8x8, Inc. Announces Record Financial Results for Fourth Quarter

Updated: May 17, 2012

8x8, Inc. Announces Record Financial Results for Fourth Quarter

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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