8X8 Inc (EGHT) 10-K Annual Report May 2020

CAMPBELL, CA. - May 12, 2020 - 8x8, Inc. (NYSE: EGHT), a leading integrated cloud communications platform provider, today reported financial results for the

fourth quarter and full-year fiscal 2020 ended March 31, 2020.

Fourth Quarter Fiscal 2020 Financial Results:


•	Total revenue increased 29.6% year-over-year to $121.5 million.


•	Service revenue increased 30.2% year-over-year to $116.0 million.


•	GAAP Pre-Tax Loss was $50.0 million; Non-GAAP Pre-Tax Loss was $12.7 million.

Full-Year Fiscal 2020 Financial Results:


•	Total revenue increased 26.6% year-over-year to $446.2 million.


•	Service revenue increased 27.5% year-over-year to $426.5 million.


•	GAAP Pre-Tax Loss was $171.5 million; Non-GAAP Pre-Tax Loss was $58.6 million.

"We delivered solid fourth quarter and full-year results exceeding our guidance range, driven by continued momentum in the channel, mid-market and enterprise markets,” said Vik Verma, Chief Executive Officer at 8x8, Inc. "During this unprecedented time, 8x8’s cloud-based communications solutions have seen a tremendous surge in usage and provide a critical service supporting customers, partners and communities to stay connected, productive and responsive in remote work environments.”

“The digital transformation from on-premise to cloud was a business imperative before COVID-19, and even more so now as legacy systems in the marketplace do not meet evolving business continuity requirements. 8x8 is well positioned to remotely deliver an integrated platform for communications, collaboration, contact center and video meetings for long-term business resiliency," added Verma.

Q4 F2020 Business Metrics and Highlights:

Financial and Business Metrics


•	Bookings greater than $100K ARR: The Company closed a record 42 new customer deals in the fourth quarter of fiscal 2020 with ARR (annual recurring revenue) greater than $100,000. These deals represented 34% of new bookings for the quarter.


•	Channel bookings grew 63% year-over-year and represented 54% of new bookings.


•	Contact center bookings represented 30% of total new bookings and grew 76% year-over-year.


•	Total ARR: The Company's total annual recurring revenue is $426.4 million, an increase of 34% from the same period last year.


•	Total ARR greater than $100K: The Company had 611 customers that generated ARR greater than $100,000, compared with 408 customers in the same period last year, a 50% year-over-year growth.


•	Strong ARR growth by customer size:


•	Small Business customers (defined as companies whose revenue is less than $50 million) comprised 54% of Total ARR which grew 16% year-over-year.

The following information was filed by 8X8 Inc (EGHT) on Tuesday, May 12, 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-K Annual 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-K Annual Report:

Financial - Shares Highlight
We believe that this approach and execution will enable the Company to grow and capture market share during this phase of industry disruption in a cost-effective way and support the Company in pursuit of its path to profitability and operating cashflow improvement, which we will continue to execute throughout fiscal 2021.

Financial - Expense Highlight
The increase in research and development expenses for fiscal 2020 from fiscal 2019 was primarily due to an $8.6 million increase in stock-based compensation expenses, a $3.7 million increase in payroll and related expenses, net of capitalized costs for internally developed software, a $2.2 million increase in amortization of capitalized software expenses, and a $1.2 million increase in software expenses.
Financial - Expense Highlight
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, and technical support costs.
Revenue - Product Highlight
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.
Financial - Expense Highlight
While we may not be able to recover these costs from our customers, we believe that we will realize other benefits including reducing the number of platforms that we are required to support and improved customer churn.
Revenue - Product
The increase in service revenue...Read more
Financial - Expense
While we expect to continue...Read more
Revenue - Product
Our continued business focus is...Read more
Financial - Expense
We expect to continue improving...Read more
Revenue - Product
We continued to show an...Read more
Financial - Earnings
We focused on key areas...Read more
Financial - Expense
While we expect to continue...Read more
Revenue - Product
Annual service revenue from mid-market...Read more
Financial - Expense
The initiative was substantially completed...Read more
Revenue - Product
In fiscal 2020, our total...Read more
Revenue - Product
We recognize service revenue, mainly...Read more
Revenue - Product
To protect the health and...Read more
Revenue - Product
Average annual service revenue per...Read more
Other - Other
A significant item of objective...Read more
Other - Other
A significant item of objective...Read more
Revenue - Product
Revenue generated from international customers...Read more
Revenue - Product
The increase in fiscal year...Read more
Financial - Expense
The Act contains significant changes...Read more
Revenue - Product
Average annual service revenue per...Read more
Revenue - Product
We expect the number of...Read more
Revenue - Product
The increase in other revenue...Read more
Financial - Expense
These migrations may require us...Read more
Revenue - Product
Professional services revenue is recognized...Read more
Financial - Expense
The increase in cost of...Read more
Other - Other
In an effort to contain...Read more
Revenue - Product
We plan to continue investing...Read more
Revenue - Product
This increase was primarily due...Read more
Financial - Income
Other income (expense), net, consists...Read more
Revenue - Product
We expect total service revenue...Read more
Financial - Expense
Accordingly, we continued to invest...Read more
Revenue - Product
Service revenue from subscriptions to...Read more
Revenue - Product
Revenue is recognized when performance...Read more
Financial - Expense
IT, facilities, and other allocable...Read more
Other - Other
Our service subscriber base grew...Read more
Other - Other
Our service subscriber base grew...Read more
Financial - Expense
In accordance with authoritative guidance,...Read more
Other - Other
Professional services for deployment, configuration,...Read more
M & A - Other
Additionally, we looked to drive...Read more
Revenue - Product
Other revenue is dependent on...Read more
Other - Other
In fiscal 2019, we launched...Read more
Financial - Expense
The increase in cost of...Read more
Financial - Expense
Costs incurred prior to meeting...Read more
Revenue - Product
Net cash used in operating...Read more
Other - Other
Goodwill and intangible assets with...Read more
Other - Other
The carrying value of goodwill...Read more
Financial - Debt
Subsequently, on an on-going basis,...Read more
Other - Other
We identify performance obligations in...Read more
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We also increased the number...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

8X8 Inc provided additional information to their SEC Filing as exhibits

Exhibit 4.1: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 10.9: Material Contract

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: EGHT
CIK: 1023731
Form Type: 10-K Annual Report
Accession Number: 0001023731-20-000049
Submitted to the SEC: Tue May 19 2020 4:34:30 PM EST
Accepted by the SEC: Tue May 19 2020
Period: Tuesday, March 31, 2020
Industry: Computer Processing And Data Preparation