Bandwidth Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Bandwidth Inc. has filed its 2023 10-K report detailing financial performance and corporate structure for the fiscal year ending December 31, 2023.</b>

AI Summary

Bandwidth Inc. (BAND) filed a Annual Report (10-K) with the SEC on February 28, 2024. Bandwidth Inc. filed its 2023 Form 10-K on February 28, 2024, reporting on the fiscal year ending December 31, 2023. The filing covers financial data for the fiscal years 2023, 2022, and 2021. Key financial statement information, including common stock and additional paid-in capital, is detailed for the periods ending December 31, 2020, 2021, 2022, and 2023. The company's principal business address is 2230 BANDMATE WAY, RALEIGH, NC 27607. Bandwidth Inc. is classified under SIC code 7372 (SERVICES-PREPACKAGED SOFTWARE).

Why It Matters

For investors and stakeholders tracking Bandwidth Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Bandwidth Inc.'s financial health and operational status for the past fiscal year, crucial for investors and stakeholders to assess performance and future outlook. The detailed financial data, including historical comparisons, allows for trend analysis and evaluation of the company's growth trajectory and capital structure.

Risk Assessment

Risk Level: medium — Bandwidth Inc. shows moderate risk based on this filing. The filing is a standard annual report (10-K), which typically contains a broad range of information. Specific risks would be detailed within the 'Risk Factors' section, which is not fully provided in the input. However, the nature of a 10-K implies potential market, operational, and financial risks inherent to a publicly traded software services company.

Analyst Insight

Review the 'Risk Factors' section of the full 10-K filing to identify specific threats to Bandwidth Inc.'s business and financial performance.

Key Numbers

• 2023-12-31 — Fiscal Year End (The reporting period for the 10-K.)
• 2024-02-28 — Filing Date (The date the 10-K was filed with the SEC.)
• 7372 — SIC Code (Standard Industrial Classification for Bandwidth Inc.)
• 2020-12-31 — Historical Data Point (Earliest year-end for which financial data is referenced.)
• 2021-12-31 — Historical Data Point (Year-end for which financial data is referenced.)
• 2022-12-31 — Historical Data Point (Year-end for which financial data is referenced.)

Key Players & Entities

• Bandwidth Inc. (company) — Filer name and company being reported on.
• 2023 (date) — Fiscal year end date.
• 2024-02-28 (date) — Filing date.
• 2230 BANDMATE WAY, RALEIGH, NC 27607 (address) — Company's business and mailing address.
• 7372 (industry_code) — Standard Industrial Classification code.
• Bandwidth.com, Inc. (company) — Former company name.
• 2011-03-03 (date) — Date of former company name change.

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-28: Filing Date — Date Bandwidth Inc. submitted its 10-K to the SEC.

Key Financial Figures

• $0.001 — stered Class A Common Stock, par value $0.001 per share BAND NASDAQ Global Select Mar

Filing Documents

• band-20231231.htm (10-K) — 2715KB
• q42023exh43descriptionofca.htm (EX-4.3) — 31KB
• q42023exh1042amendmenttoem.htm (EX-10.42) — 20KB
• q42023exh211listofsubsidia.htm (EX-21.1) — 6KB
• q42023exh231auditorconsent.htm (EX-23.1) — 4KB
• q42023ex311ceocertification.htm (EX-31.1) — 11KB
• q42023ex312cfocertification.htm (EX-31.2) — 11KB
• q42023ex321ceoandcfocertif.htm (EX-32.1) — 7KB
• q42023ex971clawbackpolicy.htm (EX-97.1) — 33KB
• band-20231231_g1.jpg (GRAPHIC) — 136KB
• 0001514416-24-000024.txt (&nbsp;) — 13311KB
• band-20231231.xsd (EX-101.SCH) — 62KB
• band-20231231_cal.xml (EX-101.CAL) — 126KB
• band-20231231_def.xml (EX-101.DEF) — 445KB
• band-20231231_lab.xml (EX-101.LAB) — 999KB
• band-20231231_pre.xml (EX-101.PRE) — 736KB
• band-20231231_htm.xml (XML) — 1994KB

Business

Business 6 Item 1A.

Risk Factors

Risk Factors 18 Item 1B. Unresolved Staff Comments 55 Item 1C. Cybersecurity 55 Item 2.

Properties

Properties 57 Item 3.

Legal Proceedings

Legal Proceedings 57 Item 4. Mine Safety Disclosures 58 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 59 Item 6. [Reserved] 60 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 61 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 84 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 86 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 133 Item 9A.

Controls and Procedures

Controls and Procedures 134 Item 9B. Other Information 135 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 135 PART III Item 10. Directors, Executive Officers and Corporate Governance 135 Item 11.

Executive Compensation

Executive Compensation 135 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 135 Item 13. Certain Relationships and Related Transactions and Director Independence 135 Item 14. Principal Accountant Fees and Services 135 PART IV Item 15. Exhibits and Financial Statement Schedules 136 Item 16. Form 10-K Summary 140 1 Table of Contents Special Note Regarding Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements contained in this Annual Report on Form 10-K, other than statements of historical fact, are forward-looking statements. Forward-looking statements generally can be identified by the words "may," "will," "expect," "believe," "anticipate," "intend," "could," "would," "project," "plan," "estimate," or "continue," or the negative of these words or other similar terms or expressions that concern our expectations strategy, plans or intentions. Forward-looking statements contained in this Annual Report on Form 10-K include, but are not limited to, statements about: our beliefs regarding the impact of macroeconomic conditions, including inflationary and/or recessionary pressures, on our business and financial condition; our ability to attract and retain customers, including large enterprises; our approach to identifying, attracting and keeping new and existing customers, as well as our expectations regarding customer turnover; our beliefs regarding network traffic growth and other trends related to the usage of our products and services; the impact of our customers' violation of applicable laws, our policies or other misuse of our platform; our ability to successfully defend our network, systems and data against ever-evolving cybersecurity threats, including denial-of-service and ra

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Business

Item 1. Business Overview A global communications transformation is underway, and we believe Bandwidth is at the center. Our mission is to develop and deliver the power to communicate. We enable innovative organizations—from startup app developers to the world's largest enterprises—to engage their end-users and deliver exceptional experiences everywhere people live, learn, work and play. Backed by the Bandwidth Communications Cloud, our global owned-and-operated network spanning more than 65 countries reaching over 90 percent of global gross domestic product ("GDP"), innovative enterprises use Bandwidth's Application Programming Interfaces ("APIs") to easily embed voice, messaging and emergency services capabilities into software and applications. Bandwidth was the first cloud communications provider to offer a robust selection of APIs built on our own cloud platform. Our award-winning support teams help businesses around the world solve complex communications challenges every day. Bandwidth's business benefits from multiple global megatrends, including enterprise migration to the cloud, adoption of Contact Center as a Service platforms, the need to be able to work from anywhere, reinvention of customer experience, growth in messaging applications to engage directly with consumers, and application of artificial intelligence ("AI") technologies to cloud communications use cases. We believe these megatrends, which have created sizable total addressable markets, are secular, long-lasting and still early in the adoption curve. With the combination of our software APIs, our global Communications Cloud and our broad range of experience with global regulatory frameworks, we believe Bandwidth is one of the best-positioned providers in our space to deliver business-critical communications for global enterprises. In fact, Bandwidth already powers all the 2023 Gartner Magic Quadrant Leaders in the key cloud communications categories of Unified Communications as a Service (

View Full Filing

View this 10-K filing on SEC EDGAR