through innovative AI-powered communications solutions."

    Fourth Quarter and Full Year 2024 Financial Highlights

    The following table summarizes the consolidated financial highlights for the three months and years ended December 31, 2024 and 2023 ($ in millions).





    Three months ended

    December 31,



    Year ended

    December 31,





    2024



    2023



    2024



    2023



    Revenue

    $         210



    $         165



    $         748



    $         601



    Gross Margin

    36 %



    38 %



    37 %



    39 %



    Non-GAAP Gross Margin (1)

    58 %



    55 %



    57 %



    55 %



    Net loss

    $            (2)



    $          (11)



    $            (7)



    $          (16)



    Adjusted EBITDA (1)

    $           23



    $           19



    $           82



    $           48



    Net cash flows from operating activities

    $           37



    $           19



    $           84



    $           39



    Free Cash Flow (1)

    $           30



    $           13



    $           59



    $           19



     

    (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.

    "Bandwidth delivered outstanding financial results in 2024, with 25 percent revenue growth, record non-GAAP gross margin, and a 70 percent increase in Adjusted EBITDA," said Daryl Raiford, Bandwidth's Chief Financial Officer. "Our business momentum remains strong, driven by enterprise adoption, AI-driven product innovation, and disciplined execution. Looking forward to 2025, we are guiding normalized revenue growth in the range of 8 to 11 percent, accompanied by continued growth in profitability and related free cash flow."

    Fourth Quarter Customer and Operational Highlights

    • A Fortune 25 healthcare company chose Bandwidth to provide voice services for their cloud contact center, utilizing Maestro's integration to seamlessly transition between CCaaS platforms.
    • A well-known global cruise line selected Bandwidth for their first-ever cloud contact center deployment, seeking capability and flexibility for current and future communication needs. Maestro's integration ensured a smooth migration to the cloud, while Bandwidth's owner-operated network provided mission-critical reliability.
    • Bandwidth was named a Leader for the fourth consecutive time in the IDC MarketScape: Worldwide CPaaS 2025 Vendor Assessment (doc #US52039625, Feb. 2025).

    Financial Outlook

    Bandwidth is providing guidance for its first quarter and full year 2025 as follows (in millions) based on current indications for its business.

    For the full year 2025, Bandwidth's revenue guidance projects 8 percent to 11 percent year-over-year growth when adjusting for the expected cyclical reduction in political campaign messaging activity, which resulted in revenue in the first quarter and full year 2024 of approximately $8 million and $62 million, respectively.



    1Q 2025

    Guidance



    Full Year 2025

    Guidance

    Revenue

    $168 - $170



    $740 - $760

    Adjusted EBITDA

    $16 - $18



    $82 - $90

    Bandwidth has not reconciled its first quarter and full year 2025 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

    • Citizens JMP Technology Conference in San Francisco, CA. Fireside chat with David Morken, CEO on Tuesday, March 4th at 9:30AM Pacific Time.
    • Morgan Stanley Technology, Media, & Telecom Conference in San Francisco, CA. Fireside chat with David Morken, CEO on Tuesday, March 4th at 1:50PM Pacific Time.

    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, AI capabilities, 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, 2024 on February 20, 2025. 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 call.

    Conference Call Details

    February 20, 2025

    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 February 27, 2025 by dialing 877-344-7529 or 412-317-0088 for international callers, and entering passcode 9463646.

    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, 2025 and year ending December 31, 2025, 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 condensed 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 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 condensed 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,



    2024



    2023



    2024



    2023

    Revenue

    $               209,969



    $               165,386



    $               748,487



    $               601,117

    Cost of revenue

    133,458



    103,336



    468,529



    364,960

    Gross profit

    76,511



    62,050



    279,958



    236,157

    Operating expenses















    Research and development

    31,412



    28,883



    118,627



    104,188

    Sales and marketing

    28,208



    26,269



    109,698



    102,063

    General and administrative

    19,562



    16,933



    71,692



    65,363

    Total operating expenses

    79,182



    72,085



    300,017



    271,614

    Operating loss

    (2,671)



    (10,035)



    (20,059)



    (35,457)

    Other (expense) income, net

    (252)



    (665)



    11,106



    16,154

    Loss before income taxes

    (2,923)



    (10,700)



    (8,953)



    (19,303)

    Income tax benefit (provision)

    1,164



    (234)



    2,429



    2,960

    Net loss

    $                 (1,759)



    $               (10,934)



    $                 (6,524)



    $               (16,343)

















    Net loss per share, basic and diluted

    $                   (0.06)



    $                   (0.42)



    $                   (0.24)



    $                   (0.64)

















    Weighted average number of common shares outstanding, basic and diluted

    27,882,092



    25,829,587



    27,209,698



    25,612,724

     

    The Company recognized total stock-based compensation expense as follows:



    Three months ended December 31,



    Year ended December 31,



    2024



    2023



    2024



    2023

    Cost of revenue

    $                      515



    $                      558



    $                   1,638



    $                   1,136

    Research and development

    5,826



    6,383



    20,433



    15,661

    Sales and marketing

    2,090



    2,448



    8,105



    6,273

    General and administrative

    4,781



    5,278



    18,186



    13,922

    Total

    $                 13,212



    $                 14,667



    $                 48,362



    $                 36,992

     

    BANDWIDTH INC.

    Condensed Consolidated Balance Sheets

    (In thousands)

    (Unaudited)





    As of December 31,



    2024



    2023

    Assets







    Current assets:







    Cash and cash equivalents

    $                       81,812



    $                     131,987

    Marketable securities

    1,975



    21,488

    Accounts receivable, net of allowance for doubtful accounts

    86,455



    78,155

    Deferred costs

    3,729



    4,155

    Prepaid expenses and other current assets

    13,841



    16,990

    Total current assets

    187,812



    252,775

    Property, plant and equipment, net

    176,823



    177,864

    Operating right-of-use asset, net

    153,601



    157,507

    Intangible assets, net

    145,355



    166,914

    Deferred costs, non-current

    4,355



    4,586

    Other long-term assets

    3,977



    5,530

    Goodwill

    317,243



    335,872

    Total assets

    $                     989,166



    $                  1,101,048

    Liabilities and stockholders' equity







    Current liabilities:







    Accounts payable

    $                       28,362



    $                       34,208

    Accrued expenses and other current liabilities

    98,121



    69,014

    Current portion of deferred revenue

    7,031



    8,059

    Advanced billings

    3,698



    6,027

    Operating lease liability, current

    3,111



    5,463

    Total current liabilities

    140,323



    122,771

    Other liabilities

    576



    386

    Operating lease liability, net of current portion

    219,191



    220,548

    Deferred revenue, net of current portion

    7,955



    8,406

    Deferred tax liability

    27,304



    33,021

    Convertible senior notes

    281,284



    418,526

    Total liabilities

    676,633



    803,658

    Stockholders' equity:







    Class A and Class B common stock

    29



    26

    Additional paid-in capital

    435,927



    391,048

    Accumulated deficit

    (71,414)



    (64,890)

    Accumulated other comprehensive loss

    (52,009)



    (28,794)

    Total stockholders' equity

    312,533



    297,390

    Total liabilities and stockholders' equity

    $                     989,166



    $                  1,101,048

     

    BANDWIDTH INC.

    Condensed Consolidated Statements of Cash Flows

    (In thousands)

    (Unaudited)





    Year ended December 31,



    2024



    2023

    Cash flows from operating activities







    Net loss

    $                        (6,524)



    $                      (16,343)

    Adjustments to reconcile net loss to net cash provided by operating activities







    Depreciation and amortization

    49,242



    41,717

    Non-cash reduction to the right-of-use asset

    3,601



    9,323

    Amortization of debt discount and issuance costs

    1,709



    2,520

    Stock-based compensation

    48,362



    36,992

    Deferred taxes and other

    (4,452)



    (5,942)

    Gain on sale of intangible asset

    (1,000)



    —

    Net gain on extinguishment of debt

    (10,267)



    (12,767)

    Changes in operating assets and liabilities:







    Accounts receivable

    (8,725)



    (3,454)

    Prepaid expenses and other assets

    4,062



    2,141

    Accounts payable

    (4,639)



    5,385

    Accrued expenses and other liabilities

    18,108



    (10,592)

    Operating right-of-use liability

    (5,594)



    (9,979)

    Net cash provided by operating activities

    83,883



    39,001

    Cash flows from investing activities







    Purchase of property, plant and equipment

    (13,986)



    (9,257)

    Refund of deposits for construction in progress

    2,707



    —

    Capitalized software development costs

    (11,394)



    (10,642)

    Purchase of marketable securities

    (34,050)



    (80,625)

    Proceeds from sales and maturities of marketable securities

    53,502



    130,120

    Proceeds from sale of business

    779



    1,253

    Proceeds from sale of intangible assets

    1,000



    —

    Net cash (used in) provided by investing activities

    (1,442)



    30,849

    Cash flows from financing activities







    Borrowings on line of credit

    206,500



    —

    Repayments on line of credit

    (206,500)



    —

    Payments on finance leases

    (87)



    (157)

    Net cash paid for debt extinguishment

    (128,534)



    (51,259)

    Payment of debt issuance costs

    (524)



    (710)

    Proceeds from exercises of stock options

    167



    413

    Value of equity awards withheld for tax liabilities

    (2,295)



    (1,062)

    Net cash used in financing activities

    (131,273)



    (52,775)

    Effect of exchange rate changes on cash, cash equivalents and restricted cash

    (1,241)



    610

    Net (decrease) increase in cash, cash equivalents, and restricted cash

    (50,073)



    17,685

    Cash, cash equivalents, and restricted cash, beginning of period

    132,307



    114,622

    Cash, cash equivalents, and restricted cash, end of period

    $                       82,234



    $                     132,307

     

    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,



    2024



    2023



    2024



    2023

    Gross Profit

    $            76,511



    $            62,050



    $          279,958



    $          236,157

    Gross Profit Margin %

    36 %



    38 %



    37 %



    39 %

    Depreciation

    4,396



    4,483



    18,532



    16,273

    Amortization of acquired intangible assets

    1,934



    1,947



    7,811



    7,810

    Stock-based compensation

    515



    558



    1,638



    1,136

    Non-GAAP Gross Profit

    $            83,356



    $            69,038



    $          307,939



    $          261,376

    Non-GAAP Gross Margin % (1)

    58 %



    55 %



    57 %



    55 %

    ________________________

    (1) Calculated by dividing Non-GAAP gross profit by cloud communications revenue of $144 million and $126 million in the three months ended December 31, 2024 and 2023, respectively, and $540 million and $479 million for the years ended December 31, 2024 and 2023, 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 December 31,



    Year ended December 31,



    2024



    2023



    2024



    2023

    Net loss

    $                 (1,759)



    $               (10,934)



    $                 (6,524)



    $               (16,343)

    Stock-based compensation

    13,212



    14,667



    48,362



    36,992

    Amortization of acquired intangibles

    4,370



    4,314



    17,503



    17,274

    Amortization of debt discount and issuance costs for convertible debt

    312



    484



    1,492



    2,004

    Net cost associated with early lease terminations and leases without economic benefit

    4



    2,779



    2,387



    3,954

    Net gain on extinguishment of debt

    —



    —



    (10,267)



    (12,767)

    Gain on business interruption insurance recoveries

    —



    —



    —



    (4,000)

    Non-recurring items not indicative of ongoing operations and other (1)

    257



    378



    (571)



    1,171

    Estimated tax effects of adjustments (2)

    (4,832)



    (864)



    (11,486)



    (5,525)

    Non-GAAP net income

    $                 11,564



    $                 10,824



    $                 40,896



    $                 22,760

    Interest expense on Convertible Notes (3)

    251



    317



    1,118



    1,287

    Numerator used to compute Non-GAAP diluted net income per share

    $                 11,815



    $                 11,141



    $                 42,014



    $                 24,047

















    Net loss per share, basic and diluted

    $                   (0.06)



    $                   (0.42)



    $                   (0.24)



    $                   (0.64)

















    Non-GAAP net income per Non-GAAP share















    Basic

    $                     0.41



    $                     0.42



    $                     1.50



    $                     0.89

    Diluted

    $                     0.37



    $                     0.38



    $                     1.34



    $                     0.83

















    Weighted average number of shares outstanding, basic and diluted

    27,882,092



    25,829,587



    27,209,698



    25,612,724

















    Non-GAAP basic shares

    27,882,092



    25,829,587



    27,209,698



    25,612,724

    Convertible debt conversion

    1,779,025



    3,317,023



    2,321,106



    3,442,229

    Stock options issued and outstanding

    26,288



    12,248



    29,731



    39,152

    Nonvested RSUs outstanding

    1,958,506



    —



    1,822,530



    —

    Non-GAAP diluted shares

    31,645,911



    29,158,858



    31,383,065



    29,094,105

    ________________________

    (1) Non-recurring items not indicative of ongoing operations and other include (i) $0.3 million and $0.4 million of losses on disposals of property, plant and equipment during the three months ended December 31, 2024 and 2023, (ii) $1.0 million gain on the sale of an intangible asset and $0.4 million of losses on disposals of property, plant and equipment during the year ended December 31, 2024, and (iii) $0.4 million of expense resulting from the early termination of our undrawn SVB credit facility and $0.8 million of losses on disposals of property, plant and equipment during the year ended December 31, 2023.

    (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 18.1% and 10.1% for the years ended December 31, 2024 and 2023, respectively. For the year ended December 31, 2024, the Non-GAAP effective income tax rate differed from the federal statutory tax rate of 21% in the U.S. primarily due to the research and development tax credits generated in 2024. 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 December 31, 2024, we have no valuation allowance against our remaining deferred tax assets for Non-GAAP purposes.

    (3) Non-GAAP 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,



    2024



    2023



    2024



    2023

    Net loss

    $                 (1,759)



    $               (10,934)



    $                 (6,524)



    $               (16,343)

    Income tax (benefit) provision

    (1,164)



    234



    (2,429)



    (2,960)

    Interest expense (income), net

    771



    (369)



    1,861



    808

    Depreciation

    7,732



    7,716



    31,739



    24,443

    Amortization

    4,370



    4,314



    17,503



    17,274

    Stock-based compensation

    13,212



    14,667



    48,362



    36,992

    Net cost associated with early lease terminations and leases without economic benefit

    4



    2,779



    2,387



    3,954

    Net gain on extinguishment of debt

    —



    —



    (10,267)



    (12,767)

    Gain on business interruption insurance recoveries

    —



    —



    —



    (4,000)

    Non-recurring items not indicative of ongoing operations and other (1)

    257



    378



    (571)



    769

    Adjusted EBITDA

    $                 23,423



    $                 18,785



    $                 82,061



    $                 48,170

    ________________________

    (1) Non-recurring items not indicative of ongoing operations and other include (i) $0.3 million and $0.4 million of losses on disposals of property, plant and equipment during the three months ended December 31, 2024 and 2023, (ii) $1.0 million gain on the sale of an intangible asset and $0.4 million of losses on disposals of property, plant and equipment during the year ended December 31, 2024, and (iii) $0.8 million of losses on disposals of property, plant and equipment during the year ended December 31, 2023.

     

    Free Cash Flow





    Three months ended December 31,



    Year ended December 31,



    2024



    2023



    2024



    2023

    Net cash provided by operating activities

    $                 36,518



    $                 19,268



    $                 83,883



    $                 39,001

    Net cash used in investing in capital assets (1)

    (6,173)



    (6,228)



    (25,380)



    (19,899)

    Free cash flow

    $                 30,345



    $                 13,040



    $                 58,503



    $                 19,102

    ________________________

    (1) Represents the acquisition cost of property, plant and equipment and capitalized development costs for software for internal use.

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/bandwidth-announces-fourth-quarter-and-full-year-2024-financial-results-302380776.html

    SOURCE Bandwidth Inc.

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