Bandwidth Announces Fourth Quarter and Full Year 2020 Financial Results

RALEIGH, N.C., Feb. 25, 2021 /PRNewswire/ -- Bandwidth Inc. (NASDAQ: BAND), a leading enterprise cloud communications company, today announced financial results for the fourth quarter and full year ended December 31, 2020.

"The fourth quarter was a strong finish to a monumental year for Bandwidth. We fulfilled our mission to develop and deliver the power to communicate when America needed it most, and our team is grateful for the privilege to have served our customers through this difficult season. We're proud of the results, including record annual CPaaS revenue growth and dollar-based net retention and an accelerated return to positive Non-GAAP net income," stated David Morken, Chief Executive Officer of Bandwidth. "Today's businesses demand sophisticated communications solutions provided as part of a dynamic platform, allowing for integration with adjacent applications, exponential scale, and unfettered creativity and flexibility. On the heels of our successful acquisition of Voxbone, I believe Bandwidth is uniquely positioned to meet those demands on a global scale.  Our opportunities have never been greater."

Fourth Quarter 2020 Financial Highlights

  • Revenue: Total revenue for the fourth quarter of 2020 was $113.0 million, up 82% compared to $62.0 million in the fourth quarter of 2019. Within total revenue, CPaaS revenue was $98.1 million, up 84% compared to $53.4 million for the fourth quarter of 2019. Other revenue contributed the remaining $14.9 million for the fourth quarter of 2020. Other revenue was $8.6 million in the same period last year. Total, CPaaS and Other Revenue include $17.5 million, $16.6 million and $0.9 million respectively from Voxbone starting on November 1, 2020 (the date of acquisition).
  • Gross Profit: Gross profit for the fourth quarter of 2020 was $51.7 million, compared to $29.0 million for the fourth quarter of 2019. Gross margin for the fourth quarter of 2020 was 46%, compared to 47% for the fourth quarter of 2019. Non-GAAP gross profit for the fourth quarter of 2020 was $55.8 million, compared to $31.1 million for the fourth quarter of 2019. Non-GAAP gross margin was 49% for the fourth quarter of 2020, compared to 50% for the fourth quarter of 2019.
  • Net (Loss): Net loss for the fourth quarter of 2020 was $(19.9) million, or $(0.81) per share, based on 24.7 million weighted average shares outstanding. During the fourth quarter of 2019, net loss was $(2.0) million, or $(0.08) per share, based on 23.5 million weighted average shares outstanding.
  • Non-GAAP Net Income (Loss): Non-GAAP net income for the fourth quarter of 2020 was $3.5 million, or $0.13 per share, based on 27.2 million weighted average diluted shares outstanding. This compares to a Non-GAAP net loss of $(0.5) million, or $(0.02) per share, based on 23.5 million weighted average shares outstanding for the fourth quarter of 2019.
  • Adjusted EBITDA: Adjusted EBITDA was $8.3 million for the fourth quarter of 2020, compared to $1.2 million for the fourth quarter of 2019.

Full Year 2020 Financial Highlights

  • Revenue: Total revenue for the full year of 2020 was $343.1 million, up 48% compared to $232.6 million in 2019. Within total revenue, CPaaS revenue was $298.1 million, up 51% compared to $197.9 million in 2019. Other revenue contributed the remaining $45.0 million for the full year of 2020, compared to $34.7 million for the full year of 2019. Total, CPaaS and Other Revenue include $17.5 million, $16.6 million and $0.9 million respectively from Voxbone starting on November 1, 2020 (the date of acquisition).
  • Gross Profit: Gross profit for the full year of 2020 was $157.9 million, compared to $107.6 million in 2019. Gross margin for the full year of 2020 and 2019 was 46.0%. Non-GAAP gross profit for the full year of 2020 was $169.1 million, compared to $114.4 million in 2019. Non-GAAP gross margin was 49% for the full year of 2020 and 2019.
  • Net Income: Net income for the full year of 2020 was $(44.0) million, or $(1.83) per share, based on 24.1 million weighted average diluted shares outstanding. This compares to net income of $2.5 million, or $0.10 per share, based on 23.9 million weighted average diluted shares outstanding in 2019.
  • Non-GAAP Net Income (Loss): Non-GAAP net income for the full year of 2020 was $14.2 million, or $0.55 per share, based on 25.9 million weighted average shares outstanding. This compares to a Non-GAAP net loss of $(5.3) million, or $(0.23) per share, based on 22.6 million weighted average diluted shares outstanding in 2019.
  • Adjusted EBITDA: Adjusted EBITDA was $26.2 million for the full year of 2020, compared to $(1.1) million in 2019.

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.

Fourth Quarter 2020 Key Metrics

  • The number of active CPaaS customers was 2,848 as of December 31, 2020, an increase of 65% from 1,728 as of December 31, 2019. Active CPaaS customers in the current period include the contribution from Voxbone.
  • The dollar-based net retention rate was 133% during the fourth quarter of 2020, compared to 113% during the fourth quarter of 2019. Voxbone results do not impact the calculation of this metric in the current period.

Additional information regarding our active CPaaS customers and dollar-based net retention rate and how each are calculated are included below.

Financial Outlook

Bandwidth's outlook assumes current business conditions, current foreign currency exchange rates and includes the impact of the Voxbone acquisition.  Bandwidth is providing guidance for its first quarter and full year 2021 as follows:

  • First Quarter 2021 Guidance: CPaaS revenue is expected to be in the range of $96.6 million to $97.6 million. Total revenue is expected to be in the range of $108.0 million to $109.0 million. Non-GAAP earnings per share is expected to be in the range of $0.00 to $0.02 per share, using 27.5 million weighted average diluted shares outstanding.
  • Full Year 2021 Guidance: CPaaS revenue is expected to be in the range of $413.3 million to $417.3 million. Total revenue is expected to be in the range of $460.4 million to $464.4 million. Non-GAAP earnings per share is expected to be in the range of $0.02 to $0.12 per share, using 27.5 million weighted average diluted shares outstanding.

Bandwidth has not reconciled its first quarter and full-year guidance related to non-GAAP net earnings or loss to GAAP net earnings or loss and 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. Accordingly, a reconciliation is not available without unreasonable effort.

Quarterly Conference Call

Bandwidth will host a conference call today at 5:00 p.m. Eastern Time to review the Company's financial results for the fourth quarter ended December 31, 2020. To access this call, dial (855) 327-6837 for the U.S. or Canada, or (631) 891-4304 for callers outside the U.S. or Canada. A live webcast of the conference call will be accessible from the Investors section of Bandwidth's website at https://investors.bandwidth.com, and a recording will be archived and accessible at https://investors.bandwidth.com. An audio replay of this conference call will also be available through March 4, 2021, by dialing (844) 512-2921 for the U.S. or Canada, or (412) 317-6671 for callers outside the U.S. or Canada, and entering passcode 10012966.

About Bandwidth Inc.

Bandwidth (NASDAQ: BAND) is a leading enterprise cloud communications company. Companies like Cisco, Google, Microsoft, RingCentral, Uber, and Zoom use Bandwidth's APIs to easily embed voice, messaging and emergency services into software and applications. Bandwidth is the first and only CPaaS provider offering a robust selection of communications APIs built around their own IP voice network. More information available at www.bandwidth.com.

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 first quarter 2021 and full-year 2021, attractiveness of our product offerings and platform and the value proposition of our products, are forward-looking statements. The words "anticipate," "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, risks that the anticipated benefits of the acquisition of Voxbone may not be fully realized or may take longer to realize than expected, 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 and any subsequent reports that we file with the Securities and Exchange Commission. 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 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 above, 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 and amortization and stock-based compensation. We add back depreciation and amortization 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, such as depreciation, amortization and stock-based compensation, 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 adjusted gross profit by revenue, expressed as a percentage of revenue.

We define Non-GAAP net (loss) income as net (loss) income adjusted for certain items affecting period to period comparability. Non-GAAP net (loss) income excludes stock-based compensation, amortization of acquired intangible assets related to the Dash acquisition, amortization of debt discount and issuance costs for convertible debt, acquisition related expenses, impairment charges of intangibles assets, loss (gain) on disposal of property and equipment, estimated tax impact of above adjustments, income tax (benefit) provision resulting from excess tax benefits associated with the exercise of stock options, vesting of restricted stock units and equity compensation, and expense resulting from recording the valuation allowance on our deferred tax assets ("DTA").

We define adjusted EBITDA as net (loss) income 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, and loss (gain) from disposal of property and equipment. 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 activities 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.

We define an active CPaaS customer account at the end of any period as an individual account, as identified by a unique account identifier, for which we have recognized at least $100 of revenue in the last month of the period. We believe that the use of our platform by active CPaaS customer accounts at or above the $100 per month threshold is a stronger indicator of potential future engagement than trial usage of our platform at levels below $100 per month. A single organization may constitute multiple unique active CPaaS customer accounts if it has multiple unique account identifiers, each of which is treated as a separate active CPaaS customer account.

Our dollar-based net retention rate compares the CPaaS revenue from customers in a quarter to the same quarter in the prior year. To calculate the dollar-based net retention rate, we first identify the cohort of customers that generate CPaaS revenue and that were customers in the same quarter of the prior year. The dollar-based net retention rate is obtained by dividing the CPaaS revenue generated from that cohort in a quarter, by the CPaaS revenue generated from that same cohort in the corresponding quarter in the prior year. When we calculate dollar-based net retention rate for periods longer than one quarter, we use the average of the quarterly dollar-based net retention rates for the quarters in such period.

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,


2019


2020


2019


2020

Revenue

$

62,003



$

113,047



$

232,594



$

343,113


Cost of revenue

32,979



61,357



124,959



185,252


Gross profit

29,024



51,690



107,635



157,861


Operating expenses:








Research and development

8,149



12,743



31,461



42,059


Sales and marketing

9,373



13,479



35,020



40,552


General and administrative

14,963



37,685



58,847



88,755


Total operating expenses

32,485



63,907



125,328



171,366


Operating (loss) income

(3,461)



(12,217)



(17,693)



(13,505)


Other income (expense), net

758



(6,487)



2,469



(15,467)


Loss before income taxes

(2,703)



(18,704)



(15,224)



(28,972)


Income tax benefit (provision)

747



(1,222)



17,718



(15,005)


Net (loss) income

$

(1,956)



$

(19,926)



$

2,494



$

(43,977)










Earnings per share:








Net (loss) income per share:








Basic

$

(0.08)



$

(0.81)



$

0.11



$

(1.83)


Diluted

$

(0.08)



$

(0.81)



$

0.10



$

(1.83)










Weighted average number of common shares outstanding:








Basic

23,493,181



24,650,258



22,640,461



24,092,574


Diluted

23,493,181



24,650,258



23,923,777



24,092,574


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


Three months ended December 31,


Year ended  December 31,


2019


2020


2019


2020

Cost of revenue

$

53



$

47



$

211



$

208


Research and development

360



537



1,461



2,118


Sales and marketing

307



385



1,199



1,525


General and administrative

946



1,606



3,755



6,030


Total

$

1,666



$

2,575



$

6,626



$

9,881


 

BANDWIDTH INC.
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)



As of December 31,


As of December 31,


2019


2020

Assets




Current assets:




Cash and cash equivalents

$

184,414



$

72,163


Restricted cash

590



9,274


Other investments



40,000


Accounts receivable, net of allowance for doubtful accounts

30,187



55,243


Prepaid expenses and other current assets

9,260



14,508


Deferred costs

2,498



2,411


Total current assets

226,949



193,599


Property and equipment, net

41,654



51,645


Operating right-of-use asset

21,031



19,491


Intangible assets, net

6,569



248,055


Deferred costs, non-current

1,952



3,604


Other long-term assets

1,533



1,975


Goodwill

6,867



372,239


Deferred tax asset

34,861




Total assets

$

341,416



$

890,608


Liabilities and stockholders' equity




Current liabilities:




Accounts payable

$

4,190



$

11,665


Accrued expenses and other current liabilities

27,328



63,065


Current portion of deferred revenue

5,177



6,515


Advanced billings

4,167



5,429


Operating lease liability, current

4,876



5,515


Total current liabilities

45,738



92,189


Other liabilities, net of current portion



1,707


Operating lease liability, net of current portion

19,868



17,202


Deferred revenue, net of current portion

5,720



6,386


Deferred tax liability



61,005


Convertible senior notes



282,196


Total liabilities

71,326



460,685


Stockholders' equity:




Class A and Class B common stock

24



24


Additional paid-in capital

275,553



451,463


Accumulated deficit

(5,528)



(49,505)


Accumulated other comprehensive income

41



27,941


Total stockholders' equity

270,090



429,923


Total liabilities and stockholders' equity

$

341,416



$

890,608


 

BANDWIDTH INC.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)



Year ended  December 31,


2019


2020

Cash flows from operating activities




Net income (loss)

$

2,494



$

(43,977)


Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities




Depreciation and amortization

9,538



16,803


Right-of-use asset amortization

4,269



4,812


Accretion of bond discount

(700)




Gain on sale of marketable securities

(4)




Amortization of debt discount and issuance costs

177



15,647


Stock-based compensation

6,626



9,881


Deferred taxes

(17,502)



14,266


Loss on disposal of property and equipment

456



334


Changes in operating assets and liabilities:




Accounts receivable

(6,178)



(18,832)


Prepaid expenses and other assets

(4,176)



(2,258)


Deferred costs

(69)



(1,565)


Accounts payable

1,145



315


Accrued expenses and other liabilities

5,474



11,548


Deferred revenue and advanced billings

554



2,845


Operating right-of-use liability

(3,357)



(5,301)


Net cash (used in) provided by operating activities

(1,253)



4,518


Cash flows from investing activities




Purchase of property and equipment

(22,215)



(12,273)


Capitalized software development costs

(3,544)



(2,319)


Purchase of marketable securities

(68,361)




Proceeds from sales and maturities of marketable securities

86,467




Purchase of other investments



(230,780)


Proceeds from sales and maturities of other investments



190,780


Acquisition, net of cash acquired



(400,493)


Net cash used in investing activities

(7,653)



(455,085)


Cash flows from financing activities




Payments on finance leases



(28)


Proceeds from the follow-on public offering, net of underwriting discounts

147,391




Payment of costs related to the follow-on public offering

(757)




Proceeds from issuance of convertible senior notes



400,000


Payment of debt issuance costs

(167)



(11,990)


Purchase of capped call



(43,320)


Proceeds from exercises of stock options

7,357



4,073


Value of equity awards withheld for tax liabilities

(1,406)



(1,844)


Net cash provided by financing activities

152,418



346,891


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

(9)



109


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

143,503



(103,567)


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

41,501



185,004


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

$

185,004



$

81,437






 

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


Consolidated



Three months ended December 31,


Year ended  December 31,






2019


2020


2019


2020





Consolidated Gross Profit

$

29,024



$

51,690



$

107,635



$

157,861






Consolidated Gross Profit Margin %

47

%


46

%


46

%


46

%





Depreciation

2,060



2,578



6,583



9,536






Amortization of acquired intangible assets



1,445





1,445






Stock-based compensation

53



47



211



208






Non-GAAP Gross Profit

$

31,137



$

55,760



$

114,429



$

169,050






Non-GAAP Gross Margin %

50

%


49

%


49

%


49

%





 

By Segment


CPaaS



Three months ended December 31,


Year ended  December 31,


2019


2020


2019


2020

CPaaS Gross Profit

$

24,170



$

45,892



$

87,601



$

137,384


CPaaS Gross Profit Margin %

45

%


47

%


44

%


46

%

Depreciation

2,060



2,578



6,583



9,536


Amortization of acquired intangible assets



1,445





1,445


Stock-based compensation

53



47



211



208


Non-GAAP CPaaS Gross Profit

$

26,283



$

49,962



$

94,395



$

148,573


Non-GAAP CPaaS Gross Margin %

49

%


51

%


48

%


50

%

Other

There are no non-GAAP adjustments to gross profit for the Other segment.

BANDWIDTH INC.
Reconciliation of Non-GAAP Financial Measures
(In thousands, except share and per share amounts)
(Unaudited)


Non-GAAP Net (Loss) Income



Three months ended December 31,


Year ended  December 31,


2019


2020


2019


2020









Net (loss) income

$

(1,956)



$

(19,926)



$

2,494



$

(43,977)


Stock-based compensation

1,666



2,575



6,626



9,881


Amortization of acquired intangibles

130



3,276



520



3,666


Amortization of debt discount and issuance costs for convertible debt



4,713





15,565


Acquisition-related expenses



12,713





14,458


Loss on disposal of property and equipment

102



71



456



334


Estimated tax effects of adjustments (1)

(459)



(758)



(1,914)



(758)


Valuation allowance (2)



851





15,024


Income tax benefit of equity compensation

4





(13,484)




Non-GAAP net (loss) income

$

(513)



$

3,515



$

(5,302)



$

14,193










Net (loss) income per share








Basic

$

(0.08)



$

(0.81)



$

0.11



$

(1.83)


Diluted

$

(0.08)



$

(0.81)



$

0.10



$

(1.83)










Non-GAAP net (loss) income per Non-GAAP share








Basic

$

(0.02)



$

0.14



$

(0.23)



$

0.59


Diluted

$

(0.02)



$

0.13



$

(0.23)



$

0.55










Non-GAAP weighted average number of shares outstanding








Non-GAAP basic shares

23,493,181



24,650,258



22,640,461



24,092,574


Convertible debt conversion



1,967,546





1,022,941


Stock options issued and outstanding



243,936





443,738


Nonvested RSUs outstanding



353,367





352,854


Non-GAAP diluted shares

23,493,181



27,215,107



22,640,461



25,912,107


________________________

(1)

The Non-GAAP tax-effect is determined using a blended rate of statutory tax rates in the jurisdictions where the Company has tax
filings. When the Company has a valuation allowance recorded and no tax benefits will be recognized, the rate is considered to be
zero. The rate was 25.2% and 1.8% for the years ended December 31, 2019 and 2020, respectively.

(2)

The Company recognized a tax expense of $0 and $15,024 to record a valuation allowance on U.S. deferred tax assets in the
years ended December 31, 2019 and 2020, respectively.

 

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,


2019


2020


2019


2020

Net (loss) income

$

(1,956)



$

(19,926)



$

2,494



$

(43,977)


Income tax (benefit) provision (1) (2)

(747)



1,222



(17,718)



15,005


Interest (income) expense, net

(748)



4,749



(2,446)



13,672


Depreciation

2,780



3,600



9,018



13,137


Amortization

130



3,276



520



3,666


Acquisition-related expenses



12,713





14,458


Stock-based compensation

1,666



2,575



6,626



9,881


Loss on disposal of property and equipment

102



71



456



334


Adjusted EBITDA

$

1,227



$

8,280



$

(1,050)



$

26,176


________________________

(1)

Includes excess tax benefits associated with the exercise of stock options and vesting of restricted stock units of $13,484 and $0 
in the years ended December 31, 2019 and 2020, respectively.

(2)

Includes $0 and $15,024 of tax expense to record a valuation allowance on U.S. deferred tax assets in the years ended
December 31, 2019 and 2020, respectively.

 

Free Cash Flow



Three months ended December 31,


Year ended  December 31,


2019


2020


2019


2020

Net cash provided by (used in) operating activities

$

2,227



$

(6,813)



$

(1,253)



$

4,518


Net cash used in investing in capital assets (1)

(9,922)



(3,210)



(25,759)



(14,592)


Free cash flow

$

(7,695)



$

(10,023)



$

(27,012)



$

(10,074)


________________________

(1)

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

 

 

Cision View original content:http://www.prnewswire.com/news-releases/bandwidth-announces-fourth-quarter-and-full-year-2020-financial-results-301235938.html

SOURCE Bandwidth Inc.

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