Business
Ribbon Communications Inc. Reports Second Quarter 2019 Financial Results
WESTFORD, Mass., July 31, 2019 /PRNewswire/ -- Ribbon Communications Inc. (Nasdaq: RBBN), a global software leader in secure and intelligent cloud
About this update from Ribbon Communications Inc.
[{"type":"text","content":"WESTFORD, Mass., July 31, 2019 /PRNewswire/ -- Ribbon Communications Inc. (Nasdaq: RBBN), a global software leader in secure and intelligent cloud communications, today announced its financial results for the second quarter of 2019.\n\n \n\"Our second quarter financial results and improving profitability demonstrate the progress we are making,\" said Fritz Hobbs, President and Chief Executive Officer of Ribbon Communications. \"We are seeing good progress and early validation of our business strategy, which is focused on closely aligning to the needs of our customers and partners with our comprehensive suite of software product and service offerings.\"\nSecond Quarter 2019 Financial Highlights1, 2\nGAAP revenue was $145 million, compared with $137 million in the second quarter of 2018. GAAP net income was $49 million, compared with a net loss of $20 million in the second quarter of 2018. Non-GAAP net income was $16 million, compared with $14 million in the second quarter of 2018. GAAP diluted earnings per share was $0.45, compared with a loss per share of $0.20 in the second quarter of 2018. Non-GAAP diluted earnings per share was $0.14 in both the second quarter of 2019 and 2018. Non-GAAP Adjusted EBITDA was $22 million, compared with $20 million in the second quarter of 2018.The Company resolved an intellectual property infringement dispute with a competitor, resulting in a $63 million settlement that was excluded from non-GAAP financial results.\nThe Company repurchased and retired approximately 976,000 shares of common stock at an average price of $4.65 for a total of $5 million in the second quarter of 2019. Cash was $51 million at June 30, 2019, compared with cash and investments of $46 million at March 31, 2019.\"Revenue was $145 million and Adjusted EBITDA was $22 million in the second quarter of 2019,\" said Daryl Raiford, Chief Financial Officer of Ribbon Communications. \"Our 12 percent year-over-year growth in profitability was driven by improving software revenue mix coupled with our cost reduction efforts.\"\nSecond Quarter 2019 Customer and Company Highlights\nA national telecommunications service provider in Asia selected Ribbon to transform its nationwide communication services network using Ribbon's portfolio of core and session software solutions and services. VOD Communications, a value-added distributor of t...