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8X8 Inc (EGHT) SEC Filing 10-Q Quarterly Report for the period ending Thursday, June 30, 2022

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EGHT Quarterly Reports

8X8 Inc

CIK: 1023731 Ticker: EGHT

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8x8, Inc. Reports First Quarter Fiscal 2023 Financial Results
Service Revenue increased 30% year-over-year
Cash flow from operations of $5.8 million
Enterprise ARR increased 54% year-over-year to $403 million
Adoption of 8x8 Voice for Teams accelerated to more than 200,000 users


CAMPBELL, CA. - July 27, 2022 - 8x8, Inc. (NYSE: EGHT), a leading integrated cloud communications platform provider, today reported financial results for the first quarter of fiscal 2023 ended June 30, 2022.

First Quarter Fiscal 2023 Financial Results:

Total revenue increased 26% year-over-year to $187.6 million, including Fuze revenue of $29.5 million.
Service revenue increased 30% year-over-year to $179.2 million, including Fuze revenue of $29.3 million.
GAAP operating loss was $26.8 million, compared to operating loss of $38.8 million in the first quarter of fiscal 2022.
Non-GAAP operating profit was $10.1 million, compared to non-GAAP operating profit of $1.3 million in the first quarter of fiscal 2022. Non-GAAP operating profit in the first quarter of fiscal 2023 was increased by approximately $3 million in unusual items.

"Our first quarter results reflect our increased emphasis on profitability and cash flow generation, as well as strength in XCaaS, 8x8 Voice for Teams, high retention of Fuze customers, and continued global expansion of the enterprise base," said Dave Sipes, 8x8 CEO. "Our progress on these strategic initiatives, combined with our focus on driving operational efficiency, creates the foundation for sustainable growth and increasing profitability in the future. We believe this will deliver value to all our stakeholders – customers, partners, employees, and shareholders."

First Quarter Fiscal 2023 Financial Metrics and Recent Business Highlights:

Financial Metrics
Annual Recurring Subscriptions and Usage Revenue (ARR):
Total ARR grew to $688 million, an increase of 28% from the end of the same period last year.
Enterprise ARR of $403 million increased 54% year-over-year and represented 59% of total ARR.
1,277 customers generated ARR greater than $100,000, compared to 824 at the end of the first quarter of fiscal 2022.
GAAP gross margin was 64%, compared to 60% in the same period last year. Non-GAAP gross margin was 69%, compared to 63% in the same period last year.
GAAP service gross margin was 70%, compared to 67% in the same period last year. Non-GAAP service gross margin was 73%, compared to 69% in the same period last year.
Cash provided by operating activities was $5.8 million for the first quarter, compared to $4.0 million in the first quarter of fiscal 2022.
Cash, restricted cash, and investments were $143.0 million on June 30, 2022 and $148.2 million on March 31, 2022.

A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures and other information relating to non-GAAP measures is included in the supplemental reconciliation at the end of this release.

Recent Business Highlights:

Partner and Product Innovation Highlights
Launched the 8x8 Elevate MP Program for Microsoft Gold Partners together with the exclusive 8x8 XT Direct Routing as a Service offering that enables enterprises adopting Microsoft Teams to reduce communication costs and improve employee productivity with a highly resilient global telephony solution.
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The following information was filed by 8X8 Inc (EGHT) on Wednesday, July 27, 2022 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
Acquisitions
Acquisitions - Narrative (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Convertible Senior Notes And Capped Calls
Convertible Senior Notes And Capped Calls (Tables)
Convertible Senior Notes And Capped Calls - Carrying Amount Of The Liability Component (Details)
Convertible Senior Notes And Capped Calls - Interest Expense (Details)
Convertible Senior Notes And Capped Calls - Narrative (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Cash, Cash Equivalents And Investments With Hierarchy (Details)
Fair Value Measurements - Narrative (Details)
Geographical Information
Geographical Information (Details)
Geographical Information (Tables)
Income Taxes
Income Taxes (Details)
Intangible Assets And Goodwill
Intangible Assets And Goodwill (Tables)
Intangible Assets And Goodwill - Changes In Carrying Amount Of Goodwill By Location (Details)
Intangible Assets And Goodwill - Narrative (Details)
Intangible Assets And Goodwill - Schedule Of Future Amortization Of Intangibles (Details)
Intangible Assets And Goodwill- Schedule Of Intangibles (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 - Basic And Diluted Net Income (Loss) Per Share (Details)
Net Loss Per Share - Schedule Of Antidilutive Awards (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Contract Balances (Details)
Revenue Recognition - Narrative (Details)
Revenue Recognition - Remaining Performance Obligation (Details)
Stock-Based Compensation And Stockholders' Equity
Stock-Based Compensation And Stockholders' Equity (Tables)
Stock-Based Compensation And Stockholders' Equity - Narrative (Details)
Stock-Based Compensation And Stockholders' Equity - Option Activity (Details)
Stock-Based Compensation And Stockholders' Equity - Stock-Based Compensation And Stockholders' Equity - Restricted Stock Unit And Performance Stock Unit Activity (Details)
Stock-Based Compensation And Stockholders' Equity - Stock-Based Compensation Expense By Statement Of Operations (Details)
The Company And Significant Accounting Policies
The Company And Significant Accounting Policies (Policies)
The Company And Significant Accounting Policies - Narrative (Details)
Ticker: EGHT
CIK: 1023731
Form Type: 10-Q Quarterly Report
Accession Number: 0001023731-22-000169
Submitted to the SEC: Fri Jul 29 2022 9:04:16 PM EST
Accepted by the SEC: Mon Aug 01 2022
Period: Thursday, June 30, 2022
Industry: Computer Processing And Data Preparation

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