Business
8x8, Inc. Reports First Quarter Fiscal 2023 Financial Results
Service revenue increased 30% year-over-year Cash flow from operations of $5.8 million Enterprise ARR increased 54% year-over-year to $403 million Adoption
About this update from 8x8 Inc
[{"type":"text","content":"\n\nService revenue increased 30% year-over-year\n\n\nCash flow from operations of $5.8 million\n\n\nEnterprise ARR increased 54% year-over-year to $403 million\n\n\nAdoption of 8x8 Voice for Microsoft Teams accelerated to more than 200,000 users\n\n\n CAMPBELL, Calif.--(BUSINESS WIRE)--\n8x8, Inc. (NYSE: EGHT), a leading integrated cloud communications platform provider, today reported financial results for the first quarter of fiscal 2023 ended June 30, 2022.\n\nFirst Quarter Fiscal 2023 Financial Results:\n\n\nTotal revenue increased 26% year-over-year to $187.6 million, including Fuze revenue of $29.5 million.\n\n\nService revenue increased 30% year-over-year to $179.2 million, including Fuze revenue of $29.3 million.\n\n\nGAAP operating loss was $26.8 million, compared to operating loss of $38.8 million in the first quarter of fiscal 2022.\n\n\nNon-GAAP operating profit was $10.1 million, compared to non-GAAP operating profit of $1.3 million in the first quarter of fiscal 2022. Non-GAAP operating profit in the first quarter of fiscal 2023 was increased by approximately $3 million in unusual items.\n\n\n\"Our first quarter results reflect our increased emphasis on profitability and cash flow generation, as well as strength in XCaaS, 8x8 Voice for Teams, high retention of Fuze customers, and continued global expansion of the enterprise base,\" said Dave Sipes, 8x8 CEO. \"Our progress on these strategic initiatives, combined with our focus on driving operational efficiency, creates the foundation for sustainable growth and increasing profitability in the future. We believe this will deliver value to all our stakeholders – customers, partners, employees, and shareholders.\"\n\nFirst Quarter Fiscal 2023 Financial Metrics and Recent Business Highlights:\n\nFinancial Metrics\n\n\nAnnual Recurring Subscriptions and Usage Revenue (ARR):\n\n\nTotal ARR grew to $688 million, an increase of 28% from the end of the same period last year.\n\n\nEnterprise ARR of $403 million increased 54% year-over-year and represented 59% of total ARR.\n\n\n1,277 customers generated ARR greater than $100,000, compared to 824 at the end of the first quarter of fiscal 2022.\n\n\n\n\nGAAP gross margin was 64%, compared to 60% in the same period last year. Non-GAAP gross margin was 69%, compared to 63% in the same period last year.\n\n\nGAAP service gross ma...