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

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8X8 Inc

CIK: 1023731 Ticker: EGHT


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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.

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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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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 Combinations
Business Combinations (Tables)
Business Combinations - Allocation Of The Fair Value Of Purchase Consideration (Details)
Business Combinations - Fair Value Intangible Assets Acquired (Details)
Business Combinations - 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: 0001023731-20-000020
Submitted to the SEC: Wed Feb 05 2020 8:17:24 AM EST
Accepted by the SEC: Wed Feb 05 2020
Period: Tuesday, December 31, 2019
Industry: Computer Processing And Data Preparation

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