Connect with us

Technology

Bandwidth Announces Second Quarter 2024 Financial Results

Published

on

Revenue of $174 million, up 19% year-over-year

Accelerating profitability, exceeding guidance

Expanding cash flow generation

RALEIGH, N.C., Aug. 1, 2024 /PRNewswire/ — Bandwidth Inc. (NASDAQ: BAND), a leading global enterprise cloud communications company, today announced financial results for the second quarter ended June 30, 2024.

“We’re pleased to report a very strong first half, making significant progress toward our plan for 2024. In the second quarter, we delivered solid revenue growth while accelerating profitability and cash flow,” said David Morken, CEO of Bandwidth. “Our team’s disciplined approach, coupled with innovative solutions like Maestro and AI Bridge, is driving strong performance in a dynamic market. I am incredibly proud of our Bandmates’ execution and grateful for the trust our customers place in us. As we move forward, we remain focused on delivering exceptional value and transforming the communications landscape.”

Second Quarter 2024 Financial Highlights

The following table summarizes the condensed consolidated financial highlights for the three months ended June 30, 2024 and 2023 ($ in millions).

Three months ended
June 30,

2024

2023

Revenue

$                         174

$                         146

Gross Margin

37 %

40 %

Non-GAAP Gross Margin (1)

56 %

55 %

Adjusted EBITDA(1)

$                           19

$                           11

Free Cash Flow (1)

$                           18

$                            (1)

(1) 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. 

“Bandwidth’s second quarter results underscore our commitment to sustainable, profitable growth. With total revenue reaching $174 million and Adjusted EBITDA up 77% from the prior year, we are performing well across all categories,” said Daryl Raiford, CFO of Bandwidth. “Our strategic investments and disciplined financial management have driven impressive free cash flow and operational efficiency. We are well-positioned to continue this momentum into the second half of the year, further enhancing our financial strength and growth trajectory.”

Second Quarter Customer and Operational Highlights

A nationwide provider of medical claims management selected Bandwidth as their exclusive provider for voice calling, valuing our exceptional customer support and the flexibility of our Maestro product to orchestrate and enhance functionality across their platform.A prominent provider of healthcare integrated supportive care solutions chose Bandwidth to power its cloud contact center. Our communications cloud reliability and the comprehensive protection offered by our Call Assure product resonated with the customer, ensuring redundancy and safeguarding mission critical communications.A trusted provider of business insurance switched to Bandwidth as their sole provider for voice calling. They valued our Advanced Call Routing solution, which offers robust resiliency and redundancy for their contact center traffic, along with our superior back-end reporting tools.A well-established customer and provider of communications management software significantly increased their messaging business with us. Our deep industry knowledge and outstanding customer service played pivotal roles in securing this additional business.

Financial Outlook

Bandwidth’s outlook is based on current indications for its business, which are subject to change. Bandwidth is providing guidance for its third quarter and full year 2024 as follows (in millions):

3Q 2024 Guidance

Full Year 2024 Guidance

Revenue

$180 – $184

$710 – $720

Adjusted EBITDA

$18 – $20

$72 – $76

Bandwidth has not reconciled its third quarter and full year 2024 guidance related to Adjusted EBITDA to GAAP net income or loss, because stock-based compensation cannot be reasonably calculated or predicted at this time. Accordingly, a reconciliation is not available without unreasonable effort.

Upcoming Investor Conference Schedule

Canaccord Genuity Growth Conference in Boston, MA. Presentation by Daryl Raiford, CFO on Wednesday, August 14th at 10:00AM Eastern Time.Piper Sandler Growth Frontiers Conference in Nashville, TN. Fireside chat with David Morken, CEO and Daryl Raiford, CFO on Tuesday, September 10th at 10:00AM Central Time.

About Bandwidth Inc.

Bandwidth (NASDAQ: BAND) is a global cloud communications software company that helps enterprises deliver exceptional experiences through voice calling, text messaging and emergency services. Our solutions and our Communications Cloud, covering 65+ countries and over 90 percent of global GDP, are trusted by all the leaders in unified communications and cloud contact centers–including Amazon Web Services (AWS), Cisco, Google, Microsoft, RingCentral, Zoom, Genesys and Five9–as well as Global 2000 enterprises and SaaS builders like Docusign, Uber and Yosi Health. As a founder of the cloud communications revolution, we are the first and only global Communications Platform-as-a-Service (CPaaS) to offer a unique combination of composable APIs, AI capabilities, owner-operated network and broad regulatory experience. Our award-winning support teams help businesses around the world solve complex communications challenges to reach anyone, anywhere. For more information, visit www.bandwidth.com.

Conference Call

Bandwidth will host a conference call to discuss financial results for the second quarter ended June 30, 2024 on August 1, 2024. Details can be found below and on the investor section of its website at https://investors.bandwidth.com where a replay will also be available shortly following the call.

Conference Call Details

August 1, 2024
8:00 am ET
Domestic dial-in:
844-481-2707
International dial-in:
412-317-0663

Replay information

An audio replay of this conference call will be available through August 8, 2024, by dialing 877-344-7529 or 412-317-0088 for international callers, and entering passcode 9676778.

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 quarter ending September 30, 2024 and year ending December 31, 2024, the success of our product offerings and our platform, and the value proposition of our products, are forward-looking statements. The words “anticipate,” “assume,” “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, macroeconomic conditions both in the U.S. and globally, legal, reputational and financial risks which may result from ever-evolving cybersecurity threats, 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 (the “SEC”) and any subsequent reports that we file with the SEC. 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 condensed 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 below, 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, amortization of acquired intangible assets related to acquisitions and stock-based compensation. We add back depreciation, amortization of acquired intangible assets related to acquisitions 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, 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 Non-GAAP gross profit by cloud communications revenue, which is revenue less pass-through messaging surcharges.

We define Non-GAAP net income (loss) as net income or loss adjusted for certain items affecting period to period comparability. Non-GAAP net income (loss) excludes stock-based compensation, amortization of acquired intangible assets related to acquisitions, amortization of debt discount and issuance costs for convertible debt, acquisition related expenses, impairment charges of intangibles assets, net cost associated with early lease terminations and leases without economic benefit, (gain) loss on sale of business, net (gain) loss on extinguishment of debt, gain on business interruption insurance recoveries, non-recurring items not indicative of ongoing operations and other, and estimated tax impact of above adjustments, net of valuation allowances.

We define Adjusted EBITDA as net income or losses from continuing operations, 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, (gain) loss on sale of business, net cost associated with early lease terminations and leases without economic benefit, net (gain) loss on extinguishment of debt, gain on business interruption insurance recoveries, and non-recurring items not indicative of ongoing operations and other. 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 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 condensed 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.

 

BANDWIDTH INC.

Condensed Consolidated Statements of Operations

(In thousands, except share and per share amounts)

(Unaudited)

Three months ended June 30,

Six months ended June 30,

2024

2023

2024

2023

Revenue

$               173,602

$               145,874

$               344,635

$               283,718

Cost of revenue

108,773

86,919

214,322

169,110

Gross profit

64,829

58,955

130,313

114,608

Operating expenses

Research and development

28,132

24,852

57,044

50,513

Sales and marketing

26,066

25,754

55,205

50,783

General and administrative

16,705

15,868

34,554

32,587

Total operating expenses

70,903

66,474

146,803

133,883

Operating loss

(6,074)

(7,519)

(16,490)

(19,275)

Other income, net

9,798

3,782

10,781

16,021

Income (loss) before income taxes

3,724

(3,737)

(5,709)

(3,254)

Income tax benefit (provision)

331

(153)

531

2,975

Net income (loss)

$                   4,055

$                 (3,890)

$                 (5,178)

$                    (279)

Net income (loss) per share:

Basic

$                     0.15

$                   (0.15)

$                   (0.19)

$                   (0.01)

Diluted

$                    (0.17)

$                   (0.15)

$                   (0.19)

$                   (0.01)

Numerator used to compute net income (loss) per share:

Basic

$                   4,055

$                 (3,890)

$                 (5,178)

$                    (279)

Diluted

$                  (5,043)

$                 (3,890)

$                 (5,178)

$                    (279)

Weighted average number of common shares outstanding:

Basic

27,079,333

25,555,219

26,786,568

25,502,131

Diluted

29,500,598

25,555,219

26,786,568

25,502,131

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

Three months ended June 30,

Six months ended June 30,

2024

2023

2024

2023

Cost of revenue

$                      375

$                      204

$                      771

$                      396

Research and development

4,684

3,315

10,000

6,456

Sales and marketing

2,105

1,428

4,270

2,665

General and administrative

4,196

3,058

8,658

5,866

Total

$                 11,360

$                   8,005

$                 23,699

$                 15,383

 

BANDWIDTH INC.

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

As of June 30,

As of December 31,

2024

2023

Assets

Current assets:

Cash and cash equivalents

$                       62,044

$                     131,987

Marketable securities

14,399

21,488

Accounts receivable, net of allowance for doubtful accounts

85,576

78,155

Deferred costs

3,871

4,155

Prepaid expenses and other current assets

15,492

16,990

Total current assets

181,382

252,775

Property, plant and equipment, net

173,400

177,864

Operating right-of-use asset, net

155,484

157,507

Intangible assets, net

155,966

166,914

Deferred costs, non-current

4,800

4,586

Other long-term assets

4,851

5,530

Goodwill

326,220

335,872

Total assets

$                  1,002,103

$                  1,101,048

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

$                       31,933

$                       34,208

Accrued expenses and other current liabilities

69,256

69,014

Current portion of deferred revenue

7,685

8,059

Advanced billings

4,111

6,027

Operating lease liability, current

3,478

5,463

Line of credit, current portion

40,000

Total current liabilities

156,463

122,771

Other liabilities

354

386

Operating lease liability, net of current portion

220,497

220,548

Deferred revenue, net of current portion

8,142

8,406

Deferred tax liability

28,540

33,021

Convertible senior notes

280,660

418,526

Total liabilities

694,656

803,658

Stockholders’ equity:

Class A and Class B common stock

27

26

Additional paid-in capital

418,503

391,048

Accumulated deficit

(70,068)

(64,890)

Accumulated other comprehensive loss

(41,015)

(28,794)

Total stockholders’ equity

307,447

297,390

Total liabilities and stockholders’ equity

$                  1,002,103

$                  1,101,048

 

BANDWIDTH INC.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

Six months ended June 30,

2024

2023

Cash flows from operating activities

Net loss

$                        (5,178)

$                           (279)

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

Depreciation and amortization

24,714

18,692

Non-cash reduction to the right-of-use asset

2,007

3,242

Amortization of debt discount and issuance costs

962

1,485

Stock-based compensation

23,699

15,383

Deferred taxes and other

(4,116)

(5,225)

Net gain on extinguishment of debt

(10,267)

(12,767)

Gain on business interruption insurance recoveries

(4,000)

Changes in operating assets and liabilities:

Accounts receivable, net of allowances

(7,642)

3,712

Prepaid expenses and other assets

1,886

(957)

Accounts payable

(1,112)

(6,171)

Accrued expenses and other liabilities

3,968

(12,464)

Operating right-of-use liability

(2,020)

(3,919)

Net cash provided by (used in) operating activities

26,901

(3,268)

Cash flows from investing activities

Purchase of property, plant and equipment

(7,145)

(3,859)

Capitalized software development costs

(5,843)

(5,001)

Purchase of marketable securities

(31,096)

(40,625)

Proceeds from sales and maturities of marketable securities

38,312

81,233

Proceeds from sale of business

469

835

Net cash (used in) provided by investing activities

(5,303)

32,583

Cash flows from financing activities

Borrowings on line of credit

65,000

Repayments on line of credit

(25,000)

Payments on finance leases

(44)

(90)

Net cash paid for debt extinguishment

(128,451)

(51,259)

Payment of debt issuance costs

(354)

Proceeds from exercises of stock options

119

413

Value of equity awards withheld for tax liabilities

(2,290)

(1,000)

Net cash used in financing activities

(91,020)

(51,936)

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

(608)

27

Net decrease in cash, cash equivalents, and restricted cash

(70,030)

(22,594)

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

132,307

114,622

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

$                       62,277

$                       92,028

 

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

Three months ended June 30,

Six months ended June 30,

2024

2023

2024

2023

Gross Profit

$            64,829

$            58,955

$          130,313

$          114,608

Gross Profit Margin %

37 %

40 %

38 %

40 %

Depreciation

4,678

4,205

9,456

7,734

Amortization of acquired intangible assets

1,941

1,959

3,900

3,904

Stock-based compensation

375

204

771

396

Non-GAAP Gross Profit

$            71,823

$            65,323

$          144,440

$          126,642

Non-GAAP Gross Margin % (1)

56 %

55 %

56 %

54 %

________________________

(1) Calculated by dividing Non-GAAP gross profit by cloud communications revenue of $128 million and $257 million in the three and six months ended June 30, 2024, respectively, and $118 million and $233 million for the three and six months ended June 30, 2023, respectively.

 

BANDWIDTH INC.

Reconciliation of Non-GAAP Financial Measures

(In thousands, except share and per share amounts)

(Unaudited)

Non-GAAP Net Income

Three months ended June 30,

Six months ended June 30,

2024

2023

2024

2023

Net income (loss)

$                   4,055

$                 (3,890)

$                 (5,178)

$                    (279)

Stock-based compensation

11,360

8,005

23,699

15,383

Amortization of acquired intangibles

4,336

4,338

8,697

8,612

Amortization of debt discount and issuance costs for convertible debt

384

474

869

1,036

Net cost associated with early lease terminations and leases without economic benefit

877

2,033

Net gain on extinguishment of debt

(10,267)

(10,267)

(12,767)

Gain on business interruption insurance recoveries

(4,000)

(4,000)

Non-recurring items not indicative of ongoing operations and other (1)

49

180

129

739

Estimated tax effects of adjustments (2)

(2,075)

(708)

(3,443)

(3,135)

Non-GAAP net income

$                   8,719

$                   4,399

$                 16,539

$                   5,589

Interest expense on Convertible Notes (3)

300

317

617

655

Numerator used to compute Non-GAAP diluted net income per share

$                   9,019

$                   4,716

$                 17,156

$                   6,244

Net income (loss) per share

Basic

$                     0.15

$                   (0.15)

$                   (0.19)

$                   (0.01)

Diluted

$                   (0.17)

$                   (0.15)

$                   (0.19)

$                   (0.01)

Non-GAAP net income per Non-GAAP share

Basic

$                     0.32

$                     0.17

$                     0.62

$                     0.22

Diluted

$                     0.29

$                     0.16

$                     0.55

$                     0.21

Weighted average number of shares outstanding

Basic

27,079,333

25,555,219

26,786,568

25,502,131

Diluted

29,500,598

25,555,219

26,786,568

25,502,131

Non-GAAP basic shares

27,079,333

25,555,219

26,786,568

25,502,131

Convertible debt conversion

2,421,265

3,317,023

2,869,144

3,569,511

Stock options issued and outstanding

28,513

27,413

30,108

60,583

Nonvested RSUs outstanding

1,284,862

1,260,376

Non-GAAP diluted shares

30,813,973

28,899,655

30,946,196

29,132,225

________________________

(1) Non-recurring items not indicative of ongoing operations and other include (i) less than $0.1 million and $0.2 million of losses on disposals of property, plant and equipment during the three months ended June 30, 2024 and 2023, respectively, (ii) $0.1 million of losses on disposals of property, plant and equipment during the six months ended June 30, 2024, and (iii) $0.4 million of expense resulting from the early termination of our undrawn SVB credit facility and $0.3 million of losses on disposals of property, plant and equipment during the six months ended June 30, 2023.

(2) The estimated tax-effect of adjustments is determined by recalculating the tax provision on a Non-GAAP basis. The Non-GAAP effective income tax rate was 15.0% and 2.8% for the six months ended June 30, 2024 and 2023, respectively. For the six months ended June 30, 2024, the Non-GAAP effective income tax rate differed from the federal statutory tax rate of 21% in the U.S. primarily due to the research and development tax credits generated in 2024. We analyze the Non-GAAP valuation allowance position on a quarterly basis. In the fourth quarter of 2022, we removed the valuation allowance against all U.S. deferred tax assets for Non-GAAP purposes as a result of cumulative Non-GAAP U.S. income over the past three years and a significant depletion of net operating loss and tax credit carryforwards on a Non-GAAP basis. As of June 30, 2024, we have no valuation allowance against our remaining deferred tax assets for Non-GAAP purposes.

(3) Non-GAAP net income is increased for interest expense as part of the calculation for diluted Non-GAAP earnings per share.

 

BANDWIDTH INC.

Reconciliation of Non-GAAP Financial Measures

(In thousands, except share and per share amounts)

(Unaudited)

Adjusted EBITDA

Three months ended June 30,

Six months ended June 30,

2024

2023

2024

2023

Net income (loss)

$                   4,055

$                 (3,890)

$                 (5,178)

$                    (279)

Income tax (benefit) provision

(331)

153

(531)

(2,975)

Interest expense, net

698

322

65

1,236

Depreciation

7,964

5,460

16,017

10,080

Amortization

4,336

4,338

8,697

8,612

Stock-based compensation

11,360

8,005

23,699

15,383

Net cost associated with early lease terminations and leases without economic benefit

877

2,033

Net gain on extinguishment of debt

(10,267)

(10,267)

(12,767)

Gain on business interruption insurance recoveries

(4,000)

(4,000)

Non-recurring items not indicative of ongoing operations and other (1)

49

180

129

337

Adjusted EBITDA

$                 18,741

$                 10,568

$                 34,664

$                 15,627

________________________

(1) Non-recurring items not indicative of ongoing operations and other include less than $0.1 million and $0.2 million  of losses on disposals of property, plant and equipment during the three months ended June 30, 2024 and 2023, respectively, and $0.1 million and $0.3 million for the six months ended June 30, 2024 and 2023, respectively.

 

Free Cash Flow

Three months ended June 30,

Six months ended June 30,

2024

2023

2024

2023

Net cash provided by (used in) operating activities

$                 24,436

$                   3,086

$                 26,901

$                 (3,268)

Net cash used in investing in capital assets (1)

(6,116)

(4,314)

(12,988)

(8,860)

Free cash flow

$                 18,320

$                 (1,228)

$                 13,913

$               (12,128)

________________________

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

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/bandwidth-announces-second-quarter-2024-financial-results-302211653.html

SOURCE Bandwidth Inc.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Typeform Delivers New Solutions to Empower B2C Businesses to Better Engage Customers

Published

on

By

Brands can now use video, data enrichment, and AI-powered capabilities to create interactive, hyper-personalized experiences and uncover deeper insights

SAN FRANCISCO, Nov. 14, 2024 /PRNewswire/ — Typeform, the intuitive form builder and conversational data collection platform, today announced new features that provide business-to-consumer (B2C) businesses with the context, clarity, and convenience needed to better engage and understand their customers. Now businesses can further enhance the respondent experience, all while gathering richer, actionable data. 

Today, 70% of consumer decisions are based on emotion, including brand preference.¹ Buyers expect brands to tailor experiences to their personal preferences more than ever, but at the same time, they’re also becoming more cautious about sharing personal information. Typeform’s latest features help brands collect data directly from customers through interactive, personalized experiences they trust, then automatically enhance it with third-party insights to deepen their understanding. This empowers companies to deliver more targeted, data-driven marketing.

“Businesses can’t thrive on surface-level insights,” said Aleks Bass, Chief Product Officer, Typeform. “Our latest innovations give you the ability to dig deeper into truly knowing your customers by providing dynamic data collection experiences that encourage quality responses. Whether boosting conversions with a personalized product recommendation quiz or gathering feedback through video surveys, the common denominator is that your customers enjoy the experience.”

The offerings were unveiled at Typeforum 2024, Typeform’s first-ever virtual product spotlight event, designed to showcase the latest innovations from the company. Newly released features include: 

Enhanced Video Capabilities: Typeform now allows customers to respond with video, providing businesses deeper insights through voice and expressions, not just text. This builds on Typeform’s existing feature that enables creators to record, edit, and embed personalized videos into forms, boosting engagement and conversions. Typeform research found that 65% of marketers believe video is an effective tool for engaging and interacting with customers in ways that feel more human and create connection and loyalty.²Clarify with AI: Typeform’s Clarify with AI acts as a virtual interviewer, prompting follow-up questions based on customer responses. When a customer is asked about their experience and answers vaguely, like “good,” the AI encourages more detailed feedback, asking, “Good, how? What stood out?” For customers, it feels like a personalized conversation. For brands, it delivers more insights. Automated B2C Data Enrichment: Earlier this year, Typeform introduced automated B2B data enrichment, making it easier than ever to understand customers at a deeper level without needing to ask additional questions. Now, consumer-level enrichment is available in the Typeform platform. With just a personal email address, companies can pull in key data points from trusted third-party sources, providing a more complete picture of who’s on the other side of the screen.AI-powered Qualitative Analysis: With this feature, businesses can instantly analyze large volumes of text and video responses to surface key themes and insights, saving hours of manual work. Data Quality Tools: Invisible reCAPTCHA ensures data integrity by blocking bots and automated submissions, allowing only genuine responses to be collected. This safeguard enhances data reliability, helping teams make accurate, data-driven decisions.Klaviyo Integration: Typeform will soon be launching a new integration with Klaviyo, designed for B2C and direct-to-consumer (DTC) marketers. It will ensure that every insight gathered flows seamlessly into Klaviyo. Manual data transfers are eliminated as segments automatically update with Typeform data, enabling hyper-targeted campaigns customized to each customer’s unique profile. This integration combines Typeform’s interactive data collection with Klaviyo’s automation, facilitating more natural, personalized customer connections while driving business growth.

“We built a powerful product recommendation quiz not just to help our customers, but to generate invaluable data that allows us to better segment and engage them with relevant marketing,” said Addison Wennar, Digital Communications Manager, OGEE. “With the holiday shopping season approaching, these insights will be key. Typeform already delivers the highest response rates for us, and I’m excited to see how the new features will amplify that impact.”

The features are available today in Typeform for Growth plans. Watch the Typeforum 2024 recordings and learn how to use Typeform to better understand and engage customers here

About Typeform
Typeform is a distinctly intuitive form builder that helps over 150,000 customers collect and validate the data they need to grow their businesses. Designed with striking visuals, a conversational flow, and powerful data capabilities, Typeform empowers brands to give and get more with each form. Typeform drives more than 500 million responses each year and integrates with essential tools including Zapier, HubSpot, and Slack. For more information, visit www.typeform.com.

1         Pendell, R. (2024, October 15). Customer brand preference and decisions: Gallup’s 70/30 principle. Gallup.com. https://www.gallup.com/workplace/398954/customer-brand-preference-decisions-gallup-principle.aspx#:~:text=70%25%20of%20decisions%20are%20based,Making%20Process:%20Rational%20or%20Emotional?

2          Data from a survey of 105 Typeform customers conducted on September 30, 2024.

View original content to download multimedia:https://www.prnewswire.com/news-releases/typeform-delivers-new-solutions-to-empower-b2c-businesses-to-better-engage-customers-302305917.html

SOURCE Typeform S.L.

Continue Reading

Technology

Electronic Drives and Controls Celebrates Impressive Growth and Strong Demand for Industrial Automation Solutions

Published

on

By

EDC has announced 39% revenue growth over the past year and a strengthened presence in the metals converting and composites industries. The company has also maintained key certifications, including CSIA, UL508A, Rockwell Automation, Siemens, and Ignition.

PARSIPPANY, N.J., Nov. 14, 2024 /PRNewswire-PRWeb/ — Electronic Drives and Controls, Inc. (EDC), a leading control system integrator and field service company for industrial automation and drive technology, today announced that the company has experienced a year of growth and success, achieving a 39% increase in revenue year-over-year. To meet the growing demand for automation and drive solutions, EDC has expanded its team, hiring Ricky Arcky as human resources manager and Tyler Schaberick as systems engineer. EDC attributes this growth to maintaining industry certifications, digital marketing efforts, a dedicated team, and strong, long-term partnerships.

“We are proud of the growth we’ve achieved this year, which is a testament to the hard work of our team and our commitment to delivering exceptional service to our clients.”

“We are proud of the growth we’ve achieved this year, which is a testament to the hard work of our team and our commitment to delivering exceptional service to our clients,” said Chuck Dillard, Vice President of EDC. “Our recent hires and increased project load reflect our strategy to grow both wider and deeper with our existing clients, as well as entering new industries.”

“We’ve put in years of preparation and invested heavily in digital marketing to get the word out about our services, knowing that growth was inevitable,” Dillard added. “Our team has worked tirelessly and the results speak for themselves: clients continue to return to us because of our technical expertise and the strong results we deliver.”

EDC’s expertise in coating & laminating, wire and cable, PLC programming and upgrades, as well as drive service, has allowed the company to strengthen its presence in the metals converting industry, securing new and expanded projects across multiple client plants. EDC has also successfully completed upgrades for a new client in the composites industry, widening the portfolio of industries it caters to.

In addition to recent growth, EDC remains committed to maintaining the highest industry standards through its CSIA certification, which ensures adherence to best practices in control system integration. Several certifications, including UL508A recertification and certifications from Rockwell Automation, Siemens, and Ignition, further emphasize EDC’s dedication to safety, technical proficiency, and continuous improvement.

About Electronic Drives and Controls, Inc.
Founded in 1968, Electronic Drives and Controls, Inc. (EDC) is a CSIA Certified control system integrator with deep domain expertise in the coating and laminating, and converting industries. The company’s large field service team specializes in AC and DC drives, PLCs and factory automation. Family owned and operated for more than 50 years, EDC’s team of engineers and technicians has a vast experience integrating new control systems and breathing life into older equipment. EDC has the engineering capability to design, build, start-up and service projects from the sophisticated to the simple and the service support team on call 24/7/365 to keep it all running at peak efficiency from day one and for years to come. In addition to the company’s certification as a Siemens Solution Partner and a Rockwell Automation Recognized System Integrator, EDC is a factory authorized/factory trained service center for over 40 drive brands. For more information, visit the company’s website, LinkedIn, Twitter, Facebook, and YouTube.

Media Contact

Georgia Whalen, Rivergate Marketing, (978) 697-2664, Gwhalen@rivergatemarketing.com, www.electronicdrives.com/home/

View original content to download multimedia:https://www.prweb.com/releases/electronic-drives-and-controls-celebrates-impressive-growth-and-strong-demand-for-industrial-automation-solutions-302305739.html

SOURCE Electronic Drives and Controls, Inc. (EDC)

Continue Reading

Technology

Allstate Financial Services Selects Covr to Provide Life Insurance, Long-Term Care, and Disability Insurance Solutions

Published

on

By

Covr’s Digitally Enabled Insurance Platform Will Simplify the Buying Process

HARTFORD, Conn., Nov. 14, 2024 /PRNewswire/ — Covr, a leading digital insurance provider, has partnered with Allstate Financial Services, LLC to offer a streamlined suite of life, long-term care (LTC), and disability income insurance solutions through Covr’s digital platform. This partnership provides Allstate Financial Services customers with a simple, connected experience, featuring an intuitive, paperless process that makes it easier than ever to purchase insurance tailored to their diverse needs.

Covr’s platform offers an easy-to-use, self-guided experience to efficiently compare and recommend insurance products. Additionally, Allstate Financial Services will offer a range of products through Covr’s platform, including guaranteed issue life insurance through Gerber Life and disability insurance through Assurity, Ameritas, MassMutual, Mutual of Omaha and Principal. Traditional long-term care will also be available through Mutual of Omaha.

“We are extremely pleased to add Allstate’s network of 7,000+ representatives to our insurance platform,” said Michael Kalen, CEO of Covr. “Their business owners and individual customer base fits perfectly with our portfolio of simplified life, LTC, and disability income solutions for agents and their customers.”

“We’re committed to expanding solutions that better meet our customers’ protection needs,” said Scott Delaney, President and CEO, Allstate Financial Services. “With Covr’s digital platform, our representatives can deliver a more connected experience and offer a broader range of insurance options tailored to each customer’s unique needs.”

Allstate representatives will collaborate closely with Covr’s sales team to ensure ongoing support. Allstate Financial Services will also benefit from Covr’s top-tier case management services, providing end-to-end support throughout the entire insurance process.

View original content to download multimedia:https://www.prnewswire.com/news-releases/allstate-financial-services-selects-covr-to-provide-life-insurance-long-term-care-and-disability-insurance-solutions-302306004.html

SOURCE Covr Financial Technologies

Continue Reading

Trending