8x8, Inc. Reports Second Quarter Fiscal 2022 Financial Results
Service Revenue Growth of 18% Year-over-Year; Total ARR Increased 18% Year-over-Year
CAMPBELL, CA. - November 2, 2021 - 8x8, Inc. (NYSE: EGHT), a leading integrated cloud communications platform provider, today reported financial results for the second quarter of fiscal 2022 ended September 30, 2021.
Second Quarter Fiscal 2022 Financial Results:
•Total revenue increased 17% year-over-year to $151.6 million.
•Service revenue increased 18% year-over-year to $142.4 million.
•GAAP Operating Loss was $37.2 million; Non-GAAP Operating Profit was $1.9 million.
“Our second quarter results demonstrated growing adoption and enterprise demand for our integrated 8x8 XCaaSTM (eXperience Communications as a ServiceTM) solution, as well as significant contribution from our channel partners,” said Dave Sipes, Chief Executive Officer at 8x8, Inc. "We introduced two significant industry advancements. Frontdesk is our first composed experience that transforms the receptionist role by delivering a tailored experience and user interface that uniquely blends traditional UCaaS and CCaaS capabilities. We also announced the industry's first integrated cloud phone and contact center solution for multinational organizations operating in Russia, which expands our Global ReachTM to 46 countries and territories."
“Our leadership has been recognized by industry analysts. We were named a Leader in the 2021 Gartner Magic Quadrant for Unified Communications as a Service, Worldwide, for the tenth consecutive year and we were named a Challenger in the Gartner Magic Quadrant for Contact Center as a Service for the seventh consecutive year," added Sipes.
Second Quarter Fiscal 2022 Financial Metrics and Business Highlights:
•Annualized Recurring Subscriptions and Usage (ARR):
◦Total ARR of $553 million, an increase of 18% from the same period last year.
◦871 customers with ARR greater than $100,000, compared to 670 customers in the same period last year, an increase of 30% year-over-year.
•GAAP gross margin was 61%, compared with 56% in the same period last year. Non-GAAP gross margin was 64%, compared with 61% in the same period last year.
•GAAP service revenue gross margin was 67%, compared with 63% in the same period last year. Non-GAAP service revenue gross margin was 69%, compared with 67% in the same period last year.
•Cash provided by operating activities was $5.1 million.
•Cash, restricted cash, and investments of $166.5 million at September 30, 2021, compared to $161.5 million at March 31, 2021.
Product Innovation Highlights
•Introduced 8x8 Frontdesk, a new XCaaS composed experience that provides a great first impression for organizations as they adapt to the hybrid workplace. Frontdesk empowers the receptionist with advanced contact center and UC capabilities within a personalized experience for high volume interactions.
•Delivered the industry’s first integrated cloud phone and contact center solution that supports the communications and customer engagement requirements of multinationals organizations in Russia. Increased full PSTN replacement services to 46 countries and territories.
•Announced enhancements and rapid adoption of the 8x8 Voice for Microsoft Teams solution, surpassing more than 100,000 business users globally.
The following information was filed by 8X8 Inc (EGHT) on Tuesday, November 2, 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.