Press release
Ribbon Communications Inc. Reports Fourth Quarter and Full Year 2020 Financial Results
Second Consecutive Quarter of Positive Net Income and Record Adjusted EBITDA Revenue Grew 6% Sequentially WESTFORD, Mass., Feb. 17, 2021 /PRNewswire/ --
About this update from Ribbon Communications Inc.
[{"type":"text","content":"Second Consecutive Quarter of Positive Net Income and Record Adjusted EBITDA\n Revenue Grew 6% Sequentially\n\n\nWESTFORD, Mass., Feb. 17, 2021 /PRNewswire/ -- Ribbon Communications Inc. (Nasdaq: RBBN), a global provider of real time communications software and IP optical transport solutions to service providers, enterprises, and critical infrastructure sectors, today announced its financial results for the fourth quarter and full year 2020. \n\n \n \n \n \n \n \n\n \nRevenue for the fourth quarter of 2020 was $244 million, compared to $161 million for the fourth quarter of 2019, an increase of 52%. Revenue for 2020 was $844 million, compared to $563 million in 2019, an increase of 50%. Approximately $89 million of the year-over-year revenue increase in the fourth quarter and $261 million of the increase in 2020 was attributable to the Company's acquisition of ECI Telecom Group, Ltd. (ECI), which closed on March 3, 2020. \n\"We are very pleased with our fourth quarter results, in particular our second consecutive quarter of record adjusted EBITDA as we benefitted from strong sales and gross margins, along with efficiencies in operating expense,\" noted Bruce McClelland, President and Chief Executive Officer of Ribbon Communications. \"We are excited to carry this momentum forward in 2021 as we continue to focus on growing our IP Optical sales and improving overall profitability.\" \nFinancial Highlights1, 2, 3 The following table summarizes the consolidated financial highlights for the three months and years ended December 31, 2020 and 2019 (in millions, except per share amounts).\nThree months ended\nYear ended\nDecember 31,\nDecember 31,\n2020\n2019\n2020\n2019\nGAAP Revenue\n$ 244\n$ 161\n$ 844\n$563\nGAAP Net income (loss) \n$ 124\n($ 150)\n$ 89\n($130)\nNon-GAAP Net income\n$ 27\n$ 30\n$ 62\n$ 51\nGAAP diluted earnings (loss) per share \n$0.81\n($1.36)\n$0.61\n($1.19)\nNon-GAAP diluted earnings per share\n$0.18\n$0.27\n$0.43\n$0.47\nWeighted average shares (basic and diluted) outstanding\n153\n110\n145\n110\nNon-GAAP Adjusted EBITDA\n$ 49\n$ 43\n$ 131\n$ 86\nCash was $136 million at December 31, 2020, compared with $111 million at September 30, 2020 and $45 million at December 31, 2019. \n1 Results for the three months ended December 31, 2020 represent three months of Ribbon and ECI. Results for the year ended December 31, ...