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

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EGHT Quarterly Reports

8X8 Inc

CIK: 1023731 Ticker: EGHT

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8x8, Inc. Reports Second Quarter Fiscal 2023 Financial Results
Service Revenue increased 25% year-over-year
Gross margin as a percent of revenue increased 6 percentage points and gross profit increased more than 35% from prior year
Cash flow from operations up 171% to $13.8 million
Enterprise ARR increased 42% year-over-year to $401 million


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

Second Quarter Fiscal 2023 Financial Results:

Total revenue increased 24% year-over-year to $187.4 million, including Fuze revenue of $28.4 million.
Service revenue increased 25% year-over-year to $178.6 million, including Fuze revenue of $27.9 million.
GAAP operating loss was $25.0 million, compared to operating loss of $37.2 million in the second quarter of fiscal 2022.
Non-GAAP operating profit was $9.1 million, an increase of 368% compared to non-GAAP operating profit of $1.9 million in the second quarter of fiscal 2022.

"Our second quarter results reflected our increased emphasis on profitability and cash flow generation. Non-GAAP gross margin was above 70% and non-GAAP operating profit and operating cash flow exceeded our expectations," said Dave Sipes, 8x8 Chief Executive Officer. "As a result, we are once again raising our non-GAAP operating margin targets for the year and believe we have line of sight to double-digit operating margins on a non-GAAP basis in fiscal 2024."

"We believe we can achieve these results while continuing to invest in innovation on our XCaaS platform and providing an outstanding customer experience that enables our customers to make every interaction an opportunity to delight. Our unified XCaaS platform delivers this advantage to customers at a lower total cost of ownership," added Sipes.

Second Quarter Fiscal 2023 Financial Metrics and Recent Business Highlights:

Financial Metrics
Annual Recurring Subscriptions and Usage Revenue (ARR):
Total ARR grew to $692 million, an increase of 25% from the end of the same period last year.
Enterprise ARR of $401 million increased 42% year-over-year and represented 58% of total ARR.
1,291 customers generated ARR greater than $100,000, compared to 871 at the end of the second quarter of fiscal 2022.
GAAP gross margin was 67%, compared to 61% in the same period last year. Non-GAAP gross margin was 70%, compared to 64% in the same period last year.
GAAP service revenue gross margin was 71%, compared to 67% in the same period last year. Non-GAAP service gross margin was 74%, compared to 69% in the same period last year.
Cash provided by operating activities was $13.8 million for the second quarter, compared to $5.1 million in the second quarter of fiscal 2022.
Cash, cash equivalents, restricted cash and investments were $132.3 million on September 30, 2022, compared to $145.6 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.




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The following information was filed by 8X8 Inc (EGHT) on Thursday, October 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 (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Convertible Senior Notes, Term Loan And Capped Calls
Convertible Senior Notes, Term Loan And Capped Calls (Tables)
Convertible Senior Notes, Term Loan And Capped Calls - 2024 Notes And Capped Call (Details)
Convertible Senior Notes, Term Loan And Capped Calls - Carrying Amount (Details)
Convertible Senior Notes, Term Loan And Capped Calls - Exchange Transaction And 2028 Notes (Details)
Convertible Senior Notes, Term Loan And Capped Calls - Interest Expense (Details)
Convertible Senior Notes, Term Loan And Capped Calls - Term Loan And Warrants (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Cash, Cash Equivalents And Investments With Hierarchy (Details)
Fair Value Measurements - Narrative (Details)
Fair Value Measurements - Summary Of Assumptions Used In Determination Of Fair Value (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 - 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 - 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 (Details)
The Company And Significant Accounting Policies (Policies)
Ticker: EGHT
CIK: 1023731
Form Type: 10-Q Quarterly Report
Accession Number: 0001023731-22-000214
Submitted to the SEC: Thu Nov 03 2022 4:22:45 PM EST
Accepted by the SEC: Thu Nov 03 2022
Period: Friday, September 30, 2022
Industry: Computer Processing And Data Preparation

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