8X8 Inc (EGHT) 10-Q Quarterly Report August 2021

CAMPBELL, CA. - August 4, 2021 - 8x8, Inc. (NYSE: EGHT), a leading integrated cloud communications platform provider, today reported financial results for the first quarter of fiscal 2022 ended June 30, 2021.

First Quarter Fiscal 2022 Financial Results:

•Total revenue increased 22% year-over-year to $148.3 million.

•Service revenue increased 21% year-over-year to $137.8 million.

•GAAP Operating Loss was $38.8 million; Non-GAAP Operating Profit was $1.3 million.

“We were pleased with our first quarter results,” said Dave Sipes, Chief Executive Officer at 8x8, Inc. “We introduced XCaaS (eXperience Communications as a Service) to break down the silos between cloud contact center and employee communications. XCaaS improves our customers' time to cloud transformation and does so with unparalleled innovation. We are delivering today what our competitors are envisioning for the future.”

First Quarter Fiscal 2022 Business Metrics and Highlights:

Financial and Business Metrics

•Annualized Recurring Subscriptions and Usage (ARR):

◦Total ARR grew to $535.8 million, an increase of 24% from the same period last year.

◦824 customers generated ARR greater than $100K, compared with 606 customers in the same period last year, a 36% year-over-year growth.

•ARR growth by customer size:

◦Small Business customers (defined as companies that generate less than $25K ARR) comprised 32% of total ARR which grew 7% year-over-year.

◦Mid-market customers (defined as companies that generate between $25K and $100K ARR) comprised 19% of total ARR which grew 22% year-over-year.

◦Enterprise customers (defined as companies that generate more than $100K ARR) comprised 49% of total ARR which grew 40% year-over-year.

•GAAP gross margin was 60%, compared with 57% in the same period last year. Non-GAAP gross margin was 63%, compared with 61% in the same period last year.

•GAAP service margin was 67%, compared with 64% in the same period last year. Non-GAAP service margin was 69%, compared with 68% in the same period last year.

•Cash provided by operating activities was $4.0 million. Cash, restricted cash, and investments were $161.9 million at June 30, 2021, and $161.5 million at March 31, 2021.

Product Innovation Highlights

•Introduced XCaaS (eXperience Communications as a Service) for customer and employee engagement.

•Launched the industry’s first and only financially-backed, platform-wide 99.999% SLA across an integrated cloud UCaaS and CCaaS solution.

•Released support for 500 active video meeting participants for 8x8 Work and JaaS (Jitsi as a Service).

•Extended 8x8 Voice for Microsoft Teams enhancements with presence synchronization for real-time visibility across an entire organization, including the contact center.

The following information was filed by 8X8 Inc (EGHT) on Wednesday, August 4, 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.

Please wait while we load the requested 10-Q report or click the link below:

https://last10k.com/sec-filings/report/1023731/000102373121000161/eght-20210630.htm

View differences made from one quarter to another to evaluate 8X8 Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ) — *Sample 10-K Year-over-Year (YoY) Comparison*

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were ~~removed~~ , added and changed by 8X8 Inc.

Continue

Assess how 8X8 Inc's management team is paid from their Annual Proxy

8X8 Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

Voting Procedures
Board Members
Executive Team
Salaries, Bonuses, Perks
Peers / Competitors

Continue

Rating
Learn More

Filter Sentiment:

All

Positive

Negative

Filter Category:

All

Financial

Revenue

Other

Filter Subcategory:

All

Expense

Product

Earnings

Other

Inside 8X8 Inc's 10-Q Quarterly Report:

Financial - Expense Highlight
With the recognition of interest expense and amortization of debt discount and issuance costs in connection with our convertible senior notes, we expect Other expense, net to remain in a net expense position for the foreseeable future.

Financial - Expense Highlight
Cost of Service Revenue Cost of service revenue consists primarily of costs associated with network operations and related personnel, technology licenses, amortization of platform related capitalized internal-use software, other communication origination and termination services provided by third-party carriers and outsourced customer service call center operations, and other costs such as customer service, and technical support costs.
Revenue - Product Highlight
Revenue Service revenue Service revenue increased for the three months ended June 30, 2021, as compared to the three months ended June 30, 2020, primarily due to a net increase in our customer base, expanded offerings to existing customers, and growth in related usage; service revenue from new customers was primarily driven by global sales of XCaaS, and our standalone UCaaS and CCaaS offerings to our mid-market and enterprise customers.
Financial - Expense Highlight
Operating Expenses Research and development Research and development expenses increased for the three months ended June 30, 2021, as compared to the three months ended June 30, 2020, primarily due to increases of: $2.2 million in stock-based compensation expense; $1.5 million from less capitalized internal-use software costs; $0.5 million in employee and consulting related expenditures; $0.5 million in public cloud expenses; and $0.3 million in amortization of capitalized internal-use software.
Revenue - Product Highlight
We plan to continue driving 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, innovation in product and technology, and through strategic acquisitions of technologies and businesses.
Other - Other
NEW ACCOUNTING PRONOUNCEMENTS For a...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
Financial - Earnings
We focus on key areas...Read more
Other - Other
Factors that could cause or...Read more
Financial - Expense
While we expect to continue...Read more
Other - Other
As discussed in the section...Read more
Other - Other
20 Table of Contents These...Read more
Revenue - Product
SUMMARY AND OUTLOOK In the...Read more
Financial - Shares
We believe that this approach...Read more
Financial - Expense
These increases were partially offset...Read more
Revenue - Product
We continued to show an...Read more
Financial - Expense
19 Table of Contents Other...Read more
Other - Other
Based on employee elected participation,...Read more
Revenue - Product
We expect total service revenue...Read more
Other - Other
In an effort to contain...Read more
Revenue - Product
We plan to continue investing...Read more
Financial - Expense
Cost of Revenue Cost of...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

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

Exhibit 10.1: Material Contract

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-Q Quarterly Report
Accession Number: 0001023731-21-000161
Submitted to the SEC: Thu Aug 05 2021 4:26:31 PM EST
Accepted by the SEC: Thu Aug 05 2021
Period: Wednesday, June 30, 2021
Industry: Computer Processing And Data Preparation