8x8, Inc. (Nasdaq:EGHT), provider of innovative cloud communications and computing solutions, today announced financial operating results for the first quarter of fiscal 2013 ended June 30, 2012.
First Quarter Fiscal 2013 Financial Highlights:
- Total revenue for the quarter increased 36% year over year to a record $25.3 million from $18.5 million in the same period of fiscal 2012.
- Revenue from business customers increased 46% year over year to a record $24.1 million from $16.4 million in the same period of fiscal 2012.
- GAAP net income was $8.6 million, or $0.12 per diluted share, compared with $1.9 million, or $0.03 per share, for the first quarter of fiscal 2012.
- Non-GAAP net income (as outlined in the reconciliation table below) was $3.4 million, or $0.05 per diluted share, compared with $1.9 million, or $0.03 per diluted share, for the same period last year.
- Net cash provided by operating activities increased $14.9 million during the first quarter of fiscal 2013.
- Ended the quarter with $38.2 million in cash, cash equivalents and investments compared with $18.9 million on June 30, 2011.
“8x8’s first quarter of fiscal 2013 was marked by some noteworthy accomplishments, including announcements of several mid-market customers, the monetization of a family of legacy patents and the achievement of a revenue milestone. We are now at an annual run rate of over $100 million,” said 8x8 Chairman & CEO Bryan Martin. “Additionally, we were very pleased to be ranked the number one hosted IP telephony and unified communications services provider by industry research firm Frost & Sullivan in its recently published report.”
First Quarter Fiscal 2013 Operating Metrics:
- Added 1,242 net new business customers during the quarter to end with 29,913 business customers, compared with 28,671 business customers in the prior quarter.
- Average monthly revenue per business customer was $250, compared with $200 in the same period last year.
- Average number of services subscribed to per business customer grew to 10.1 from 8.4 in the same period last year.
- Business customer churn was 1.7%, compared with 2.1% in the first quarter of fiscal 2012.