Record Quarterly Revenue of $30 million; Non-GAAP Earnings Per
Diluted Share of $0.06; Revenue from Business Customers Increases 22%
SAN JOSE, Calif.--(BUSINESS WIRE)--
8x8, Inc. (NASDAQ: EGHT), provider of innovative cloud communications
and computing solutions, today announced operating results for the first
quarter of fiscal 2014 ended June 30, 2013.
The company posted total record revenue of $30 million for its first
fiscal quarter ending June 30, 2013. GAAP net income for the first
quarter of fiscal 2014 was $2.1 million, or $0.03 per diluted share.
Non-GAAP net income for the quarter increased 27% year over year to $4.3
million, or $0.06 per diluted share.
First Quarter Fiscal 2014 Financial Results
-
Revenue from business customers, which represented 98% of total
revenue, increased 22% year over year to $29 million.
-
Average number of subscribed services per new business customer grew
to 17.5 from 14.0 in the same period last year.
-
Average number of subscribed services per business customer grew to
11.8 from 10.1 in the same period last year.
-
Average revenue per business customer increased $5 per month
sequentially to $268, compared with $250 in the same period last year.
-
Business service revenue churn was 1.2%, compared with 2.3% in the
same period last year.
-
Business customer churn was a record 1.4%, compared with 1.7% in the
same period last year.
-
Service margin was a record 81%, compared with 75% in the same period
a year ago; overall gross margin was 71%, compared with 67% in the
same year ago period.
-
GAAP net income for the first quarter of fiscal 2014 was $2.1 million,
or $0.03 per diluted share, compared with $8.6 million (which included
a $12 million gain from the sale of a patent family), or $0.12 per
diluted share, for the first quarter of fiscal 2013.
-
Non-GAAP net income (as outlined in the reconciliation table below)
was $4.3 million, or $0.06 per diluted share, compared with $3.4
million, or $0.05 per diluted share, in the same period last year.
-
Cash, cash equivalents and investments grew to $57.8 million in the
first quarter of fiscal 2014, an increase of $5.5 million
sequentially, compared with cash, cash equivalents and investments of
$38.2 million at June 30, 2012.
"First and foremost, I am pleased to report that the 22% growth in
business revenue we saw in the first quarter of fiscal 2014 has led to
the achievement of another revenue milestone with the posting of $30
million in revenue for the quarter," said 8x8 Chairman & CEO Bryan
Martin. "In addition, our average monthly service revenue per business
customer increased sequentially by $5 to a new high of $268, and
business customers now generate 98% of total revenue."
Martin continued, "On top of this strong revenue growth, 8x8 recorded
its lowest customer churn in history this quarter of 1.4%. All of the
churn reduction initiatives we've put in place have started to produce
the results we've been expecting and our customer satisfaction surveys
are reflecting this trend."
Additional First Quarter Business Metrics:
-
Added 1,127 net new business customers during the first quarter of
fiscal 2014 for a total of 33,662 business customers, compared with
29,913 business customers in the same period last year and 32,535
business customers in the prior quarter.
-
Sold 47,353 new services during the first quarter, compared with
41,146 in the same period last year and 50,728 in the prior quarter.
-
Awarded two new U.S. patents related to communications and call center
technologies.
-
Appointed Ben Taft as Vice President of Inside Sales.
-
Partnered with global technology provider Insight Enterprises, Inc. to
provide 8x8's cloud communications services to Insight clients.
-
Announced Health Insurance Portability and Accountability Act (HIPAA)
and Health Information Technology for Economic and Clinical Health
(HITECH) compliance for unified communications services.
-
Awarded 2013 Unified Communications TMC Labs Innovation Award for the
8x8 Virtual Office Desktop application.
Non-GAAP Measures
We have provided in this release financial information that has not been
prepared in accordance with Generally Accepted Accounting Principles
(GAAP). We use these non-GAAP financial measures internally in analyzing
our financial results and believe they are useful to investors, as a
supplement to GAAP measures, in evaluating our ongoing operational
performance. We believe that the use of these non-GAAP financial
measures provides an additional tool for investors to use in evaluating
our ongoing operating results and trends and in comparing our financial
results with other companies in our industry, many of which present
similar non-GAAP financial measures to investors.
Non-GAAP financial measures should not be considered in isolation from,
or as a substitute for, financial information prepared in accordance
with GAAP. Investors are encouraged to review the reconciliation of
these non-GAAP financial measures to their most directly comparable GAAP
financial measures below. A reconciliation of our non-GAAP financial
measures to their most directly comparable GAAP measures has been
provided in the financial statement tables included below in this press
release.
Non-GAAP net income and non-GAAP net income per
share
We have defined non-GAAP net income as net income for GAAP plus non-cash
tax adjustments, stock-based compensation, amortization of acquired
intangible assets, acquisition-related costs, facility exit costs and
gain on patent sale. We have excluded gain on patent sale because we
consider it to have been an isolated transaction and believe it is not
reflective of our ongoing operations, and this reduces the comparability
of periodic operating results when it is included. Non-cash tax
adjustments represent the differences between the amount of taxes we
expect to pay and our GAAP tax provision each period. We have excluded
stock-based compensation expense because it relies on valuations based
on future events, such as the market price of our common stock, that are
difficult to predict and are affected by market factors that are largely
not within the control of management. Amortization of acquired
intangible assets is excluded because it is a non-cash expense that we
do not consider part of ongoing operations when assessing our financial
performance, as it relates to accounting for certain purchased assets.
We have excluded acquisition-related expenses, including expenses to
exit facilities, because these expenses are difficult to predict and are
often one-time. We define non-GAAP net income per share as non-GAAP net
income divided by the weighted-average diluted shares outstanding. We
define non-GAAP net income percentage of revenue as non-GAAP net income
divided by revenue. The GAAP and non-GAAP weighted average number of
diluted shares to calculate GAAP and non-GAAP earnings per share are the
same. We believe that such exclusions facilitate comparisons to our
historical operating results and to the results of other companies in
the same industry, and provides investors with information that we use
in evaluating management's performance on a quarterly and annual basis.
Conference Call Information
Management will host a conference call to discuss these results and
other matters related to the Company's business today, July 24, 2013 at
4:30 pm EDT. The call is accessible via the following numbers and
webcast links:
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Dial In:
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(877) 843-0417, domestic
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(408) 427-3791, international
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Replay:
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(855) 859-2056, domestic (Conference ID #11344394)
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(404) 537-3406, international (Conference ID #11344394)
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Webcast:
|
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http://investors.8x8.com
|
Supplemental financial slides will be presented through 8x8's Virtual
Meeting web conferencing portal, which can be accessed at: http://virtualmeeting.8x8.com/Q1FY2014Earnings.
Participants should plan to dial in or log on ten minutes prior to the
start time. A telephonic replay of the call will be available three
hours after the conclusion of the call until midnight July 30, 2013. The
webcast will be archived on 8x8's website for a period of one year. For
additional information, visit http://investors.8x8.com.
About 8x8, Inc.
8x8, Inc. (Nasdaq: EGHT) empowers business conversations for more than
33,000 small and medium-sized businesses with cloud communications
services that include hosted
PBX telephony, unified communications, call center software and
video conferencing solutions. The company has been delivering business
communications services since 2004 and has garnered a reputation for
technical excellence and outstanding reliability. In 2012, 8x8 was named
a market "leader" in Gartner's
Magic Quadrant for Unified Communications as a Service (UCaaS) in
North America and was recognized as the No. 1 Provider of Hosted IP
Telephony by Frost
& Sullivan and Synergy
Research Group. For additional information, visit www.8x8.com,
or connect with 8x8 on Google+,
Facebook,
LinkedIn
and Twitter.
Forward Looking Statements
This news release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995 and
Section 21E of the Securities Exchange Act of 1934. These statements
include, without limitation, information about future events based on
current expectations, potential product development efforts, near and
long-term objectives, potential new business, strategies, organization
changes, changing markets, future business performance and outlook. Such
statements are predictions only, and actual events or results could
differ materially from those made in any forward-looking statements due
to a number of risks and uncertainties. Actual results and trends may
differ materially from historical results or those projected in any such
forward-looking statements depending on a variety of factors. These
factors include, but are not limited to, customer acceptance and demand
for our products and services, the reliability of our services, the
prices for our services, customer renewal rates, customer acquisition
costs, our ability to compete effectively in the hosted telecom services
business, actions by our competitors, including price reductions for
their telephone services, potential federal and state regulatory
actions, compliance costs, potential warranty claims and product
defects, our needs for and the availability of adequate working capital,
our ability to innovate technologically, the timely supply of products
by our contract manufacturers, and potential future intellectual
property infringement claims and other litigation that could adversely
affect our business and operating results. For a discussion of such
risks and uncertainties, which could cause actual results to differ from
those contained in the forward-looking statements, see "Risk Factors" in
the Company's reports on Forms 10-K and 10-Q, as well as other reports
that 8x8, Inc. files from time to time with the Securities and Exchange
Commission. All forward-looking statements are qualified in their
entirety by this cautionary statement, and 8x8, Inc. undertakes no
obligation to update publicly any forward-looking statement for any
reason, except as required by law, even as new information becomes
available or other events occur in the future.
|
|
|
|
|
|
|
|
|
8x8, Inc.
|
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
|
|
(In thousands, except per share amounts; unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
June 30,
|
|
|
|
|
2013
|
|
|
2012
|
|
|
Service revenue
|
|
$
|
27,252
|
|
$
|
23,172
|
|
|
Product revenue
|
|
|
2,752
|
|
|
2,080
|
|
|
Total revenue
|
|
|
30,004
|
|
|
25,252
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
Cost of service revenue (1)
|
|
|
5,221
|
|
|
5,686
|
|
|
Cost of product revenue (1)
|
|
|
3,347
|
|
|
2,710
|
|
|
Research and development (1)
|
|
|
2,336
|
|
|
1,826
|
|
|
Sales and marketing (1)
|
|
|
13,121
|
|
|
10,541
|
|
|
General and administrative (1)
|
|
|
2,790
|
|
|
2,064
|
|
|
Gain on patent sale
|
|
|
-
|
|
|
(11,965
|
)
|
|
Total operating expenses
|
|
|
26,815
|
|
|
10,862
|
|
|
Income from operations
|
|
|
3,189
|
|
|
14,390
|
|
|
Other income, net
|
|
|
15
|
|
|
8
|
|
|
Income before provision for income taxes
|
|
|
3,204
|
|
|
14,398
|
|
|
Provision for income taxes
|
|
|
1,065
|
|
|
5,781
|
|
|
Net income
|
|
$
|
2,139
|
|
$
|
8,617
|
|
|
|
|
|
|
|
|
|
|
Net income per share:
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.03
|
|
$
|
0.12
|
|
|
Diluted
|
|
$
|
0.03
|
|
$
|
0.12
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares:
|
|
|
|
|
|
|
|
Basic
|
|
|
72,510
|
|
|
70,717
|
|
|
Diluted
|
|
|
75,756
|
|
|
74,110
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Amounts include stock-based compensation expense, as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
June 30,
|
|
|
|
|
2013
|
|
|
2012
|
|
|
Cost of service revenue
|
|
$
|
68
|
|
$
|
43
|
|
|
Cost of product revenue
|
|
|
-
|
|
|
1
|
|
|
Research and development
|
|
|
154
|
|
|
95
|
|
|
Sales and marketing
|
|
|
347
|
|
|
316
|
|
|
General and administrative
|
|
|
338
|
|
|
101
|
|
|
|
|
$
|
907
|
|
$
|
556
|
|
|
|
|
|
|
|
|
|
|
8x8, Inc.
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(In thousands, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
|
March 31,
|
|
|
|
|
2013
|
|
|
2013
|
|
ASSETS
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
55,915
|
|
$
|
50,305
|
|
Investments
|
|
|
1,899
|
|
|
1,964
|
|
Accounts receivable, net
|
|
|
3,595
|
|
|
3,880
|
|
Inventory
|
|
|
567
|
|
|
511
|
|
Deferred tax assets
|
|
|
5,049
|
|
|
6,096
|
|
Other current assets
|
|
|
1,107
|
|
|
914
|
|
Total current assets
|
|
|
68,132
|
|
|
63,670
|
|
Property and equipment, net
|
|
|
6,636
|
|
|
6,673
|
|
Intangible assets, net
|
|
|
9,854
|
|
|
10,194
|
|
Goodwill
|
|
|
25,150
|
|
|
25,150
|
|
Deferred tax assets, non-current
|
|
|
46,526
|
|
|
46,352
|
|
Other assets
|
|
|
983
|
|
|
572
|
|
Total assets
|
|
$
|
157,281
|
|
$
|
152,611
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
5,500
|
|
$
|
5,644
|
|
Accrued compensation
|
|
|
3,711
|
|
|
3,629
|
|
Accrued warranty
|
|
|
474
|
|
|
452
|
|
Deferred revenue
|
|
|
1,609
|
|
|
1,236
|
|
Other accrued liabilities
|
|
|
3,009
|
|
|
2,774
|
|
Total current liabilities
|
|
|
14,303
|
|
|
13,735
|
|
|
|
|
|
|
|
|
|
Other liabilities
|
|
|
1,788
|
|
|
1,843
|
|
Total liabilities
|
|
|
16,091
|
|
|
15,578
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity
|
|
|
141,190
|
|
|
137,033
|
|
Total liabilities and stockholders' equity
|
|
$
|
157,281
|
|
$
|
152,611
|
|
|
|
|
|
|
|
|
|
8x8, Inc.
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(In thousands, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
June 30,
|
|
|
|
|
2013
|
|
|
|
2012
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
Net income
|
|
$
|
2,139
|
|
|
$
|
8,617
|
|
|
Adjustments to reconcile net income to net cash
|
|
|
|
|
|
|
|
provided by operating activities:
|
|
|
|
|
|
|
|
Depreciation
|
|
|
675
|
|
|
|
505
|
|
|
Amortization
|
|
|
340
|
|
|
|
357
|
|
|
Stock-based compensation
|
|
|
907
|
|
|
|
556
|
|
|
Deferred income tax provision
|
|
|
873
|
|
|
|
5,778
|
|
|
Other
|
|
|
158
|
|
|
|
75
|
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
Accounts receivable, net
|
|
|
132
|
|
|
|
(626
|
)
|
|
Inventory
|
|
|
(61
|
)
|
|
|
(19
|
)
|
|
Other current and noncurrent assets
|
|
|
(306
|
)
|
|
|
(148
|
)
|
|
Deferred cost of goods sold
|
|
|
30
|
|
|
|
(14
|
)
|
|
Accounts payable
|
|
|
(316
|
)
|
|
|
(35
|
)
|
|
Accrued compensation
|
|
|
82
|
|
|
|
(22
|
)
|
|
Accrued warranty
|
|
|
22
|
|
|
|
18
|
|
|
Accrued taxes and fees
|
|
|
192
|
|
|
|
112
|
|
|
Deferred revenue
|
|
|
373
|
|
|
|
(183
|
)
|
|
Other current and noncurrent liabilities
|
|
|
(7
|
)
|
|
|
(45
|
)
|
|
Net cash provided by operating activities
|
|
|
5,233
|
|
|
|
14,926
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
Purchases of property and equipment
|
|
|
(466
|
)
|
|
|
(1,048
|
)
|
|
Cost of capitalized software
|
|
|
(328
|
)
|
|
|
-
|
|
|
Net cash used in investing activities
|
|
|
(794
|
)
|
|
|
(1,048
|
)
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
Capital lease payments
|
|
|
(5
|
)
|
|
|
(43
|
)
|
|
Repurchase of common stock
|
|
|
(120
|
)
|
|
|
(74
|
)
|
|
Proceeds from issuance of common stock under employee stock plans
|
|
|
1,296
|
|
|
|
87
|
|
|
Net cash provided by (used in) financing activities
|
|
|
1,171
|
|
|
|
(30
|
)
|
|
Net increase in cash and cash equivalents
|
|
|
5,610
|
|
|
|
13,848
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the period
|
|
|
50,305
|
|
|
|
22,426
|
|
|
Cash and cash equivalents at the end of the period
|
|
$
|
55,915
|
|
|
$
|
36,274
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8x8, Inc.
|
|
Selected Operating Statistics
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
June 30,
2012
|
|
Sept. 30,
2012
|
|
Dec. 31,
2012
|
|
March 31,
2013
|
|
June 30,
2013
|
|
|
Gross business customer additions (1)
|
|
|
2,943
|
|
|
|
|
2,915
|
|
|
|
|
2,617
|
|
|
|
|
2,808
|
|
|
|
|
2,702
|
|
|
|
Number of new services sold (1)(2)
|
|
|
41,146
|
|
|
|
|
42,920
|
|
|
|
|
44,391
|
|
|
|
|
50,728
|
|
|
|
|
47,353
|
|
|
|
Average number of subscribed services per new business customer (3)
|
|
|
14.0
|
|
|
|
|
14.7
|
|
|
|
|
17.0
|
|
|
|
|
18.1
|
|
|
|
|
17.5
|
|
|
|
Business subscriber acquisition cost per service (4)
|
|
$
|
97
|
|
|
|
$
|
89
|
|
|
|
$
|
98
|
|
|
|
$
|
92
|
|
|
|
$
|
96
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total business customers (5)
|
|
|
29,913
|
|
|
|
|
30,498
|
|
|
|
|
31,473
|
|
|
|
|
32,535
|
|
|
|
|
33,662
|
|
|
|
Average number of subscribed services per business customer (6)
|
|
|
10.1
|
|
|
|
|
10.6
|
|
|
|
|
11.2
|
|
|
|
|
11.5
|
|
|
|
|
11.8
|
|
|
|
Business customer average monthly service revenue per customer (7)
|
|
$
|
250
|
|
|
|
$
|
256
|
|
|
|
$
|
260
|
|
|
|
$
|
263
|
|
|
|
$
|
268
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monthly business customer churn (less cancellations within 30 days
of sign-up) (8)
|
|
|
1.7
|
%
|
|
|
|
2.4
|
%
|
|
|
|
1.6
|
%
|
|
|
|
1.7
|
%
|
|
|
|
1.4
|
%
|
|
|
Monthly business service revenue churn
|
|
|
2.3
|
%
|
|
|
|
1.0
|
%
|
|
|
|
2.6
|
%
|
|
|
|
1.5
|
%
|
|
|
|
1.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall service margin
|
|
|
75
|
%
|
|
|
|
76
|
%
|
|
|
|
78
|
%
|
|
|
|
80
|
%
|
|
|
|
81
|
%
|
|
|
Overall product margin
|
|
|
-30
|
%
|
|
|
|
-22
|
%
|
|
|
|
-34
|
%
|
|
|
|
-17
|
%
|
|
|
|
-22
|
%
|
|
|
Overall gross margin
|
|
|
67
|
%
|
|
|
|
68
|
%
|
|
|
|
68
|
%
|
|
|
|
71
|
%
|
|
|
|
71
|
%
|
(1) Does not include customers of Virtual Office Solo or Zerigo, Inc.
("Zerigo").
(2) Number of recurring revenue services sold to business customers
during the period.
(3) Number of new services sold divided by gross business customer
additions.
(4) The combined costs of advertising, marketing, promotions, sales
commissions and equipment subsidies for new services sold during the
period divided by the number of new services sold during the period.
(5) Business customers are defined as customers paying for service.
Customers that are currently in the 30- day trial period are considered
to be customers that are paying for service. Customers subscribing to
Virtual Office Solo or Zerigo services are not included as business
customers.
(6) The simple average number of subscribed services divided by the
simple average number of business customers during the period. The
simple average number of subscribed services is the number of subscribed
services on the first day of the period plus the number of subscribed
services on the last day of the period divided by two. The simple
average number of business customers is the number of business customers
on the first day of the period plus the number of business customers on
the last day of the period divided by two.
(7) Business customer average monthly service revenue per customer is
service revenue from business customers in the period divided by the
number of months in the period divided by the simple average number of
business customers during the period.
(8) Business customer churn is calculated by dividing the number of
business customers that terminated (after the expiration of the 30-day
trial) by the simple average number of business customers and dividing
the result by the number of months in the period. In the second quarter
of fiscal 2013, an affiliate with 411 business customers representing
approximately $9,000 of monthly service revenue cancelled service.
Excluding these 411 cancellations, business customer churn (less
cancellations within 30 days of sign-up) was 1.9%.
|
|
|
|
|
|
|
|
|
8x8, Inc.
|
|
RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME
|
|
AND NON-GAAP NET INCOME PER SHARE
|
|
(In thousands, except per share amounts; unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
June 30,
|
|
|
|
|
2013
|
|
|
2012
|
|
Net income
|
|
$
|
2,139
|
|
|
$
|
8,617
|
|
|
Gain on patent sale
|
|
|
-
|
|
|
|
(11,965
|
)
|
|
Non-cash tax adjustments
|
|
|
873
|
|
|
|
5,778
|
|
|
Amortization
|
|
|
340
|
|
|
|
357
|
|
|
Stock-based compensation expense
|
|
|
907
|
|
|
|
556
|
|
|
Acquisition-related expense
|
|
|
-
|
|
|
|
-
|
|
|
Facility exit expense
|
|
|
-
|
|
|
|
9
|
|
|
Non-GAAP net income
|
|
$
|
4,259
|
|
|
$
|
3,352
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares:
|
|
|
|
|
|
|
|
Diluted
|
|
75,756
|
|
|
|
74,110
|
|
|
|
|
|
|
|
|
|
|
GAAP net income per share - Diluted
|
|
$
|
0.03
|
|
|
$
|
0.12
|
|
|
Gain on patent sale
|
|
|
-
|
|
|
|
(0.16
|
)
|
|
Non-cash tax adjustments
|
|
|
0.01
|
|
|
|
0.08
|
|
|
Amortization
|
|
|
0.01
|
|
|
|
-
|
|
|
Stock-based compensation expense
|
|
|
0.01
|
|
|
|
0.01
|
|
|
Acquisition-related expense
|
|
|
-
|
|
|
|
-
|
|
|
Facility exit expense
|
|
|
-
|
|
|
|
-
|
|
|
Non-GAAP net income per share - Diluted
|
|
$
|
0.06
|
|
|
$
|
0.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income percentage of revenue
|
|
|
7
|
%
|
|
|
34
|
%
|
|
Gain on patent sale
|
|
|
-
|
|
|
|
-47
|
%
|
|
Non-cash tax adjustments
|
|
|
3
|
%
|
|
|
23
|
%
|
|
Amortization
|
|
|
1
|
%
|
|
|
1
|
%
|
|
Stock-based compensation expense
|
|
|
3
|
%
|
|
|
2
|
%
|
|
Acquisition-related expense
|
|
|
-
|
|
|
|
-
|
|
|
Facility exit expense
|
|
|
-
|
|
|
|
-
|
|
|
Non-GAAP net income percentage of revenue
|
|
|
14
|
%
|
|
|
13
|
%
|
8x8, Inc.
Joan Citelli, 408-654-0970
Joan.citelli@8x8.com
Source: 8x8
News Provided by Acquire Media