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8x8, Inc. Reports First Quarter Fiscal 2020 Financial Results

Service revenue increased 18% year-over-year

Mid-market and enterprise ARR grew 39% year-over-year

Channel bookings grew 86% year-over-year


SAN JOSE, CA. - July 30, 2019 - 8x8, Inc. (NYSE: EGHT), a leading cloud provider of voice, video, chat, contact center and enterprise-class API solutions powered by one global communications platform, today reported financial results for the first quarter of fiscal 2020 ended June 30, 2019.

First Quarter Fiscal 2020 Financial Results:

Total revenue increased 16% year-over-year to $96.7 million.
Service revenue increased 18% year-over-year to $92.4 million.
GAAP net loss was $34.3 million or $(0.36) per diluted share.
Non-GAAP net loss was $14.0 million or $(0.14) per diluted share.

"We had a strong first quarter with combined mid-market and enterprise ARR growth of 39% year-over-year, channel bookings growth of 86%, and we exceeded the high-end of our guidance on all key financial metrics," said Vik Verma, Chief Executive Officer at 8x8, Inc. "Additionally, with the recent acquisition of Wavecell, the leader in communication platform-as-a-service (CPaaS) in Southeast Asia, our combined vision now includes API services for messaging, data and analytics, video, voice and contact center capabilities. This will give our customers a full platform of communications capabilities and insights to build highly personalized interactions with their end customers, all tightly integrated into their apps, mobile apps and websites. No other cloud-based communications provider has one integrated technology platform with voice, chat, video, team messaging, and contact center capabilities. No other CPaaS provider has the ability to deliver this breadth of APIs. Our fully-owned technology platform uniquely positions 8x8 to disrupt the $60 billion total addressable market that’s rapidly moving to the cloud."


Q1 F2020 Business Metrics and Company Highlights:

Financial and Business Metrics

Bookings greater than $100K ARR: The Company closed 28 new customer deals in the first quarter of fiscal 2020 with ARR (annual recurring revenue) greater than $100,000. These deals represented 31% of new bookings for the quarter, compared with 26% of new bookings in the same period last year.
Total ARR greater than $100K: The Company had 449 customers that generated ARR greater than $100,000, compared with 299 customers in the same period last year, a 50% growth year-over-year.
Strong ARR growth by customer size:
Small Business customers (defined as companies whose revenue is less than $50 million) comprised 62% of total ARR which grew 12% year-over-year.
Mid-market customers (defined as companies whose revenue is between $50 million and $1 billion) comprised 25% of total ARR which grew 32% year-over-year.
Enterprise customers (defined as companies whose revenue is more than $1 billion) comprised 14% of total ARR which grew 52% year-over-year.
Channel bookings grew 86% year-over-year and represented 57% of new bookings.
GAAP gross margin was 61%, compared with 63% in the same period last year. Non-GAAP gross margin was 64%, compared with 66% in the same period last year.
GAAP service margin was 65%, compared with 69% in the same period last year. Non-GAAP service margin was 69%, compared with 71% in the same period last year.

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The following information was filed by 8X8 Inc (EGHT) on Tuesday, July 30, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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