<SEC-DOCUMENT>0001514416-22-000159.txt : 20220926
<SEC-HEADER>0001514416-22-000159.hdr.sgml : 20220926
<ACCEPTANCE-DATETIME>20220809133013
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001514416-22-000159
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Bandwidth Inc.
		CENTRAL INDEX KEY:			0001514416
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		900 MAIN CAMPUS DRIVE
		CITY:			RALEIGH
		STATE:			NC
		ZIP:			27606
		BUSINESS PHONE:		888-969-5009

	MAIL ADDRESS:	
		STREET 1:		900 MAIN CAMPUS DRIVE
		CITY:			RALEIGH
		STATE:			NC
		ZIP:			27606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Bandwidth.com, Inc.
		DATE OF NAME CHANGE:	20110303
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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<title>Document</title></head><body><div id="i56e49e2fde8149f381170de0e9b3ca13_1"></div><div style="min-height:93.96pt;width:100%"><div><img alt="image_2.jpg" src="image_2.jpg" style="height:36px;margin-bottom:5pt;vertical-align:text-bottom;width:155px"><font style="color:#1c0a14;font-family:'Overpass',sans-serif;font-size:10pt;font-weight:400;line-height:133%"><br></font></div></div><div style="margin-bottom:12pt;margin-top:7.5pt;padding-left:360pt;padding-right:3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">August 9, 2022</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">By Electronic Submission</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Accounting Branch Chief </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Office of Technology </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">U.S. Securities and Exchange Commission</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Division of Corporation Finance </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">100 F Street, NE</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Washington, DC 20549</font></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:95.192%"><tr><td style="width:0.1%"></td><td style="width:2.325%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:96.375%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Attn&#58;</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:3.2pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Megan Akst</font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:3.2pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Kathleen Collins</font></div></td></tr></table></div><div style="padding-left:40.05pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Re&#58; Bandwidth Inc. </font></div><div style="padding-left:62.8pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Form 10-K for the Fiscal Year Ended December 31, 2021 </font></div><div style="padding-left:62.8pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Filed on February 25, 2022 </font></div><div style="margin-bottom:12pt;padding-left:62.8pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">File No. 001-38285 </font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">To the addressees set forth above&#58;</font></div><div style="margin-bottom:12pt;padding-right:30.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">This letter is submitted by Bandwidth Inc. (the &#8220;Company&#8221;) in response to the comments of the staff of the Division of Corporation Finance (the &#8220;Staff&#8221;) of the U.S. Securities and Exchange Commission (the &#8220;Commission&#8221;) concerning the above-referenced filings of the Company, as set forth in your letter to the Company dated July 28, 2022 (the &#8220;Comment Letter&#8221;).  </font></div><div style="margin-bottom:12pt;padding-right:30.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The numbered paragraph in italics below set forth the comments of the Staff from the Comment Letter, together with the Company&#8217;s responses. Unless otherwise indicated, capitalized terms used herein have the meanings assigned to them in the applicable filing and any references to amounts are presented in millions of United States (&#8220;U.S.&#8221;) dollars.</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Form 10-K for the Year Ended December 31, 2021</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Management's Discussion and Analysis of Financial Condition and Results of Operations</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Non-GAAP Financial Measures, page 76</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">1. We note your response to our comment 5. Please tell how you determined that the valuation allowance was not indicative of the current period's non-GAAP financial performance, as indicated in your response. Also, clarify whether the U.S was in a loss</font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">position for non-GAAP purposes and if not, explain further why you used a non-GAAP</font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">tax rate of 0% in this jurisdiction. In addition, explain further the adjustments for &#34;income</font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">tax benefit of equity compensation&#34; and </font></div><div style="height:75.6pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:24.206%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.968%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.526%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.35pt;padding-right:2.35pt"><font style="color:#079cee;font-family:'Overpass',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Bandwidth</font></div><div style="padding-left:2.35pt;padding-right:2.35pt"><font style="color:#999999;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">+1 800-808-5150</font></div><div style="padding-left:2.35pt;padding-right:2.35pt"><font style="color:#999999;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">support&#64;bandwidth.com</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.35pt;padding-right:2.35pt;text-align:center"><font><br></font></div><div style="padding-left:2.35pt;padding-right:2.35pt;text-align:center"><font><br></font></div><div style="padding-left:2.35pt;padding-right:2.35pt;text-align:center"><font style="color:#079cee;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">www.bandwidth.com</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.35pt;padding-right:2.35pt;text-align:right"><font style="color:#999999;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;900 Main Campus Drive</font></div><div style="padding-left:2.35pt;padding-right:2.35pt;text-align:right"><font style="color:#999999;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Raleigh, NC 27606</font></div><div style="padding-left:2.35pt;padding-right:2.35pt;text-align:right"><font style="color:#999999;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United States</font></div></td></tr></table></div><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:93.96pt;width:100%"><div><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">Securities and Exchange Commission</font></div><div><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">August 9, 2022</font></div><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">clarify how this adjustment factors into your non-GAAP effective tax rate. Lastly, please provide us with your calculations that support the</font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">non-GAAP effective tax rates disclosed in footnote (1) on page 79 and explain the</font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">fluctuations in such rates for each period.</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">Response&#58;</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The Company acknowledges the Staff&#8217;s comment and respectfully advises the Staff as to the following matters pertaining to the income tax adjustments and income tax rates used in the Company&#8217;s measure of non-GAAP net income (loss) as presented on page 79 of the Company&#8217;s 2021 10-K (&#8220;Non-GAAP Reconciliation Table&#8221;).</font></div><div style="margin-bottom:12pt"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">As an overview, the</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> Company </font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">undertook </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">the following process </font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">to determine </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">the income tax adjustments shown in the Non-GAAP Reconciliation Table for each respective period&#58;</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:9pt">In the normal course of preparing its consolidated financial statements, the Company computed its income tax expense (benefit) for GAAP purposes and utilized that amount to determine its GAAP net income (loss).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:9pt">For each tax jurisdiction, the Company removed non-GAAP adjusting items from GAAP pre-tax income (loss) to derive its non-GAAP pre-tax income (loss) for each tax jurisdiction and on a consolidated basis.   </font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">3.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:9pt">For each non-GAAP adjusting item, the Company re-computed the corresponding income tax expense (benefit) for non-GAAP purposes in each jurisdiction applying the respective statutory income tax rates and, with respect to the U.S. tax jurisdiction, any available non-GAAP U.S. tax loss carryforwards and research and development tax credits (collectively, &#8220;Prior Year Tax Attributes&#8221;).  </font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">4.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:9pt">The Company compared the GAAP income tax expense (benefit) derived in number 1 above with the non-GAAP income tax expense (benefit) derived in number 3 and recognized the difference as the non-GAAP reconciling amounts for income taxes within the Non-GAAP Reconciliation Table.</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">In summary, the Company&#8217;s GAAP tax provision computation is compared with a full non-GAAP tax provision computation in order to derive the tax effects of non-GAAP adjustments.  The Company believes the method described above most appropriately isolates and determines its tax effects of non-GAAP adjustments.</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">Please tell how you determined that the valuation allowance was not indicative of the current period's non-GAAP financial performance, as indicated in your response.</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">During 2020, the Company analyzed its deferred tax assets, evaluating cumulative historical and forecasted loss positions in the U.S., and concluded its deferred tax assets in the U.S. were more likely than not unrealizable. Therefore, the Company established an initial valuation allowance against the U.S. federal and state deferred tax asset balances as of January 1, 2020, and incurred </font></div><div style="height:75.6pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:82.521%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.279%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #ffffff;border-left:1pt solid #ffffff;border-top:1pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.35pt;padding-right:-33.65pt"><font style="color:#079cee;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">Bandwidth</font><font style="color:#848182;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">  </font><font style="color:#ff6f47;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#8226; </font><font style="color:#848182;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%"> 900 Main Campus Drive,  Raleigh, NC 27606  </font><font style="color:#ff6f47;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#8226; </font><font style="color:#848182;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%"> 800-808-5150</font></div></td><td colspan="3" style="border-bottom:1pt solid #ffffff;border-left:1pt solid #ffffff;border-right:1pt solid #ffffff;border-top:1pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-right:14.6pt;text-align:right"><font style="color:#848182;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#160;</font><font style="color:#079cee;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">2 </font></div></td></tr></table></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:93.96pt;width:100%"><div><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">Securities and Exchange Commission</font></div><div><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">August 9, 2022</font></div><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">a corresponding GAAP income tax expense.  The Company considered its establishment of a valuation allowance against historical deferred tax assets as an infrequent event that is not tied directly to earnings generated by current year operations.  As a result, the Company eliminated this GAAP income tax expense from the calculation of non-GAAP net income, and believed this presentation facilitated period over period comparisons of the Company&#8217;s operating performance.</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">Also, clarify whether the U.S was in a loss position for non-GAAP purposes and if not, explain further why you used a non-GAAP tax rate of 0% in this jurisdiction.</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">For non-GAAP purposes, the Company was in a cumulative pre-tax income position in the U.S. for the three year period from 2019 through 2021.  </font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The Company reviewed its non-GAAP pre-tax income (loss) positions in prior periods and evaluated its available Prior Year Tax Attributes</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">, and utilized some of these Prior Year Tax Attributes to entirely offset any income tax expense in the U.S.  Beginning in 2020 and continuing through 2021, the Company concluded that a valuation allowance position in the U.S. was appropriate for non-GAAP purposes </font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">given </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">the Company&#8217;s historical and forecasted non-G</font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">AAP</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> loss positions</font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">and </font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">the amount of </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">available Prior Year Tax Attributes for non-GAAP</font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> purposes</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.  The Company considered these factors to support a valuation allowance position for non-GAAP consistent with its GAAP analysis. </font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">After applying </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">the Prior Year Tax Attributes and netting out the valuation allowance position for non-GAAP purposes, the Company&#8217;s non-GAAP effective income tax rate in the U.S. was 0% in 2020 and 2021.</font></div><div style="margin-bottom:12pt;padding-left:0.18pt;padding-right:0.18pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">In addition, explain further the adjustments for </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">income tax benefit of equity compensation</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> and clarify how this adjustment factors into your non-GAAP effective tax rate.</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The Company recognizes stock-based compensation expense over the vesting period based on the value of an equity award as of the grant date in accordance with ASC 740&#59; however, for U.S. income tax purposes, the Company realizes an income tax deduction equal to the fair value of the equity award at the time of vesting.  As a result of the disparity between the fair value of the equity award at the vesting date compared to its value at the grant date, the Company has historically realized significant income tax deductions, greater than GAAP book expense, associated with equity compensation.  </font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">These excess income tax deductions</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> create additional income tax benefit for the Company within GAAP net income (loss) as required under ASC 718-740-35-2.  However, if the Company maintains a valuation allowance position within a jurisdiction where the income tax benefit of equity compensation is realized, then the Company would not recognize any income tax benefit in that jurisdiction for GAAP purposes.  In 2019, the Company did not have any valuation allowance positions and as such, recognized the income tax benefit of $13.5 million related to equity compensation.  The Company excluded this income tax benefit from its calculation of the effective income tax rate as presented in footnote (1) within the Non-GAAP Reconciliation Table.   In 2020 a</font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">nd in 2021</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">, </font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">a</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">s a result of the valuation allowance, the Company did not recognize any income tax benefit related to equity compensation and there was no material impact on the effective income tax rate calculation for those years. However, for 2021, the Company separately presented </font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">an</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> income tax benefit prior to the</font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> valuation allowance</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font></div><div style="height:75.6pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:82.521%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.279%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #ffffff;border-left:1pt solid #ffffff;border-top:1pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.35pt;padding-right:-33.65pt"><font style="color:#079cee;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">Bandwidth</font><font style="color:#848182;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">  </font><font style="color:#ff6f47;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#8226; </font><font style="color:#848182;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%"> 900 Main Campus Drive,  Raleigh, NC 27606  </font><font style="color:#ff6f47;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#8226; </font><font style="color:#848182;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%"> 800-808-5150</font></div></td><td colspan="3" style="border-bottom:1pt solid #ffffff;border-left:1pt solid #ffffff;border-right:1pt solid #ffffff;border-top:1pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-right:14.6pt;text-align:right"><font style="color:#848182;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#160;</font><font style="color:#079cee;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">3 </font></div></td></tr></table></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:93.96pt;width:100%"><div><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">Securities and Exchange Commission</font></div><div><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">August 9, 2022</font></div><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">of $2.6 million using a 25% statutory income tax rate w</font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">hich was offset by</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> a corresponding </font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">amount</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> in valuation allowance within the Non-GAAP Reconciliation Table.  As a result, there was no material impact on the Non-GAAP effective income tax rate calculation in 2021.</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">Lastly, please provide us with your calculations that support the non-GAAP effective tax rates disclosed in footnote (1) on page 79 and explain the fluctuations in such rates for each period.</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The following is a summary of our estimated non-GAAP tax adjustments and non-GAAP effective tax rate calculations as presented in footnote (1) of the Non-GAAP Reconciliation Table&#58;</font></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.258%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.601%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.791%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.601%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.791%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.791%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.791%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.601%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.791%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.791%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.793%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">(In thousands USD ($000s)&#59; may not sum due to rounding)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:133%">2019</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:133%">2020</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:133%">2021</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:133%">U.S.</font></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:133%">U.S.</font></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:133%">Intnl</font></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:133%">Total</font></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:133%">U.S.</font></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:133%">Intnl</font></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:133%">Total</font></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">Non-GAAP Adjustment - Stock-based compensation</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">6,626&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">9,881&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">9,881&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">13,935&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">602&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">14,537&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">Non-GAAP Adjustment - Amortization of acquired intangibles</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">520&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">632&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">3,034&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">3,666&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">1,184&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">17,935&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">19,119&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">Non-GAAP Adjustment - Other Items (Amortization of debt discount, Acquisition-related expenses, Loss on disposal of PPE)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">456&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">30,357&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">30,357&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">27,504&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">27,504&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:133%">Total non-GAAP exclusions excluding tax items (a)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:133%">7,602</font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#160;</font></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:133%">40,870</font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#160;</font></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:133%">3,034</font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#160;</font></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:133%">43,904</font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#160;</font></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:133%">42,623</font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#160;</font></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:133%">18,537</font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#160;</font></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:133%">61,160</font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#160;</font></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">Estimated tax effect on non-GAAP items </font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:133%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">1,914&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">10,218&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">758&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">10,976&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">10,715&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">4,321&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">15,036&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">Tax benefit of tax deductions in excess of book expense for stock-based compensation </font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:133%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">2,603&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">2,603&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">Full U.S. valuation allowance - estimated tax effects of adjustments</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">(10,218)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">(10,218)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">(13,318)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">(13,318)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><font style="color:#090306;font-family:'Times New 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0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">3,766&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">3,766&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:133%">Total net tax effect of non-GAAP items (b)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:133%">1,914</font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#160;</font></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:133%">&#8212;</font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#160;</font></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:133%">758</font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#160;</font></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:133%">758</font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#160;</font></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:133%">&#8212;</font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#160;</font></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:133%">8,087</font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#160;</font></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:133%">8,087</font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#160;</font></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:133%">Non-GAAP Effective Tax Rate (b) &#47; (a)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:133%">25.2</font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:133%">%</font></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:133%">1.8</font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:133%">%</font></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:133%">13.2</font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:133%">%</font></td></tr></table></div><div style="margin-bottom:3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> The estimated tax effects were first calculated using the statutory rates of each jurisdiction (US - 25% and Intnl ranges from 19%-25%).  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A corresponding amount was offset within the 'Full U.S. Valuation allowance-estimated tax effects of adjustments'.</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Consists of certain discrete items, including $1.8M to release a valuation allowance in the United Kingdom and $2.0M related to other items.</font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">  </font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The effective non-GAAP income tax rate of 25.2% in 2019 decreased to 1.8% in 2020 primarily due to the Company&#8217;s valuation allowance position in the U.S. where such non-GAAP adjustments in the U.S. recognized a non-GAAP effective income tax rate of 0%.</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">In 2021, the Company presented on a gross basis the (1) estimated tax effect on non-GAAP items, (2) income tax benefit of equity compensation and (3) valuation allowance on separately stated lines in the Non-GAAP Reconciliation Table. In 2021, the Company recognized a full year of the non-GAAP adjusting item related to amortization expense of acquired intangibles outside the U.S.  The effective non-GAAP income tax rate of 1.8% in 2020 increased to 13.2% in 2021 primarily due to the Company&#8217;s increased non-GAAP adjustments related to amortization expense of acquired intangibles and stock-based compensation outside of the U.S.</font></div><div style="height:75.6pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:82.521%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.279%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #ffffff;border-left:1pt solid #ffffff;border-top:1pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.35pt;padding-right:-33.65pt"><font style="color:#079cee;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">Bandwidth</font><font style="color:#848182;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">  </font><font style="color:#ff6f47;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#8226; </font><font style="color:#848182;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%"> 900 Main Campus Drive,  Raleigh, NC 27606  </font><font style="color:#ff6f47;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#8226; </font><font style="color:#848182;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%"> 800-808-5150</font></div></td><td colspan="3" style="border-bottom:1pt solid #ffffff;border-left:1pt solid #ffffff;border-right:1pt solid #ffffff;border-top:1pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-right:14.6pt;text-align:right"><font style="color:#848182;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#160;</font><font style="color:#079cee;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">4 </font></div></td></tr></table></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:93.96pt;width:100%"><div><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">Securities and Exchange Commission</font></div><div><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">August 9, 2022</font></div><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-right:11pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The Company hereby acknowledges the following&#58;</font></div><div style="margin-bottom:12pt;padding-left:39pt;padding-right:23.05pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#9679;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:10.76pt">The Company is responsible for the adequacy and accuracy of the disclosure in the filings.</font></div><div style="margin-bottom:12pt;padding-left:39pt;padding-right:23.05pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#9679;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:10.76pt">Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing&#59; and </font></div><div style="margin-bottom:12pt;padding-left:39pt;padding-right:23.05pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#9679;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:10.76pt">The Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</font></div><div style="margin-bottom:12pt;padding-right:23.05pt"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">P</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">lease do not hesitate to</font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">contact the undersigned if you have any </font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">questions</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> regarding th</font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">is response letter</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.</font></div><div style="margin-bottom:12pt;padding-left:216pt;padding-right:139.15pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Sincerely, </font></div><div style="margin-bottom:12pt;padding-left:216pt;padding-right:121.5pt;text-indent:36pt"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Bandwidth Inc.</font></div><div style="margin-bottom:12pt;padding-left:252pt;padding-right:49.5pt"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">By</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#58; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">&#47;s&#47; Daryl E. Raiford</font></div><div style="padding-left:252pt;padding-right:49.5pt"><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Daryl</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> E. </font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Raiford</font></div><div style="margin-bottom:12pt;padding-left:252pt;padding-right:49.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Chief </font><font style="color:#090306;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Financial</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> Officer</font></div><div style="margin-top:2.75pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:80.769%"><tr><td style="width:0.1%"></td><td style="width:0.593%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:98.107%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:133%">cc&#58;</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:133%">Brandon Asbill, Bandwidth Inc.</font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-top:2.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Michael Benjamin, Latham &#38; Watkins LLP</font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-top:2.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Shagufa Hossain, Latham &#38; Watkins LLP</font></div></td></tr></table></div><div><font><br></font></div><div style="height:75.6pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:82.521%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.279%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #ffffff;border-left:1pt solid #ffffff;border-top:1pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.35pt;padding-right:-33.65pt"><font style="color:#079cee;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">Bandwidth</font><font style="color:#848182;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">  </font><font style="color:#ff6f47;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#8226; </font><font style="color:#848182;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%"> 900 Main Campus Drive,  Raleigh, NC 27606  </font><font style="color:#ff6f47;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#8226; </font><font style="color:#848182;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%"> 800-808-5150</font></div></td><td colspan="3" style="border-bottom:1pt solid #ffffff;border-left:1pt solid #ffffff;border-right:1pt solid #ffffff;border-top:1pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-right:14.6pt;text-align:right"><font style="color:#848182;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#160;</font><font style="color:#079cee;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">5 </font></div></td></tr></table></div><div><font><br></font></div></div></div></body></html>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
