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Jun 30, 2022
8x8 Q1 2023 Earnings Report
Reported first quarter fiscal year 2023 financial results
Key Takeaways
8x8's total revenue increased 26% year-over-year to $187.6 million, with service revenue up 30% to $179.2 million. The company's GAAP operating loss was $26.8 million, while non-GAAP operating profit was $10.1 million. Enterprise ARR increased 54% year-over-year to $403 million.
Total revenue increased 26% year-over-year to $187.6 million, including Fuze revenue of $29.5 million.
Service revenue increased 30% year-over-year to $179.2 million, including Fuze revenue of $29.3 million.
GAAP operating loss was $26.8 million, compared to operating loss of $38.8 million in the first quarter of fiscal 2022.
Non-GAAP operating profit was $10.1 million, compared to non-GAAP operating profit of $1.3 million in the first quarter of fiscal 2022.
8x8
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8x8 Revenue by Segment
Revenue by Segment
Service Revenue
CapyFin.com Forward Guidance
8x8 provides financial outlook for the second quarter and updated fiscal year 2023, including service revenue, total revenue, and non-GAAP operating margin.
Positive Outlook
- Service revenue in the range of $177 million to $180 million for Q2 2023, representing year-over-year growth of approximately 25% at the midpoint.
- Total revenue in the range of $185 million to $188 million for Q2 2023, representing year-over-year growth of approximately 23% at the midpoint.
- Non-GAAP operating margin in the range of 2.5% to 3.0% for Q2 2023.
- Service revenue in the range of $720 million to $730 million for fiscal year 2023, representing year-over-year growth of 20% at the midpoint.
- Total revenue in the range of $747.5 million to $762.5 million for fiscal year 2023, representing year-over-year growth of approximately 18% at the midpoint.
Challenges Ahead
- Non-GAAP operating margin of approximately 4% for fiscal year 2023, with a goal of exiting fiscal 2023 with non-GAAP operating margin of at least 5%.
- Expectations are subject to various important cautionary factors referenced in the section entitled "Forward-Looking Statements".
- Future hiring and employee turnover may not be reasonably predictable.
- Stock-based compensation expense depends on variables that are largely not within the control of nor predictable by management.
- Foreign currency exchange fluctuations may negatively impact our guidance.