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8x8, Inc. Announces Record Financial Results For Fourth Quarter And Full-Year Fiscal 2014

Stocks in this article: EGHT

8x8, Inc. (NASDAQ:EGHT), a provider of cloud-based unified communications, contact center and collaboration solutions, today announced operating results for the fourth quarter and fiscal year ended March 31, 2014.

Fourth Quarter Fiscal 2014 Financial Results:

  • Total revenue for the quarter increased 29% year-over-year to a record $35.8 million.
  • Channel and mid-market sales comprised a record 39% of new monthly recurring revenue sold in the quarter, a 47% increase compared with the same period last year.
  • Revenue from business customers increased 31% year-over-year to a record $35.4 million and represented 99% of total revenue.
  • Average monthly service revenue per business customer was a record $287, compared with $256 in the same period last year.
  • GAAP net loss for the fourth quarter of fiscal 2014 was $1.9 million, or $0.02 per diluted share, with $2.2 million in non-cash tax and $2.4 million in stock-based compensation expense in the quarter, compared with GAAP net income of $1.7 million, or $0.02 per diluted share in the fourth quarter of fiscal 2013.
  • Non-GAAP net income was $3.3 million, $0.04 per diluted share, or 9% of revenue, for the quarter, compared with $3.8 million for the same period last year.
  • Cash, cash equivalents and investments was $178.4 million in the fourth quarter of fiscal 2014, compared with $52.3 million in the same period last year.
  • Number of new services sold during the fourth quarter was a record 64,312 vs. 50,670 in the same period last year.
  • Average number of subscribed services per new business customer added during the quarter grew to 19.6 from 18.1 in the same period last year.

“8x8 posted another record quarter of accelerating, profitable growth, with a 29% increase in total revenue, record new revenue from our channel and mid-market segment, and record average monthly service revenue per business customer,” said 8x8 CEO Vik Verma. “Our focus on penetrating the mid-market with our differentiated suite of cloud communications and contact center services has clearly paid off and has positioned us as the provider of choice for this rapidly growing customer segment.”

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