Press release
Ribbon Communications Inc. Reports Fourth Quarter and Full Year 2022 Financial Results
Revenue Grew 13% Sequentially to $234 Million for the Fourth Quarter of 2022IP Optical Sales Up 17% Year Over Year PLANO, Texas, Feb. 15, 2023 /PRNewswire/ --
About this update from Ribbon Communications Inc.
[{"type":"text","content":"Revenue Grew 13% Sequentially to $234 Million for the Fourth Quarter of 2022IP Optical Sales Up 17% Year Over Year\nPLANO, Texas, Feb. 15, 2023 /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 fourth quarter and full year 2022.\n\n \n \n \n \n \n \n\n \nRevenue for the fourth quarter of 2022 was $234 million, compared to $231 million for the fourth quarter of 2021 and $207 million for the third quarter of 2022. Revenue for full year 2022 was $820 million, compared to $845 million for full year 2021.\n\"I am very pleased to report solid financial results for the fourth quarter 2022 - the best quarter of the year for Ribbon. Our overall sales were above the mid-point of our guidance, and adjusted EBITDA grew 25% quarter-over-quarter and 11% year-over-year. Product and Service Bookings were once again very good and exceeded the higher sales level in the quarter,\" stated Bruce McClelland, President and Chief Executive Officer of Ribbon Communications. \nMcClelland continued, \"The highlight of our quarter includes continued improvement in our IP Optical business, with increased sales across all regions and multiple new customer wins. In particular, momentum continued in our IP Routing portfolio with sales increasing 34% year-over-year, which is expected to only get stronger as we roll out new product offerings this year. In addition, the Cloud and Edge segment continued to post positive results, with strong Enterprise and SBC sales in the quarter.\"\nFinancial Highlights1\nIn millions, except per share amounts\nThree months ended\nYear ended\nDecember 31,\nDecember 31,\n2022\n2021\n2022\n2021\nGAAP Revenue\n$\n234\n$\n231\n$\n820\n$\n845\nGAAP Net income (loss)\n$\n20\n$\n(96)\n$\n(98)\n$\n(177)\nNon-GAAP Net income\n$\n15\n$\n1\n$\n17\n$\n49\nNon-GAAP Adjusted EBITDA\n$\n29\n$\n26\n$\n64\n$\n120\nGAAP diluted earnings (loss) per share \n$\n0.12\n$\n(0.65)\n$\n(0.63)\n$\n(1.20)\nNon-GAAP diluted earnings per share\n$\n0.09\n$\n0.01\n$\n0.11\n$\n0.32\nWeighted average shares outstanding basic\n168\n149\n157\n148\nWeighted average shares outstandin...