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8X8 Inc (EGHT) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

8X8 Inc

CIK: 1023731 Ticker: EGHT


a8x8logoa31.jpg


8x8, Inc. Reports First Quarter Fiscal 2021 Financial Results

Service revenue growth of 27% year-over-year

Total ARR grew 30% year-over-year



CAMPBELL, CA. - July 30, 2020 - 8x8, Inc. (NYSE: EGHT), a leading integrated cloud communications platform, today reported financial results for the first quarter of fiscal 2021 ended June 30, 2020.

First Quarter Fiscal 2021 Financial Results Highlights:

Total revenue increased 26.0% year-over-year to $121.8 million.
Service revenue increased 27.1% year-over-year to $114.2 million.
GAAP Pre-Tax Loss was $41.7 million; Non-GAAP Pre-Tax Loss was $7.6 million.


“Our strategy remains focused on profitability, execution and maximizing growth. ​The results of last quarter clearly reflect steady improvements in operational efficiency,” said Vik Verma, Chief Executive Officer at 8x8, Inc. “We delivered Q1 results that exceeded our financial outlook and finished the quarter with strong momentum. The launch of our Open Communications Platform, coupled with continued growth in mid-market and enterprise driven by our channel-first approach position us well for the future.”



Q1 Fiscal 2021 Business Metrics and Highlights:

Financial and Business Metrics

Bookings greater than $100K ARR: The Company closed 38 new customer deals in the first quarter of fiscal 2021 with ARR (annual recurring revenue) greater than $100,000. These deals represented 43% of new bookings for the quarter, compared with 31% of new bookings in the same period last year.
Channel bookings grew 47% year-over-year and represented 62% of new bookings.
Contact center bookings represented 32% of total new bookings and grew 194% year-over-year.
Total ARR: The Company's total annual recurring revenue is $432.2 million, an increase of 30% from the same period last year.
Total ARR greater than $100K: The Company had 606 customers that generated ARR greater than $100,000, compared with 449 customers in the same period last year, a 35% year-over-year growth.
Strong ARR growth by customer size:
Small Business customers (defined as companies whose annual revenue is less than $50 million) comprised 55% of total ARR which grew 16% year-over-year.
Mid-market customers (defined as companies whose annual revenue is between $50 million and $1 billion) comprised 26% of total ARR which grew 40% year-over-year.
Enterprise customers (defined as companies whose annual revenue is more than $1 billion) comprised 19% of total ARR which grew 72% year-over-year.
Average annual service revenue per customer:
Small business was $4,623, compared with $4,596 in the same period last year, a 1% increase year-over-year.
Mid-market was $41,963, compared with $36,498 in the same period last year, a 15% increase year-over-year.
Enterprise was $167,000, compared with $150,653 in the same period last year, an 11% increase year-over-year.

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The following information was filed by 8X8 Inc (EGHT) on Thursday, July 30, 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
Commitments And Contingencies Narrative (Details)
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 (Details)
Fair Value Measurements (Tables)
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, Goodwill, And Other Assets
Intangible Assets, Goodwill, And Other Assets (Tables)
Intangible Assets, Goodwill, And Other Assets - Carrying Value Of Intangible Assets (Details)
Intangible Assets, Goodwill, And Other Assets - Narrative (Details)
Intangible Assets, Goodwill, And Other Assets - Schedule Of Finite-Lived Intangible Assets, Future Amortization Expense (Details)
Intangible Assets, Goodwill, And Other Assets - Summary Of Changes In Goodwill (Details)
Leases
Leases (Tables)
Leases - Components Of Lease Right-Of-Use Assets And Liabilities (Details)
Leases - Maturity Of Lease Liabilities (Details)
Leases - Narrative (Details)
Leases - Operating Lease Expense (Details)
Leases - Supplemental Information (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)
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 (Policies)
Ticker: EGHT
CIK: 1023731
Form Type: 10-Q Quarterly Report
Accession Number: 0001023731-20-000106
Submitted to the SEC: Tue Aug 04 2020 4:31:30 PM EST
Accepted by the SEC: Tue Aug 04 2020
Period: Tuesday, June 30, 2020
Industry: Computer Processing And Data Preparation

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