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8x8, Inc. Reports Fourth Quarter and Fiscal 2020 Financial Results

May 12, 2020 4:05 PM

Fiscal 2020 Total Revenue Increased 27% year-over-year to $446.2 million

Total ARR grew 34% in the fiscal fourth quarter

CAMPBELL, Calif.--(BUSINESS WIRE)-- 8x8, Inc. (NYSE: EGHT), a leading integrated cloud communications platform provider, today reported financial results for the fourth quarter and full-year fiscal 2020 ended March 31, 2020.

Fourth Quarter Fiscal 2020 Financial Results:

Full-Year Fiscal 2020 Financial Results:

"We delivered solid fourth quarter and full-year results exceeding our guidance range, driven by continued momentum in the channel, mid-market and enterprise markets,” said Vik Verma, Chief Executive Officer at 8x8, Inc. "During this unprecedented time, 8x8’s cloud-based communications solutions have seen a tremendous surge in usage and provide a critical service supporting customers, partners and communities to stay connected, productive and responsive in remote work environments.”

“The digital transformation from on-premise to cloud was a business imperative before COVID-19, and even more so now as legacy systems in the marketplace do not meet evolving business continuity requirements. 8x8 is well positioned to remotely deliver an integrated platform for communications, collaboration, contact center and video meetings for long-term business resiliency," added Verma.

Q4 F2020 Business Metrics and Highlights:

Financial and Business Metrics

* Please see note on “Reclassification” of Service Revenue.

Product Innovation Highlights

Reclassification:

The Company reclassified certain revenue and cost of revenue on our Consolidated Statement of Operations effective for the fourth quarter of fiscal 2020. Professional services revenue and cost of professional services revenue previously reported in service revenue and cost of service revenue are now reported in other revenue and cost of other revenue. Product revenue and cost of product revenue are also now reported in other revenue and cost of other revenue. The reclassifications did not have any impact on total revenue, consolidated net loss, or cash flows for any of the fiscal years presented. The Company has also reclassified these revenues for the prior periods presented in order to provide comparable historical financial information and has included a reconciliation table for fiscal 2020 and fourth quarter and full-year fiscal 2019 with this press release.

Giving effect to the reclassifications, Service Revenue and Service Margins for the fourth quarter and full-year of fiscal 2020 are reported as follows:

Financial Outlook:

The Company is providing guidance for the first quarter of fiscal 2021 ending June 30, 2020. With the uncertainty surrounding the ongoing impact of COVID-19, the Company is not providing full-year fiscal 2021 guidance.

Q1 Fiscal 2021 Guidance:

Please note that Service Revenue guidance is post-reclassification and excludes Professional Services. The historical reporting of Service Revenue, pre-reclassification and includes Professional Services, is anticipated to be in the range of approximately $116.0 million to $117.0 million, representing 26% to 27% year-over-year growth. The Company will not be disclosing the historical reporting of Service Revenue after the first quarter of fiscal 2021.

We do not reconcile our forward-looking estimates of non-GAAP Pre-Tax Income (Loss) to the corresponding GAAP measures of GAAP Net Income (Loss) due to the significant variability of, and difficulty in making accurate forecasts and projections with regards to, the various expenses we exclude. For example, although future hiring and retention needs may 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. Similarly, impairments and other non-recurring items are difficult to predict as they may depend on future events and external factors outside the Company's control. The actual amounts of these excluded items could have a significant impact on the Company's GAAP Pre-Tax Income (Loss). Accordingly, management believes that reconciliations of this forward-looking non-GAAP financial measure to the corresponding GAAP measure are not available without unreasonable effort. All projections (including our guidance for the fiscal year and our path to profitability) are on a non-GAAP basis. See the Financial Metrics Sheet for Fourth Quarter Fiscal Year 2020 posted on the Company's investor relations website for the definition of operational and key business metrics referenced in this press release.

Conference Call Information:

Management will host a conference call to discuss earnings results on May 12, 2020 at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). The call is accessible via the following numbers and webcast link:

Dial In: (844) 343-9040 Domestic or (647) 689-5131 International; Conference ID #5336659

Replay: (800) 585-8367 Domestic or (416) 621-4642 International; Conference ID #5336659

Webcast: http://investors.8x8.com

Participants should plan to dial in or log on 15 minutes prior to the start time. A telephonic replay of the call will be available until May 19, 2020. The webcast will be archived on 8x8's website for a period of 30 days. For additional information, visit http://investors.8x8.com.

About 8x8, Inc.

8x8, Inc. (NYSE: EGHT) is transforming the future of business communications as a leading Software-as-a-Service provider of voice, video, chat, contact center, and enterprise-class API solutions powered by one global cloud communications platform. 8x8 empowers workforces worldwide to connect individuals and teams so they can collaborate faster and work smarter. Real-time business analytics and intelligence provide businesses unique insights across all interactions and channels so they can delight end-customers and accelerate their business. For additional information, visit www.8x8.com, or follow 8x8 on LinkedIn, Twitter and Facebook.

Non-GAAP Measures:

The Company has provided in this release financial information that has not been prepared in accordance with Generally Accepted Accounting Principles (GAAP). Management uses these non-GAAP financial measures internally in analyzing the Company's financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating the Company's ongoing operational performance. Management believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating 8x8's ongoing operating results and trends and in comparing financial results with other companies in the industry, many of which present similar non-GAAP financial measures to investors.

The Company has defined non-GAAP Net Income (Loss) as Net Income (Loss) under GAAP, plus amortization of acquired intangible assets, stock-based compensation expense and related employer payroll taxes, acquisition and integration expenses, debt amortization expense, legal and regulatory costs, severance and related termination costs, and the provision for income taxes. Amortization of acquired intangible assets is excluded because it is a non-cash expense that management does not consider part of ongoing operations when assessing the Company's financial performance. Stock-based compensation expense has been excluded because it is a non-cash expense and relies on valuations based on future conditions and events, such as the market price of 8x8 common stock, that are difficult to predict and/or largely not within the control of management. The related employer payroll taxes for stock-based compensation are excluded since they are incurred only due to the associated stock-based compensation expense. Certain other income and expense items, such as acquisition and integration-related expenses, certain legal and regulatory costs, certain severance and related termination costs, and expenses for tax, have been excluded because management considers them not indicative of trends in the Company's ongoing operations.

GAAP tax provision for income taxes has been excluded as management does not consider taxes in its analysis of the performance of ongoing operations. Due to the Company's history of tax losses and full valuation allowance against deferred tax assets, future GAAP and Non-GAAP effective tax rates are limited to current taxes in certain US states and foreign jurisdictions. The Company reports these current taxes as reduction from Non-GAAP pretax net income (loss) to derive Non-GAAP net income (loss) after taxes.

The Company defines non-GAAP Net Income (Loss) per share as non-GAAP Net Income (Loss) divided by the weighted-average basic or diluted shares outstanding which includes the effect of potentially dilutive stock options and awards. Management believes that such exclusions facilitate comparisons to the Company's historical operating results and to the results of other companies in the same industry, and provides investors with information that management uses in evaluating the Company's performance on a quarterly and annual basis.

Although these non-GAAP financial measures adjust expenses, they should not be viewed as a pro forma presentation reflecting the elimination of the underlying share-based compensation programs, which are an important element of the Company's compensation structure. GAAP requires that all forms of share-based payments should be valued and included in the results of operations.

We disclose these non-GAAP financial measures to the public as an additional means by which investors can assess our performance. These non-GAAP financial measures may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. This reconciliation has been provided in the financial statement tables included below in this press release.

Forward Looking Statements:

This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. Any statements that are not statements of historical fact may be deemed to be forward-looking statements. For example, words such as "may," "will," "should," "estimates," "predicts," "potential," "continue," "strategy," "believes," "anticipates," "plans," "expects," "intends," and similar expressions are intended to identify forward-looking statements. These forward-looking statements, include but are not limited to: changing industry trends, operational and economic impacts of the COVID-19 pandemic, new product innovations and integrations, market demand for our products, channel growth, sales and marketing activities, strategic partnerships, business strategies, improved customer acquisition and support costs, customer churn, future operating performance and efficiencies, financial outlook, revenue growth, and profitability.

You should not place undue reliance on such forward-looking statements. Actual results could differ materially from those projected in forward-looking statements depending on a variety of factors, including, but not limited to: market acceptance of new or existing services and features we may offer from time to time; customer acceptance and demand for our cloud communication and collaboration services, including voice, contact center, video, messaging, and communication APIs; competitive pressures, and any changes in the competitive dynamics of the markets in which we compete; the impact of economic downturns on us and our customers, including the impacts of the COVID-19 pandemic; the quality and reliability of our services; customer cancellations and rate of churn; our ability to scale our business; our reliance on infrastructure of third-party network services providers; risk of failure in our physical infrastructure; risk of defects or bugs in our software; risk of cybersecurity breaches and other unauthorized disclosures of customer data; our ability to maintain the compatibility of our software with third-party applications and mobile platforms; continued compliance with industry standards and regulatory requirements, including privacy, in the United States and foreign countries in which we make our software solutions available, and the costs of such compliance; risks relating to the acquisition and integration of businesses we have acquired (for example, Wavecell Pte. Ltd.) or may acquire in the future, particularly if the acquired business operates in a different market space from us or is based in a region where we do not have significant operations; the amount and timing of costs associated with recruiting, training and integrating new employees; timing and extent of improvements in operating results from increased spending in marketing, sales, and research and development; upfront investments, including the cost to support new strategic initiatives such as our cloud migration program with value-added resellers and other partners, to acquire more customers may not result in additional revenue from new or existing customers; introduction and adoption of our cloud software solutions in markets outside of the United States; risks related to our senior convertible notes and the related capped call transactions; implementation and effects of new accounting standards and policies in our reported financial results; and potential future intellectual property infringement claims and other litigation that could adversely affect our business and operating results.

For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's reports on Forms 10-K and 10-Q, as well as other reports that 8x8, Inc. files from time to time with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by this cautionary statement, and 8x8, Inc. undertakes no obligation to update publicly any forward-looking statement for any reason, except as required by law, even as new information becomes available or other events occur in the future.

8x8, Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts; unaudited)

Three Months Ended

Years Ended

March 31,

March 31,

2020

2019

2020

2019

Service revenue

$

112,531

$

86,632

$

414,078

$

325,305

Other revenue

8,947

7,135

32,159

27,281

Total revenue

121,478

93,767

446,237

352,586

Cost of revenue and operating expenses:

Cost of service revenue

43,114

23,163

145,013

86,122

Cost of other revenue

14,507

11,430

56,215

43,850

Research and development

20,155

18,064

77,790

62,063

Sales and marketing

65,420

49,525

240,013

177,976

General and administrative

24,436

19,010

87,025

72,208

Total operating expenses

167,632

121,192

606,056

442,219

Loss from operations

(46,154

)

(27,425

)

(159,819

)

(89,633

)

Other income (expense), net

(3,798

)

(470

)

(11,717

)

1,463

Loss from operations before provision for income taxes

(49,952

)

(27,895

)

(171,536

)

(88,170

)

Provision for income taxes

148

236

832

569

Net loss

$

(50,100

)

$

(28,131

)

$

(172,368

)

$

(88,739

)

Net loss per share:

Basic and diluted

$

(0.49

)

$

(0.29

)

$

(1.72

)

$

(0.94

)

Weighted average number of shares:

Basic and diluted

102,743

95,879

99,999

94,533

8x8, Inc.

CONSOLIDATED BALANCE SHEETS

(In thousands, unaudited)

March 31, 2020

March 31, 2019

ASSETS

Current assets

Cash and cash equivalents

$

137,394

$

276,583

Restricted cash, current

10,376

Short-term investments

33,458

69,899

Accounts receivable, net

37,811

20,181

Deferred sales commission costs, current

22,444

15,601

Other current assets

35,679

15,127

Total current assets

277,162

397,391

Property and equipment, net

94,382

52,835

Operating lease, right-of-use assets

78,963

Intangible assets, net

24,001

11,680

Goodwill

128,300

39,694

Restricted cash, non-current

8,641

8,100

Long-term investments

16,083

Deferred sales commission costs, non-current

53,307

33,693

Other assets

19,802

2,965

Total assets

$

700,641

$

546,358

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable

$

40,261

$

32,280

Accrued compensation

22,656

18,437

Accrued taxes

10,251

13,862

Operating lease liabilities, current

5,875

Deferred revenue

7,105

3,336

Other accrued liabilities

37,277

6,790

Total current liabilities

123,425

74,705

Operating lease liabilities, non-current

92,452

Convertible senior notes, net

291,537

216,035

Other liabilities, non-current

2,496

6,228

Total liabilities

509,910

296,968

Stockholders' equity:

Common stock

103

96

Additional paid-in capital

625,474

506,949

Accumulated other comprehensive loss

(12,176

)

(7,353

)

Accumulated deficit

(422,670

)

(250,302

)

Total stockholders' equity

190,731

249,390

Total liabilities and stockholders' equity

$

700,641

$

546,358

8x8, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, unaudited)

Years Ended March 31,

2020

2019

Cash flows from operating activities:

Net loss

$

(172,368

)

$

(88,739

)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation

9,360

8,748

Amortization of intangible assets

8,842

6,175

Amortization of capitalized software

19,025

9,748

Amortization of debt discount and issuance costs

14,045

1,355

Amortization of deferred sales commission costs

19,541

14,204

Operating lease expense, net of accretion

14,971

Non-cash lease expenses

4,802

Stock-based compensation expense

70,878

44,508

Provision for doubtful accounts

3,479

1,115

Other

3,522

178

Changes in assets and liabilities:

Accounts receivable, net

(12,737

)

(5,393

)

Deferred sales commission costs

(46,421

)

(25,286

)

Other current and non-current assets

(33,137

)

(4,337

)

Accounts payable and accruals

2,159

17,252

Deferred revenue

4,936

802

Net cash used in operating activities

(93,905

)

(14,868

)

Cash flows from investing activities:

Purchases of property and equipment

(35,834

)

(9,096

)

Cost of capitalized software

(31,573

)

(25,622

)

Purchases of investments

(42,223

)

(54,127

)

Sales of investments

36,515

54,642

Proceeds from maturity of investments

25,950

50,700

Acquisition of businesses, net of cash acquired

(59,129

)

(5,625

)

Net cash (used in) provided by investing activities

(106,294

)

10,872

Cash flows from financing activities:

Finance lease payments

(315

)

(949

)

Tax-related withholding of common stock

(6,550

)

(7,823

)

Proceeds from issuance of common stock under employee stock plans

14,330

12,202

Purchase of capped call transactions

(9,288

)

(33,724

)

Net proceeds from issuance of convertible debt

73,918

279,532

Net cash provided by financing activities

72,095

249,238

Effect of exchange rate changes on cash

(168

)

(362

)

Net increase (decrease) in cash, cash equivalents and restricted cash

(128,272

)

244,880

Cash, cash equivalents and restricted cash, beginning of period

284,683

39,803

Cash, cash equivalents and restricted cash, end of period

$

156,411

$

284,683

8x8, Inc.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(In thousands, except per share amounts; unaudited)

Three Months Ended

Years Ended

Reconciliation of GAAP to Non-GAAP Expenses:

March 31, 2020

March 31, 2019

March 31, 2020

March 31, 2019

GAAP cost of service revenue

$

43,114

$

23,163

$

145,013

$

86,122

Amortization of acquired intangible assets

(1,818

)

(1,310

)

(6,727

)

(4,874

)

Stock-based compensation expense and related employer payroll taxes(1)

(1,622

)

(1,061

)

(5,449

)

(3,752

)

Severance and related termination costs(2)

(2,182

)

(2,744

)

Non-GAAP cost of service revenue

$

37,492

$

20,792

$

130,093

$

77,496

Non-GAAP service margin (as a percentage of service revenue)

$

75,039

66.7

%

$

65,840

76.0

%

$

283,985

68.6

%

$

247,809

76.2

%

GAAP cost of other revenue

$

14,507

$

11,430

$

56,215

$

43,850

Stock-based compensation expense and related employer payroll taxes(1)

(728

)

(499

)

(3,122

)

(1,775

)

Acquisition and integration costs

(6

)

Severance and related termination costs(2)

(287

)

(716

)

Non-GAAP cost of other revenue

$

13,492

$

10,931

$

52,371

$

42,075

Non-GAAP other margin (as a percentage of other revenue)

(4,545

)

(50.8

)%

(3,796

)

(53.2

)%

(20,212

)

(62.9

)%

(14,794

)

(54.2

)%

Non-GAAP gross margin (as a percentage of revenue)

$

70,494

58.0

%

$

62,044

66.2

%

$

263,773

59.1

%

$

233,015

66.1

%

GAAP research and development

$

20,155

$

18,064

$

77,790

$

62,063

Stock-based compensation expense and related employer payroll taxes(1)

(5,856

)

(3,726

)

(20,173

)

(12,313

)

Acquisition and integration costs

(95

)

(225

)

Severance and related termination costs(2)

(2,722

)

(3,559

)

Non-GAAP research and development (as a percentage of revenue)

$

11,482

9.5

%

$

14,338

15.3

%

$

53,833

12.1

%

$

49,750

14.1

%

GAAP sales and marketing

$

65,420

$

49,525

$

240,013

$

177,976

Amortization of acquired intangible assets

(875

)

(314

)

(2,115

)

(1,301

)

Stock-based compensation expense and related employer payroll taxes(1)

(5,688

)

(3,549

)

(20,534

)

(11,951

)

Acquisition and integration costs

(4

)

(11

)

Severance and related termination costs(2)

(2,544

)

(203

)

(4,437

)

(516

)

Non-GAAP sales and marketing (as a percentage of revenue)

$

56,309

46.4

%

$

45,459

48.5

%

$

212,916

47.7

%

$

164,208

46.6

%

GAAP general and administrative

$

24,436

$

19,010

$

87,025

$

72,208

Stock-based compensation expense and related employer payroll taxes(1)

(5,832

)

(4,098

)

(22,818

)

(14,717

)

Acquisition and integration costs

(162

)

(2,371

)

Legal and regulatory costs

(117

)

(2,971

)

730

(13,727

)

Severance and related termination costs(2)

(2,682

)

(617

)

(4,661

)

(1,202

)

Non-GAAP general and administrative (as a percentage of revenue)

$

15,643

12.9

%

$

11,324

12.1

%

$

57,905

13.0

%

$

42,562

12.1

%

GAAP other income (expense), net

$

(3,798

)

$

(470

)

$

(11,717

)

$

1,463

8x8, Inc.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(In thousands, except per share amounts; unaudited)

Three Months Ended

Years Ended

Reconciliation of GAAP to Non-GAAP Expenses:

March 31, 2020

March 31, 2019

March 31, 2020

March 31, 2019

Debt amortization expense

4,058

1,355

14,045

1,355

Non-GAAP other income, net (as a
percentage of revenue)

$

260

0.2

%

$

885

0.9

%

$

2,328

0.5

%

$

2,818

0.8

%

Reconciliation of GAAP Net Loss to Non-GAAP Net Loss:

GAAP net loss

$

(50,100

)

$

(28,131

)

$

(172,368

)

$

(88,739

)

Amortization of acquired intangible assets

2,693

1,624

8,842

6,175

Stock-based compensation expense and related employer payroll taxes(1)

19,726

12,933

72,096

44,508

Acquisition and integration costs

261

2,613

Legal and regulatory costs

117

2,971

(730

)

13,727

Severance and related termination costs(2)

10,417

820

16,117

1,718

Debt amortization expense

4,058

1,355

14,045

1,355

Provision for income taxes

148

236

832

569

Non-GAAP net loss before taxes (as a percentage of revenue)

$

(12,680

)

(10.4

)%

$

(8,192

)

(8.7

)%

$

(58,553

)

(13.1

)%

$

(20,687

)

(5.9

)%

Non-GAAP tax expense

148

236

832

569

Non-GAAP net loss after taxes (as a percentage of revenue)

$

(12,828

)

(10.6

)%

$

(8,428

)

(9.0

)%

$

(59,385

)

(13.3

)%

$

(21,256

)

(6.0

)%

Shares used in computing non-GAAP net loss per share:

Basic and diluted

102,743

95,879

99,999

94,533

GAAP net loss per share – Diluted

$

(0.49

)

$

(0.29

)

$

(1.72

)

$

(0.94

)

Non-GAAP net loss before taxes per share – Diluted

$

(0.12

)

$

(0.09

)

$

(0.59

)

$

(0.22

)

Non-GAAP net loss after taxes per share – Diluted

$

(0.12

)

$

(0.09

)

$

(0.59

)

$

(0.22

)

______________________________

(1) Beginning in the three months ended December 31, 2019, employer payroll taxes are included as a non-GAAP reconciling item.

(2) In the fourth quarter of fiscal 2020, the Company committed to an operational plan to adjust our cost structure, reorganize departments, and remove redundant functions across the Company. Severance and related termination costs in fiscal 2020 included severance cost of $5.9 million and transition cost of $1.0 million related to this initiative.

8x8, Inc.

NON-GAAP FINANCIAL MEASURES RECLASSIFICATIONS

(In thousands, unaudited)

As Previously Reported

Three Months
Ended

Year Ended

Three Months Ended

March 31,

March 31,

June 30,

September 30,

December 31,

March 31,

2019

2019

2019

2019

2019

2020

REVENUE

Pre-Reclassification

Service revenue

$

89,060

$

334,438

$

92,372

$

104,529

$

113,566

$

115,995

Product revenue

4,707

18,148

4,303

4,988

5,001

5,483

Total revenue

93,767

352,586

96,675

109,517

118,567

121,478

Reclassifications

Service revenue(1)

$

(2,428

)

$

(9,133

)

$

(2,533

)

$

(3,184

)

$

(3,203

)

$

(3,464

)

Product revenue(2)

(4,707

)

(18,148

)

(4,303

)

(4,988

)

(5,001

)

(5,483

)

Other revenue

7,135

27,281

6,836

8,172

8,204

8,947

Total revenue

Post-Reclassification

Service revenue

$

86,632

$

325,305

$

89,839

$

101,345

$

110,363

$

112,531

Other revenue

7,135

27,281

6,836

8,172

8,204

8,947

Total revenue

93,767

352,586

96,675

109,517

118,567

121,478

COST OF REVENUE

Pre-Reclassification

Cost of service revenue

$

25,939

$

96,791

28,926

$

39,042

$

44,393

$

44,745

Cost of product revenue

5,784

22,780

5,724

6,502

6,893

6,239

Non-GAAP cost of revenue

31,723

119,571

34,650

45,544

51,286

50,984

Reclassifications

Cost of service revenue(1)

$

(5,147

)

$

(19,295

)

$

(5,933

)

$

(6,483

)

$

(7,344

)

$

(7,253

)

Cost of product revenue(2)

(5,784

)

(22,780

)

(5,724

)

(6,502

)

(6,893

)

(6,239

)

Cost of other revenue

10,931

42,075

11,657

12,985

14,237

13,492

Non-GAAP cost of revenue

Post-Reclassification

Cost of service revenue

$

20,792

$

77,496

$

22,993

$

32,559

$

37,049

$

37,492

Cost of other revenue

10,931

42,075

11,657

12,985

14,237

13,492

Non-GAAP cost of revenue

31,723

119,571

34,650

45,544

51,286

50,984

______________________________

(1) Represents the reclassification of professional services revenue and cost of professional services revenue previously reported in service revenue and cost of service revenue to now be reported in other revenue and cost of other revenue.

(2) Represents the reclassification of product revenue and cost of product revenue previously reported on a standalone basis to now be reported in other revenue and cost of other revenue.

8x8, Inc.

Investor Relations:

Victoria Hyde-Dunn

1-669-333-5200

[email protected]

Media:

John Sun

1-408-692-7054

[email protected]

Source: 8x8, Inc.

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