Press release
Ribbon Communications Inc. Reports First Quarter 2022 Financial Results
North American IP Optical Networks Sales Up 190% YOY Projecting Strong Q2 Sequential Total Company Revenue Growth PLANO, Texas, April 27, 2022 /PRNewswire/ --
About this update from Ribbon Communications Inc.
[{"type":"text","content":"North American IP Optical Networks Sales Up 190% YOY\nProjecting Strong Q2 Sequential Total Company Revenue Growth\nPLANO, Texas, April 27, 2022 /PRNewswire/ -- Ribbon Communications Inc. (Nasdaq: RBBN), a global provider of real time communications technology and IP optical networking solutions to many of the world's largest service providers, enterprises, and critical infrastructure operators to modernize and protect their networks, today announced its financial results for the first quarter of 2022.\n\n \n \n \n \n \n \n\n \nRevenue for the first quarter of 2022 was $173 million, compared to $193 million for the first quarter of 2021. Product and service bookings-to-revenue was 1.20x in the first quarter of 2022, with IP Optical Networks at 1.27x.\n\"The Ribbon team delivered financial results directly in-line with our guidance for the quarter despite continued supply chain constraints. Our continued growth in IP Optical sales in North America, strong RFP activity, and new product pipeline provide confidence that our financial performance will continue to improve throughout the year,\" noted Bruce McClelland, President and Chief Executive Officer of Ribbon Communications. \nMcClelland continued, \"The increased investment we are making in product development is accelerating the pace of new product and service introductions in order to deliver on our strategy to generate both near-term and longer-term revenue growth. Partnerships such as our recent Cloud & Edge announcement with Microsoft to accelerate deployment of Teams further differentiate our solutions and expand our market reach.\"\nFinancial Highlights1, 2In millions, except per share amounts\nThree months ended\nMarch 31,\n2022\n2021\nGAAP Revenue\n$ 173\n$ 193\nGAAP Net loss\n$ (70)\n$ (45)\nNon-GAAP Net income / (loss)\n$ (12)\n$ 5\nNon-GAAP Adjusted EBITDA\n$ (9)\n$ 20\nGAAP diluted loss per share \n$ (0.47)\n$ (0.31)\nNon-GAAP diluted earnings / (loss) per share\n$ (0.08)\n$ 0.03\nWeighted average shares outstanding basic\n149\n146\nWeighted average shares outstanding diluted\n154\n155\n1 The Company's results include the impact of changes in the fair value of the consideration received from the sale of its Kandy Communications business (the \"Kandy Sale\") to American Virtual Cloud Technologies (\"AVCT\") and paid-in-kind interest earned on the consideration. Thes...