<SEC-DOCUMENT>0001514416-23-000100.txt : 20230531
<SEC-HEADER>0001514416-23-000100.hdr.sgml : 20230531
<ACCEPTANCE-DATETIME>20230531161534
ACCESSION NUMBER:		0001514416-23-000100
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20230528
FILED AS OF DATE:		20230531
DATE AS OF CHANGE:		20230531

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Bailey Brian D.
		CENTRAL INDEX KEY:			0001575505

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38285
		FILM NUMBER:		23981172

	MAIL ADDRESS:	
		STREET 1:		C/O CARMICHAEL INVESTMENT PARTNERS LLC
		STREET 2:		4725 PIEDMONT ROW DRIVE, SUITE 210
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28210

ISSUER:		

	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

	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>4
<SEQUENCE>1
<FILENAME>wf-form4_168556411531482.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0407</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2023-05-28</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001514416</issuerCik>
        <issuerName>Bandwidth Inc.</issuerName>
        <issuerTradingSymbol>BAND</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001575505</rptOwnerCik>
            <rptOwnerName>Bailey Brian D.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O CARMICHAEL INVESTMENT PARTNERS LLC</rptOwnerStreet1>
            <rptOwnerStreet2>4725 PIEDMONT ROW DRIVE, SUITE 210</rptOwnerStreet2>
            <rptOwnerCity>CHARLOTTE</rptOwnerCity>
            <rptOwnerState>NC</rptOwnerState>
            <rptOwnerZipCode>28210</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2023-05-28</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2153</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>31592</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnotes</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Restricted Stock Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F4"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2023-05-28</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2153</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F5"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F5"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2153.0</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>4306</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Following the transactions reported herein, consists of (i) 1,517 shares of Class A Common Stock held by Carmichael Investment Partners, LLC (&quot;CIP&quot;), (ii) 908 shares of Class A Common Stock held by Carmichael Investment Partners II, LLC (&quot;CIP II&quot;), (iii) 608 shares of Class A Common Stock held by Carmichael Investment Partners III, LLC (&quot;CIP III&quot; and, together with CIP and CIP II, the &quot;Carmichael Entities&quot;) and (iv) 28,559 shares of Class A Common Stock held directly by Brian D. Bailey.</footnote>
        <footnote id="F2">Carmichael Bandwidth LLC is the managing member of each of the Carmichael Entities. Brian D. Bailey and Kevin J. Martin are the managing partners of Carmichael Bandwidth LLC and Carmichael Partners LLC and share voting and dispositive power with respect to the shares held by the Carmichael Entities and Carmichael Partners LLC. The Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his pecuniary interest therein.</footnote>
        <footnote id="F3">Pursuant to an agreement between Mr. Bailey and Carmichael Partners LLC, Carmichael Partners LLC is entitled to all economic benefit with respect to 7,234 shares held by Mr. Bailey.</footnote>
        <footnote id="F4">Each Restricted Stock Unit represents a contingent right to receive one share of the Company's Class A Common Stock.</footnote>
        <footnote id="F5">On November 28, 2022, the Reporting Person was granted 8,612 Restricted Stock Units, which vest in four equal quarterly installments beginning on February 28, 2023.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>/s/ Leah Webb, Attorney-in-Fact for Brian D. Bailey</signatureName>
        <signatureDate>2023-05-31</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
