Press release
Ribbon Communications Inc. Reports Third Quarter 2021 Financial Results
IP Optical Networks new customer wins and strong profitability in Cloud & Edge Global supply chain constraints affected in-quarter revenue PLANO, Texas, Oct.
About this update from Ribbon Communications Inc.
[{"type":"text","content":"IP Optical Networks new customer wins and strong profitability in Cloud & Edge Global supply chain constraints affected in-quarter revenue\n\n\nPLANO, Texas, Oct. 27, 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 third quarter of 2021. \n\n \n \n \n \n \n \n\n \nFor the first nine months of 2021, sales increased by 2%, Adjusted EBITDA increased 14% and Non-GAAP diluted earnings per share increased 29% versus 2020 (GAAP loss per share increased by $0.291). Revenue for the third quarter of 2021 was $210 million, impacted by approximately $9.5 million related to supply chain constraints in the quarter. \n\"We're excited by our recent IP Optical Networks wins and growth prospects as our funnel of opportunities strengthen and benefit from the breadth of existing Ribbon relationships with customers,\" noted Bruce McClelland, President and Chief Executive Officer of Ribbon Communications. \"We believe these customer wins, along with accelerating investments in fiber networks and 5G technology, position Ribbon for strong growth in 2022 and beyond. While revenues this quarter were impacted by supply chain constraints, we believe our IP Optical product book to revenue ratio of 1.17 times demonstrates growing demand.\" \nFinancial Highlights1, 2 The following table summarizes the consolidated financial highlights for the three and nine months ended September 30, 2021 and 2020 (in millions, except per share amounts).\nThree months ended\nNine months ended\nSeptember 30,\nSeptember 30,\n2021\n2020\n2021\n2020\nGAAP Revenue\n$210\n$231\n$ 614\n$600\nGAAP Net income (loss) \n($59)\n$6\n($81)\n($35)\nNon-GAAP Net income\n$16\n$22\n$ 48\n$ 34\nGAAP Income (loss) per share \n($0.40)\n$0.04\n($0.55)\n($0.26)\nWeighted average shares outstanding for GAAP income (loss) per share \n148\n152\n147\n137\nNon-GAAP diluted earnings per share\n$0.11\n$0.14\n$0.31\n$0.24\nDiluted weighted average shares outstanding for Non-GAAP diluted earnings per share\n154\n152\n155\n141\nNon-GAAP Adjusted EBITDA\n$32\n$43\n$ 94\n$ 82\n\n1 GAAP Net income and GAAP Diluted earnings per share for the three months and nine months ended September 30, 20...