Business
8x8, Inc. Reports First Quarter Fiscal 2024 Financial Results
GAAP and non-GAAP gross margins at multi-year highs Cash flow from operations increased 353% year-over-year to $26.5 million Powerful Conversational AI
About this update from 8x8 Inc
[{"type":"text","content":"\n\nGAAP and non-GAAP gross margins at multi-year highs\n\n\n\nCash flow from operations increased 353% year-over-year to $26.5 million\n\n\n\nPowerful Conversational AI Self-Service capabilities added to XCaaS contact center\n\n\n\n CAMPBELL, Calif.--(BUSINESS WIRE)--\n8x8, Inc. (NASDAQ: EGHT), a leading integrated cloud contact center and unified communications platform provider, today reported financial results for the first quarter of fiscal 2024 ended June 30, 2023.\n\n\nFirst Quarter Fiscal 2024 Financial Results:\n\n\n\nTotal revenue decreased 2% year-over-year to $183.3 million.\n\n\n\nService revenue decreased 2% year-over-year to $175.2 million.\n\n\n\nGAAP operating loss was $1.4 million, compared to GAAP operating loss of $26.8 million in the first quarter of fiscal 2023.\n\n\n\nNon-GAAP operating profit was $26.4 million, an increase of 161% compared to non-GAAP operating profit of $10.1 million in the first quarter of fiscal 2023.\n\n\n\nGAAP net loss was $15.3 million compared to GAAP net loss of $26.0 million in the first quarter of fiscal 2023.\n\n\n\nNon-GAAP net income was $15.5 million, compared to non-GAAP net income of $11.6 million in the first quarter of fiscal 2023.\n\n\n\nAdjusted EBITDA was $33.8 million, or 18% of revenue, compared to Adjusted EBITDA of $18.9 million, or 10% of revenue, in the first quarter of fiscal 2023.\n\n\n\n“Our first quarter results reflected our decision to prioritize profitability and cash flow while increasing investment in innovation,” said Samuel Wilson, Chief Executive Officer at 8x8, Inc. “We delivered record operating income and cash flow.”\n\n\n“We are proud that customers are embracing our vision and innovation roadmap. We expanded the number of contact center users on our 8x8 XCaaS platform, increased the number of 8x8 Voice for Microsoft Teams seats, and closed the largest total contract value transaction in our history. Many of our recent innovations, including digital 8x8 Intelligent Customer Assistant and enhancements to our 8x8 Supervisor Workspace, were based on feedback we received through our Customer Labs program,” added Wilson.\n\n\nFirst Quarter Fiscal 2024 Financial Metrics and Recent Business Highlights:\n\n\nFinancial Metrics\n\n\n\nAnnual Recurring Subscriptions and Usage Revenue (ARR):\n\n\nTotal ARR was $703.0 million, an increase of 2% from the end ...