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• | 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. |
• | 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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Period-over-Period Changes Net cash used in operating activities for the nine months ended December 31, 2019 was $62.8 million, primarily due to making investments necessary to accelerate revenue growth.
Cost of service revenue consists primarily of costs associated with network operations and related personnel, technology licenses, amortization of internally developed software, and other costs such as customer service, deployment and technical support costs.
Research and development expenses for the nine months ended December 31, 2019 increased over the same prior year period primarily due to a $7.4 million increase in personnel and related costs, a $5.9 million increase in stock-based compensation expense, and a $1.8 million increase in amortization of capitalized software expenses, as well as other smaller cost increases.
We plan to continue to drive our business to increase service revenue through a combination of increased sales and marketing efforts, geographic expansion of our customer base outside the United States, and through strategic acquisitions of technologies and businesses.
Service revenue increased for the three and nine months ended December 31, 2019 compared with the same periods of the previous fiscal year primarily due to an increase in our business customer subscriber base (net of customer churn), an increase in the average service revenue from each customer on a monthly basis and, to a lesser extent, revenue associated with our newly acquired products as compared to the same prior year period.
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8X8 Inc provided additional information to their SEC Filing as exhibits
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