8X8 Inc (EGHT) SEC Filing 10-Q Quarterly report for the period ending Tuesday, December 31, 2019

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8X8 Inc
Ticker: EGHT CIK: 1023731

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

Service revenue growth of 32% year-over-year

Enterprise ARR grew 85% year-over-year

Contact center bookings increased 90% year-over-year

SAN JOSE, CA. - February 4, 2020 - 8x8, Inc. (NYSE: EGHT), a leading integrated cloud communications platform, today reported financial results for the third quarter of fiscal 2020 ended December 31, 2019.

Third Quarter Fiscal 2020 Financial Results Highlights:


•	Total revenue increased 31.9% year-over-year to $118.6 million.


•	Service revenue increased 32.2% year-over-year to $113.6 million.


•	GAAP Pre-Tax Loss was $46.8 million; Non-GAAP Pre-Tax Net Loss was $16.3 million.

Quotes from Vik Verma, Chief Executive Officer:

“8x8’s third quarter was another strong performance, with record revenue growth of 32%. Our X Series platform continues to resonate strongly with the market, driving enterprise ARR year-over-year growth of 85%. In fact, all of our top 10 deals were from bundled platform deals. And we are seeing acceleration in large customers migrating off of legacy solutions, with four of our top ten wins coming from Avaya replacements.”

“As we continue to accelerate revenue growth, we took the opportunity to align our operations and go-to-market growth initiatives with a more optimal global footprint and cost structure. And as we pass a $500+ million revenue run rate in the near term, we are tracking to profitability exiting the coming fiscal year.”

“Earlier today, we announced new strategic partnerships with four prominent UK-based VARs: Softcat, Computacenter, Charterhouse and NSL. These relationships further extend our global footprint and bring compelling value to customers and partners. This complements our very successful channel master-agent referral program which we expect to continue to grow bookings in excess of 50% year-over-year. When combined with CloudFuel, our strategic partnership with ScanSource and Poly, our channel strategy creates a unique opportunity for 8x8 to partner with both the channel master-agent referral partners and the VAR community as we displace over 350 million on-premises seats from legacy players including Avaya and Mitel.”

Q3 F2020 Business Metrics and Highlights:

Financial and Business Metrics


•	Bookings greater than $100K ARR: The Company closed 40 new customer deals in the third quarter of fiscal 2020 with ARR (annual recurring revenue) greater than $100,000. These deals represented 33% of new bookings for the quarter, compared with 29% of new bookings in the same period last year.


•	Channel bookings grew 62% year-over-year and represented 54% of new bookings.


•	Contact center bookings represented 33% of total new bookings and grew 90% year-over-year.


•	Total ARR: The Company's total annual recurring revenue is $411.3 million, an increase of 33% from the same period last year.


•	Total ARR greater than $100K: The Company had 592 customers that generated ARR greater than $100,000, compared with 376 customers in the same period last year, a 57% year-over-year growth.


•	Strong ARR growth by customer size:


◦	Small Business customers (defined as companies whose revenue is less than $50 million) comprised 56% of total ARR which grew 18% year-over-year.

The following information was filed by 8X8 Inc (EGHT) on Tuesday, February 4, 2020 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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