RALEIGH – Jeff Hoffman, the chief financial officer that helped spearhead Raleigh-based Bandwidth.com’s march to an IPO in November 2017, is stepping down after 10 years on the job.

In his own words, Hoffman told Wall Street analysts in the company’s earnings conference call on Wednesday, about the decision. And CEO David Morken added words of praise for his long-time associate. (The comments come from a SeekingAlpha conference call transcript.)

Jeff Hoffman (Bandwidth.com image)


“I have decided to step down from my role as Bandwidth CFO effective September, 1. The last decade with this team has been an incredible adventure and I will always be proud of the work we did together. I want to thank David, the Board of Directors and all my band mates for the honor of serving alongside them during a period of extraordinary growth and accomplishment.

“Though change is never easy, this feels like the right time to make my exit. We are emerging from the pandemic stronger than ever. Our balance sheet is solid and the company is increasing our annual outlook based on a robust first quarter.

“I’ll be working closely with David to identify the right candidate to serve as Bandwidth CFO in the next chapter. And we’ll look forward to cheering on Bandwidth success for years to come.”


“When Jeff joined us a decade ago, we were a scrappy team with big ambitions, a far cry from the global public company we are today, but Jeff your steady hand has guided us on the path to our IPO and your unflappable leadership and enduring sense of humor has allowed us to thrive once we made it through. Each and every band mate owes Jeff an enormous debt of gratitude for helping us become the company and team that we are today.

“I am so grateful for Jeff’s commitment to a smooth transition and for all that he has given to me, to the finance team and to our entire organization over the last decade. His mark here is indelible. Jeff, on behalf of all of us, thank you, fair winds and following seas, and God bless the Hoffmans.”

Research firm IDC names Bandwidth a leader in cloud communications

Hoffman’s news came as the communications services provider reported financials that exceeded analysts’ expectations.

Bandwidth Inc. (BAND) reported a loss of $5.3 million in its first quarter.

On a per-share basis, the company said it had a loss of 21 cents. Earnings, adjusted for one-time gains and costs, were 30 cents per share.

The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 1 cent per share.

The enterprise software developer posted revenue of $113.5 million in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $108.4 million.

For the current quarter ending in July, Bandwidth expects its per-share earnings to range from 8 cents to 10 cents.

The company expects full-year earnings in the range of 47 cents to 55 cents per share.

Bandwidth shares have fallen 23% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $118.99, a rise of 22% in the last 12 months.

Read the full transcript online.

(The Associated Press contributed to this story.)