8x8, Inc., announced their operating results for the fourth quarter and fiscal year ended March 31, 2012.
Fourth Quarter Fiscal 2012 Financial Results
-- Total revenue for the quarter increased 33% year over year to a record $24.2 million.
-- Revenue from business customers increased 44% year over year to $22.8 million.
-- Average monthly revenue per business customer was $244, compared with $204 in the same period last year.
-- Average number of services subscribed to per business customer grew to 9.8 from 8.0 in the same period last year.
-- Business customer churn was 2.0%, compared with 2.3% in the fourth quarter of fiscal 2011; revenue churn was 1.6%.
-- Gross margin at 68.4%; service margin was 76.1%.
-- GAAP net income was $63.9 million, or $0.87 per diluted share, compared with $2.0 million, or $0.03 per share, for the fourth quarter of fiscal 2011 (includes a one-time non-cash income tax benefit of $62.1 million associated with the release of a deferred tax asset valuation allowance in the fourth fiscal quarter).
-- Non-GAAP net income (as outlined in the reconciliation table below) was $3.0 million, or $0.04 per diluted share, compared with $2.3 million, or $0.03 per diluted share, in the same period last year.
-- Balance sheet grew by $2.4 million to end the quarter with $24.4 million in cash, cash equivalents and investments.
Full Year Fiscal 2012 Financial Results
-- Total revenue was a record $85.8 million, a 22% increase over revenue of $70.2 million for fiscal 2011.
-- Revenue from business customers was $79 million, a 30% increase over revenue of $61 million in fiscal 2011.
-- GAAP net income was $69.2 million, or $0.99 per diluted share, compared with $6.5 million, or $0.10 per share, for fiscal 2011 (includes a one-time non-cash income tax benefit of $62.1 million associated with the release of a deferred tax asset valuation allowance in the fourth fiscal quarter).
-- Non-GAAP net income (as outlined in the reconciliation table below) was $10.3 million, or $0.15 per diluted share, compared with $7.1 million, or $0.11 per diluted share, for fiscal 2011.
-- Gross margin as a percentage of sales in fiscal 2012 was 67.5%, compared with 67.8% for fiscal 2011.
-- Net cash provided by operating activities grew to $9.2 million, compared with $8.6 million in fiscal 2011.
-- Cash, cash equivalents and investments increased $6.0 million in fiscal 2012; share repurchases totaled $2.9M for fiscal year 2012.
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