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8X8 Inc (EGHT) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

8X8 Inc

CIK: 1023731 Ticker: EGHT


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

Service revenue increased 28.5% year-over-year

Mid-market and enterprise ARR grew 63% year-over-year

Channel bookings increased 80% year-over-year


SAN JOSE, CA. - October 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 second quarter of fiscal 2020 ended September 30, 2019.

Second Quarter Fiscal 2020 Financial Results:

Total revenue increased 27.8% year-over-year to $109.5 million.
Service revenue increased 28.5% year-over-year to $104.5 million.
GAAP net loss was $40.9 million or $(0.42) per diluted share.
Non-GAAP net loss was $16.0 million or $(0.16) per diluted share.

“​We reported a strong quarter, with Q2 exceeding expectations​. Total ARR growth of 34% was driven by mid-market and enterprise success, continued contributions from channel ​partners, ​and strong international performance. The quarter included a record 8-figure TCV, ​30,000​​ seat ​win with a global quality assurance provider. We saw success across our full platform, with strong contact center, CPaaS, and e-commerce growth in addition to the launch of our video meetings solution to all existing customers,” said Vik Verma, Chief Executive Officer at 8x8, Inc.​

Added Verma, “We see the market of over 350 million Avaya, Cisco, Mitel, and other on-premise seats rapidly shifting to the cloud. Based on the strength of our single technology platform, we announced earlier today a strategic partnership with Poly and ScanSource to launch the industry's first comprehensive, frictionless hardware replacement and cloud migration program,​ ​CloudFuelTM, to the VAR community. CloudFuel will provide 8x8 access to hundreds of thousands of customers across the world as we ​leverage ScanSource's network of over 35,000 resellers and ​help enterprises eliminate risk and uncertainty as they migrate to the cloud.”


Q2 F2020 Business Metrics and Company Highlights:

Financial and Business Metrics

Bookings greater than $100K ARR: The Company closed 30 new customer deals in the second quarter of fiscal 2020 with ARR (annual recurring revenue) greater than $100,000. These deals represented 41% of new bookings for the quarter, compared with 35% of new bookings in the same period last year.
Channel bookings grew 80% year-over-year and represented 59% of new bookings.
Total ARR: The Company's total annual recurring revenue is $389.7 million, an increase of 34% from the same period last year.
Total ARR greater than $100K: The Company had 536 customers that generated ARR greater than $100,000, compared with 332 customers in the same period last year, a 61% year-over-year growth.
Strong ARR growth by customer size:
Small Business customers (defined as companies whose revenue is less than $50 million) comprised 58% of total ARR which grew 18% year-over-year.
Mid-market customers (defined as companies whose revenue is between $50 million and $1 billion) comprised 26% of total ARR which grew 53% year-over-year.
Enterprise customers (defined as companies whose revenue is more than $1 billion) comprised 16% of total ARR which grew 83% year-over-year.

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The following information was filed by 8X8 Inc (EGHT) on Wednesday, October 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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Inside 8X8 Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Loss
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Stockholders' Equity
Business Combination
Business Combination (Tables)
Business Combination - Allocation Of The Fair Value Of Purchase Consideration (Details)
Business Combination - Fair Value Intangible Assets Acquired (Details)
Business Combination - Narrative (Details)
Commitments And Contingencies
Convertible Senior Notes And Capped Call
Convertible Senior Notes And Capped Call (Tables)
Convertible Senior Notes And Capped Call - Carrying Amount Of The Liability Component (Details)
Convertible Senior Notes And Capped Call - Interest Expense (Details)
Convertible Senior Notes And Capped Call - Narrative (Details)
Description Of Business
Description Of Business (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Fair Value Measurements (Details)
Fair Value Measurements - Narrative (Details)
Geographical Information
Geographical Information (Tables)
Geographical Information - Ppe (Details)
Geographical Information - Revenues (Details)
Income Taxes
Income Taxes (Details)
Intangible Assets And Goodwill
Intangible Assets And Goodwill (Tables)
Intangible Assets And Goodwill - Carrying Value Of Intangible Assets (Details)
Intangible Assets And Goodwill - Schedule Of Finite-Lived Intangible Assets, Future Amortization Expense (Details)
Intangible Assets And Goodwill - Summary Of Changes In Goodwill (Details)
Net Loss Per Share
Net Loss Per Share (Tables)
Net Loss Per Share - Antidilutive Securities (Details)
Net Loss Per Share - Earnings Per Share, Basic And Diluted (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Changes In Contract Balances (Details)
Revenue Recognition - Contract Balances (Details)
Revenue Recognition - Narrative (Details)
Revenue Recognition - Remaining Performance Obligation (Details)
Right-Of-Use Assets And Leases
Right-Of-Use Assets And Leases (Tables)
Right-Of-Use Assets And Leases - Components Of Lease Right-Of-Use Assets And Liabilities (Details)
Right-Of-Use Assets And Leases - Maturity Of Lease Liabilities (Details)
Right-Of-Use Assets And Leases - Narrative (Details)
Right-Of-Use Assets And Leases - Supplemental Information (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Stock Option Activity (Details)
Stock-Based Compensation - Stock-Based Compensation Expense (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Ticker: EGHT
CIK: 1023731
Form Type: 10-Q Quarterly Report
Accession Number: 0001023731-19-000146
Submitted to the SEC: Thu Oct 31 2019 2:10:54 AM EST
Accepted by the SEC: Thu Oct 31 2019
Period: Monday, September 30, 2019
Industry: Computer Processing And Data Preparation

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