Business
Crexendo Announces Second Quarter 2020 Results
PHOENIX, AZ / ACCESSWIRE / August 10, 2020 / Crexendo, Inc. (NASDAQ:CXDO), an award-winning premier provider of cloud communications, UCaaS (Unified
About this update from Crexendo, Inc.
[{"type":"text","content":"PHOENIX, AZ / ACCESSWIRE / August 10, 2020 / Crexendo, Inc. (NASDAQ:CXDO), an award-winning premier provider of cloud communications, UCaaS (Unified Communications as a Service), call center, collaboration services, and other cloud business services that are designed to provide enterprise-class cloud services to any size business at affordable monthly rates, today reported financial results for the second quarter ended June 30, 2020.Second Quarter Financial highlights:UCaaS service revenue increased 16% year-over-year to $3.5 million.GAAP net income of $508,000 improved 50% year over year.Non-GAAP net income of $660,000 improved 48% year over year.Financial Results for the Second Quarter of 2020Consolidated total revenue for the second quarter of 2020 increased 12% to $4.1 million compared to $3.6 million for the second quarter of 2019.Consolidated service revenue for the second quarter of 2020 increased 15% to $3.6 million compared to $3.1 million for the second quarter of 2019.Cloud Telecommunications Segment UCaaS service revenue for the second quarter of 2020 increased 16% to $3.5 million compared to $3.0 million for the second quarter of 2019.Web Services Segment service revenue for the second quarter of 2020 decreased 18% to $136,000, compared to $165,000 for the second quarter of 2019.Consolidated product revenue for the second quarter of 2020 decreased 4% to $449,000 compared to $467,000 for the second quarter of 2019.Consolidated operating expenses for the second quarter of 2020 increased 8% to $3.5 million compared to $3.3 million for the second quarter of 2019.The Company reported net income of $508,000 for the second quarter of 2020, or $0.03 per basic and diluted common share, compared to $338,000 or $0.02 per basic and diluted common share for the second quarter of 2019, an increase of 50% year over year.Non-GAAP net income of $660,000 for the second quarter of 2020, or $0.04 per basic and diluted common share, compared to a non-GAAP net income of $447,000 or $0.03 per basic and diluted common share for the second quarter of 2019, an increase of 48% year over year.EBITDA for the second quarter of 2020 increased to $568,000, compared to $362,000 for the second quarter of 2019. Adjusted EBITDA for the second quarter of 2020 increased to $704,000, compared to $457,000 for the second quarter of 2019.Financial Results f...