Business
Ribbon Communications Releases First Quarter 2019 Financial Results
WESTFORD, Mass., May 2, 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., May 2, 2019 /PRNewswire/ -- Ribbon Communications Inc. (Nasdaq: RBBN), a global software leader in secure and intelligent cloud communications, today announced its financial results for the first quarter of 2019, the authorization by its Board of Directors to repurchase up to $75 million of the Company's common stock, the amendment and restatement of its senior secured credit facility, and the retirement of its GENBAND acquisition debt.\n\n \n\"We continued to make solid progress on delivering our core solutions for our session software products while expanding market share. We also had a number of accomplishments during the quarter involving some of the world's largest telecom service providers that validate the traction we are making with our cloud solutions,\" said Fritz Hobbs, President and Chief Executive Officer of Ribbon Communications. \"We are pleased that our balance sheet and cash flow will enable us to return value to stockholders through a stock repurchase program, while at the same time continue to invest in internal and external opportunities that we believe will further drive long-term growth.\"\nFirst Quarter 2019 Financial Highlights1\nGAAP total revenue was $119 million, compared with $121 million in the first quarter of 2018. Non-GAAP total revenue was $122 million, compared with $135 million in the first quarter of 2018. GAAP net loss was $31 million, compared with a net loss of $45 million in the first quarter of 2018. Non-GAAP net loss was $6 million, compared with a net loss of $4 million in the first quarter of 2018. GAAP loss per share was $0.29, compared with a loss per share of $0.44 in the first quarter of 2018. Non-GAAP loss per share was $0.05, compared with a loss per share of $0.04 in the first quarter of 2018. Non-GAAP Adjusted EBITDA was break-even, compared with $1 million in the first quarter of 2018. Cash and investments were $46 million at the end of the first quarter of 2019, compared with $51 million at the end of the fourth quarter of 2018.1 Please see the reconciliation of non-GAAP and GAAP financial measures, and additional information about non-GAAP measures, in the press release appendix.\n\"First quarter 2019 results were in line with our expectations that took into account seasonality and relatively soft service provider market conditions,\" said Daryl Raiford, Chi...