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Jun 30, 2023
8x8 Q1 2024 Earnings Report
Reported first quarter fiscal year 2024 financial results, with GAAP and non-GAAP gross margins at multi-year highs.
Key Takeaways
8x8, Inc. reported a decrease in total revenue by 2% year-over-year to $183.3 million. However, the company saw improvements in profitability with GAAP operating loss decreasing to $1.4 million and non-GAAP operating profit increasing by 161% to $26.4 million. Cash flow from operations also increased significantly by 353% year-over-year to $26.5 million.
Total revenue decreased 2% year-over-year to $183.3 million.
GAAP operating loss improved to $1.4 million, compared to a loss of $26.8 million in the first quarter of fiscal 2023.
Non-GAAP operating profit increased 161% to $26.4 million.
Cash flow from operations increased 353% year-over-year to $26.5 million.
8x8
8x8
8x8 Revenue by Segment
Revenue by Segment
Service Revenue
CapyFin.com Forward Guidance
8x8 provided financial outlook for the second quarter and updated fiscal year 2024.
Positive Outlook
- Service revenue for Q2 is expected to be in the range of $173 million to $178 million.
- Total revenue for Q2 is expected to be in the range of $180 million to $186 million.
- Non-GAAP operating margin for Q2 is expected to be in the range of 10.5% to 11.5%.
- Service revenue for fiscal year 2024 is expected to be in the range of $701 million to $711 million.
- Total revenue for fiscal year 2024 is expected to be in the range of $732.5 million to $742.5 million.
Challenges Ahead
- Expectations are subject to various important cautionary factors referenced in the section entitled "Forward-Looking Statements".
- The Company does not reconcile its forward-looking estimates of non-GAAP operating margin to the corresponding GAAP measures of GAAP operating margin due to the significant variability of, and difficulty in making accurate forecasts and projections with regards to, the various expenses it excludes.
- 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, such as the market price of 8x8 common stock, and may also be significantly impacted by events like acquisitions, the timing and nature of which are difficult to predict with accuracy.
- The actual amounts of these excluded items could have a significant impact on the Company's GAAP operating margin.