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8X8 Inc (EGHT) SEC Filing 10-Q Quarterly report for the period ending Thursday, December 31, 2020

8X8 Inc

CIK: 1023731 Ticker: EGHT

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

Service revenue growth of 15% year-over-year; Total ARR grew 20% to Approximately $500 million

Raises Fiscal Full-Year 2021 Service Revenue Guidance to Approximately 19% Year-over-Year Growth


CAMPBELL, CA. - January 28, 2021 - 8x8, Inc. (NYSE: EGHT), a leading integrated cloud communications platform, today reported financial results for the third quarter of fiscal 2021 ended December 31, 2020.

Third Quarter Fiscal 2021 Financial Results Highlights:

Total revenue increased 15.3% year-over-year to $136.7 million, exceeding the high-end of the Company’s original guidance range of $132.0 to $133.0 million.
Service revenue increased 15.2% year-over-year to $127.1 million, exceeding the high-end of the Company’s original guidance range of $124.0 to $125.0 million.
GAAP Pre-Tax Loss was $39.9 million. Non-GAAP Pre-Tax Loss was $1.9 million and favorable to the Company’s original guidance of $3.0 million loss.

“Our integrated communications and contact center cloud platform is winning over mid-market and enterprise customers who value the benefits of a combined solution,” said Dave Sipes, Chief Executive Officer at 8x8, Inc. “We delivered a good quarter that exceeded the high-end of guidance with improving operating performance. I’m pleased to report that we are raising full-year revenue guidance, and also improving our path to profitability.”

Q3 Fiscal 2021 Business Metrics and Highlights:

Financial and Business Metrics

Bookings:
Closed a record 53 new customer deals in the third quarter of fiscal 2021 with ARR (annual recurring revenue) greater than $100K, an increase of 33% from the same period last year. These deals represented 39% of new bookings for the quarter and included 34 new logo deals.
Bundled contact center and communications represented 67% of new bookings that were $12K or more in ARR.
Channel bookings grew 64% year-over-year and represented 64% of new bookings.
Contact center new bookings grew 33% year-over-year and represented 31% of total new bookings.
Annual recurring revenue (ARR):
Total ARR grew to $494.3 million, an increase of 20% from the same period last year.
734 customers generated ARR greater than $100K, compared with 592 customers in the same period last year, a 24% year-over-year growth.
ARR growth by customer size:
Small Business customers (defined as companies whose annual revenue is less than $50 million) comprised 52% of total ARR which grew 12% 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 21% year-over-year.
Enterprise customers (defined as companies whose annual revenue is more than $1 billion) comprised 22% of total ARR which grew 46% year-over-year.
GAAP gross margin was 56%, compared with 53% in the same period last year. Non-GAAP gross margin was 60%, compared with 57% in the same period last year.
GAAP service margin was 63%, compared with 63% in the same period last year. Non-GAAP service margin was 66%, compared with 66% in the same period last year.
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The following information was filed by 8X8 Inc (EGHT) on Thursday, January 28, 2021 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 Combination
Business Combinations (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
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 And Goodwill
Intangible Assets And Goodwill (Tables)
Intangible Assets And Goodwill - Carrying Value Of Intangible Assets (Details)
Intangible Assets And Goodwill - Narrative (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)
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 (Details)
Summary Of Significant Accounting Policies (Policies)
Ticker: EGHT
CIK: 1023731
Form Type: 10-Q Quarterly Report
Accession Number: 0001023731-21-000035
Submitted to the SEC: Fri Jan 29 2021 4:06:59 PM EST
Accepted by the SEC: Fri Jan 29 2021
Period: Thursday, December 31, 2020
Industry: Computer Processing And Data Preparation

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