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Bandwidth Inc. (NASDAQ:BAND) Q1 2024 Earnings Call Transcript

Insider Monkey Transcripts
·3 min read

Bandwidth Inc. (NASDAQ:BAND) Q1 2024 Earnings Call Transcript May 7, 2024

Bandwidth Inc. misses on earnings expectations. Reported EPS is $-0.3485 EPS, expectations were $0.21. Bandwidth Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Good day, and welcome to the Bandwidth Inc. First Quarter 2024 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation there will be opportunity to ask questions. [Operator Instruction] Please note this event is being recorded. And now I would like to turn the conference over to Sarah Wallace, Vice President of Investor Relations. Please go ahead.

Sarah Walas: Thank you. Good morning, and welcome to Bandwidth's first quarter 2024 earnings call. Today, we'll discuss the results announced in our press release issued earlier this morning. The press release and an earnings presentation with historical financial highlights can be found on the Investor Relations page at investors.bandwidth.com. With me on the call this morning is David Morgan, our CEO; and Daryl Raiford, our CFO. They will begin with prepared remarks, and then we will open up the call for Q&A. During the call, we will make statements related to our business that may be considered forward-looking, including statements concerning our financial guidance for the second quarter and full year of 2024. We caution you not to put undue reliance on these forward-looking statements as they may involve risks and uncertainties and that may cause actual results to vary materially from any future results or outcomes expressed or implied by the forward-looking statements.

A software engineer debugging a complex communications infrastructure.
A software engineer debugging a complex communications infrastructure.

Any forward-looking statements made on this call and in the presentation slides reflect our analysis as of today, and we have no plans or obligation to update them. For a discussion of material risks and other important factors that could affect our actual results, please refer to those contained in our latest 10-K filing as updated by other SEC filings, all of which are available on the Investor Relations section of our website at bandwidth.com and on the SEC's website at sec.gov. During the course of today's call, we will refer to certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in our press release issued earlier today as well as in the earnings presentation, which are located on our website at investors.bandwidth.com.

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With that, let me turn the call over to David.

David Morken: Thank you, Sarah. Welcome to Bandwidth's first quarter 2024 earnings call. We had an impressive start to the year, exceeding first quarter guidance with record quarterly revenue and our highest ever adjusted EBITDA result for a first quarter. Given the overperformance, we are raising our full year outlook on top and bottom lines. The team is grateful for the trust of our customers place in us every day and for our Bandmates who go the extra mile to support them, and I thank God for the opportunities he's given us. This morning, I've asked Darryl to first walk through our quarterly results and our updated outlook for 2024, along with our recent capital structure achievements. I'll then use the rest of the call to provide a broader perspective highlighting our fast-growing customer category, direct to enterprise, where we are seeing very encouraging progress. Darryl?

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To continue reading the Q&A session, please click here.