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8x8, Inc. Announces Record First Quarter Fiscal 2013 Results

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.

“We continue to see good progress in several key areas of our business including customer retention, with recorded churn at an all time record low of 1.7%, average monthly revenue per business customer of $250, which has been growing steadily for the past four quarters, and the number of services new customers are signing up for, now at an average of 14.0,” Martin added. “With the $12 million influx to our balance sheet from our recent patent sale on top of our ongoing cash from operations, the company is experiencing its highest level of liquidity since it began operating as a service provider and remains committed to executing its aggressive growth strategy in fiscal 2013 and beyond.”

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