Bandwidth Q2 revenue $146M, adjusted EBITDA $11M beat guidance; secured $50M credit facility

Bandwidth Inc.

2023-Q2 EPS reported -$0.01 revenue$283,718,000

Q2 revenue $146M (vs $136M YoY); adjusted EBITDA $11M (vs $5M YoY), both above guidance ranges.
Non-GAAP gross margin 55% (vs 53% YoY); messaging revenue +11% YoY; dollar-based net retention 106%.
Entered $50M revolving credit facility (maturity Aug 2028) with $25M accordion, secured by assets.
Credit facility includes financial covenants: minimum EBITDA stepping up to $60M and minimum liquidity $75M.

item 1.01 item 2.02 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Bandwidth Inc. reported the second quarter ended June 30, 2023 results: revenue $ 146.

Period: the second quarter ended June 30, 2023
Revenue: $ 146
Result: reported results

Exact text from the filing

Three months ended June 30, 2023 2022 Revenue $ 146 $ 136 Gross Margin 40 % 41 % Non-GAAP Gross Margin (1) 55 % 53 % Adjusted EBITDA (1) $ 11 $ 5 Dollar-based net retention rate (2) 106 % 112 %

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Bandwidth Inc. entered into Credit Agreement with Bank of America, N.A. valued at $50.0 million (effective 2023-08-01).

Action: entry
Agreement: credit facility
Counterparty: Bank of America, N.A.
Value: $50.0 million
Effective: 2023-08-01

Exact text from the filing

On August 1, 2023, Bandwidth Inc. (the “Company”) entered into a credit agreement (the “Credit Agreement”) among the Company, as borrower, the lenders from time to time party thereto, and Bank of America, N.A., as administrative agent, swingline lender and letters of credit issuer. The Credit Agreement provides for a $50.0 million revolving credit facility (the “Credit Facility”), including a $15.0 million sublimit for the issuance of letters of credit and a swingline subfacility of up to $5.0 million.

View on SEC.gov

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Bandwidth Inc. filing history →

Source: SEC EDGAR

accession 0001514416-23-000120

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