BAND - Bandwidth Reports Q4 and FY 2023 Financial Results

2024-02-28 08:24:10 ET

DENVER, Colo., Feb 28, 2024 ( 247marketnews.com )- Bandwidth Inc. (NASDAQ: BAND ) reported, this morning, its fourth quarter and full year 2023 financial results, including 39% profitability growth, net operating cash flow of $39 million and record Free Cash Flow in 2023. Additionally, it expects 16% revenue growth and 50% profitability growth for 2024.

Bandwidth is trading at $14.00, up $1.85 (+15.23%), on 40K shares, while its 52-week range is $9.335 to $17.50.

“We are proud to conclude 2023 with outstanding results, reflecting our commitment to innovation in cloud communications and profitable growth. Thanks to the disciplined execution of the team in the fourth quarter we surpassed our guidance and set new records in profitability,” said David Morken, Bandwidth’s Chief Executive Officer. “As we enter our 25th year, Bandwidth remains at the forefront of the cloud communications revolution, driven by our unique global platform and software APIs, and commitment to customer success. We are confident in our medium-term plan and excited about our momentum as we start 2024.”

“In 2023 we grew profitability 39 percent which contributed to our record second half 2023 free cash flow generation of $31 million,” said Daryl Raiford, Bandwidth’s Chief Financial Officer. “We are particularly pleased with our strong growth in commercial messaging and our enterprise business. For 2024 we are guiding double-digit revenue growth and an adjusted EBITDA midpoint of $72 million representing a 50 percent increase in profitability. We believe our 2023 results and 2024 outlook place us clearly on-track to achieve our 2026 medium-term targets, which we laid out at our Investor Day in February 2023.”

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