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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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