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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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UNITED STATES FORM 8-K
CURRENT REPORT
May 19, 2010
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
(Exact name of registrant as specified in its charter)
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810 West Maude Avenue
Sunnyvale, CA 94085
(408) 727-1885
3151 Jay Street
Santa Clara, CA 95054
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
On May 19, 2010, 8x8, Inc. ("8x8") announced its financial results for the fourth quarter and its fiscal year ended March 31, 2010.
A copy of 8x8's press release is attached hereto as Exhibit 99.1 and incorporated herein by reference. Item 9.01 Financial Statements and Exhibits. (d) Exhibits.
99.1 Press Release dated May 19, 2010
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: May 19, 2010
8X8, INC.
By: /s/ Daniel Weirich
Daniel Weirich
Chief Financial Officer, President and Secretary
INDEX TO EXHIBITS
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Description |
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* Also provided in PDF format as a courtesy.
For Immediate Release 8x8, Inc. Announces 2010 Fiscal Year-End Operating Results Reports $0.06 per share net income; 21% growth in revenue from business
customers SUNNYVALE, CA -- May 19, 2010 -- 8x8, Inc. (Nasdaq: EGHT), provider of innovative
business communications solutions, today announced financial operating results for its fiscal fourth quarter and year
ended March 31, 2010. Full-Year Financial Results Net income for fiscal 2010 was $3.9 million or $0.06 per share compared with a net loss of $2.5 million or
($0.04) per share for fiscal 2009. Total revenue for fiscal 2010 was $63.4 million compared with $64.7 million for fiscal
2009. Revenue from business customers grew 21% year over year from $40.2 million in fiscal 2009 to $48.7 million in
fiscal 2010 while revenue from residential customers declined 40% from $24.4 million to $14.7 million in fiscal 2010.
Revenue from business customers accounted for 77% of the company's total annual revenue, compared with 62% of
annual revenue in fiscal 2009. Fourth Quarter Financial Results Net income for the fourth quarter of fiscal 2010 was $1.1 million or $0.02 per share compared sequentially
to net income of $1 million or $0.02 per share for the previous quarter and a net loss of $3.9 million or ($0.06) per share
for the same period of fiscal 2009. Total revenue for the fourth quarter of fiscal 2010 was $15.9 million compared
sequentially to $15.9 million for the previous quarter and $15.8 million for the same period of fiscal 2009. In the fourth
quarter of fiscal 2010, 8x8 revenue from business customers grew to $13.4 million, a 6% increase over the prior quarter
and 25% increase over the same period last year and accounted for 85% of total revenue in the fourth quarter of fiscal
2010 compared to 79% in the prior quarter and 68% in the same period last year. Revenue from residential customers
declined 27% in the fourth quarter of fiscal 2010 to $2.4 million from $3.3 million in the prior quarter. During the fourth quarter of fiscal 2010, 8x8 added a record 29,985 new business lines and services, up 14% from
the prior quarter and 35% from the same period last year. Average lines and services per new business customer
increased to a record 10.4 compared to 9.5 in the prior quarter and 8.0 in the same year ago period. 8x8 added 2,875
gross new business customers during the fourth quarter, compared with 2,785 customers in the prior quarter, and ended
the fourth quarter of fiscal 2010 with a total of 20,428 business customers.
"8x8 continues to generate robust growth in its core business customer service revenue," said Bryan
Martin, 8x8's Chairman and Chief Executive Officer. "As demonstrated by our performance of sequential business
customer revenue growth over the past three years, we believe the impact of the current economic climate has been
minimal on this revenue stream. We expect this trend to continue going forward, potentially enhanced through select
acquisitions that can expand our product service offerings into our business customer base. Our ability to expand this
recurring base of revenue has enabled us to generate predictable profitability and strengthen our balance sheet,
positioning 8x8 for continued success in fiscal 2011 and beyond." Balance Sheet Highlights Cash and cash equivalents increased to $18.1 million in the fourth quarter of fiscal 2010 from $17.1 million
in the previous quarter and $16.4 million in the same period of fiscal 2009. Subsequent Events In April 2010, 8x8 sold its wholly-owned French research and development subsidiary, 8x8 Europe, SARL, to
Stonyfish, a privately-held company in Los Altos, California. 8x8 also invested $250,000 cash in the new venture and
granted a non-exclusive license to certain 8x8 technology. 8x8 will own 17% of Stonyfish following its initial round of
external fundraising. All 8x8 research and development activities will remain at the Company's Sunnyvale, California
headquarters under the leadership of 8x8 Chief Technology Officer Ramprakash Narayanaswamy. In May 2010, 8x8 acquired Central Host, Inc., a Los Gatos, California company, for $1.6 million in a combination of
cash and unregistered 8x8 common stock. Central Host provides customized, high-performance, managed hosting and
cloud-based computing solutions targeted at small and medium sized enterprises. Central Host has relocated to 8x8's
Sunnyvale, California headquarters and will combine its operations with 8x8's existing Network Operations Center
(NOC), sales and customer service operations. Central Host's services compliment the current suite of hosted business
communication services 8x8 offers to its more than 20,000 business customers. "8x8 continues to expand its portfolio of hosted, profitable services for small businesses with the
acquisition of Central Host," added Mr. Martin. "Central Host has built a loyal customer base and provides
8x8 with differentiated IT hosting services, which we will market to both existing and new business customers, further
expanding our technological lead in the marketplace." Financial and Business Highlights:
Conference Call Information Management will host a conference call to discuss these results and other matters related to the
Company's business today, May 19, 2010, at 4:30 p.m. EDT. The call is accessible via the following numbers and
webcast link:
Dial In:
(877) 843-0417, domestic
Replay:
Replay: (800) 642-1687, domestic (Conference ID 71854752)
Webcast:
http://investors.8x8.com/ About 8x8, Inc. 8x8, Inc. (Nasdaq: EGHT
(408) 427-3791, international
(706) 645-9291, international (Conference ID 71854752)
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. These statements include, without limitation, information about future events based on current expectations, potential product development efforts, near and long-term objectives, potential new business, strategies, organization changes, changing markets, future business performance and outlook. Such statements are predictions only, and actual events or results could differ materially from those made in any forward-looking statements due to a number of risks and uncertainties. Actual results and trends may differ materially from historical results or those projected in any such forward-looking statements depending on a variety of factors. These factors include, but are not limited to, customer acceptance and demand for our products and services, the reliability of our services, the prices for our services, customer renewal rates, customer acquisition costs, actions by our competitors, including price reductions for their telephone services, potential federal and state regulatory actions, compliance costs, potential warranty claims and product defects, our needs for and the availability of adequate working capital, our ability to innovate technologically, the timely supply of products by our contract manufacturers, potential future intellectual property infringement claims that could adversely affect our business and operating results, and our ability to retain our listing on the NASDAQ Capital Market. 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.
NOTE: 8x8, the 8x8 logo, 8x8 Virtual Office, 8x8 Virtual Office Pro, 8x8 Complete Contact Center and 8x8 Mobiletalk are trademarks of 8x8, Inc. All other trademarks are the property of their respective owners.
# # #
Investor Relations Contact:
Joan Citelli
(408) 654-0970
jcitelli@8x8.com
8x8, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts; unaudited)
Three Months Ended | Twelve Months Ended | |||||||||||
March 31,
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March 31,
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2010
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2009
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2010
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2009
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Service revenues | $ | 14,588 | $ | 14,198 | $ | 58,683 | $ | 58,486 | ||||
Product revenues |
1,279
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1,567
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4,713
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6,188
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Total revenues |
15,867
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15,765
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63,396
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64,674
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Operating expenses: | ||||||||||||
Cost of service revenues | 3,309 | 4,179 | 13,599 | 15,714 | ||||||||
Cost of product revenues | 1,825 | 2,349 | 7,257 | 7,135 | ||||||||
Research and development | 1,308 | 1,538 | 5,049 | 5,212 | ||||||||
Selling, general and administrative |
8,536
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11,700
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33,516
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39,680
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Total operating expenses |
14,978
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19,766
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59,421
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67,741
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Income (loss) from operations | 889 | (4,001) | 3,975 | (3,067) | ||||||||
Other income, net | 3 | 32 | 53 | 298 | ||||||||
Income (loss) on change in fair value of warrant liability |
216
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(11)
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(146)
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314
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Income (loss) before provision for income taxes | 1,108 | (3,980) | 3,882 | (2,455) | ||||||||
Provision (benefit) for income taxes |
(7)
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(68)
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3
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45
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Net income (loss) | $ |
1,115
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$ |
(3,912)
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$ |
3,879
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$ |
(2,500)
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Net income (loss) per share: | ||||||||||||
Basic | $ | 0.02 | $ | (0.06) | $ | 0.06 | $ | (0.04) | ||||
Diluted | $ | 0.02 | $ | (0.06) | $ | 0.06 | $ | (0.04) | ||||
Weighted average number of shares: | ||||||||||||
Basic | 63,064 | 62,568 | 62,861 | 62,317 | ||||||||
Diluted | 63,992 | 62,568 | 63,262 | 62,317 |
8x8, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, unaudited)
March 31, | March 31, | |||||
2010
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2009
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ASSETS | ||||||
Current assets | ||||||
Cash and cash equivalents | $ | 18,056 | $ | 16,376 | ||
Accounts receivable, net | 554 | 414 | ||||
Inventory | 2,174 | 2,297 | ||||
Other current assets |
665
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841
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Total current assets | 21,449 | 19,928 | ||||
Property and equipment, net | 1,871 | 1,485 | ||||
Other assets |
392
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443
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Total assets | $ |
23,712
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$ |
21,856
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LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Current liabilities | ||||||
Accounts payable | $ | 3,780 | $ | 4,810 | ||
Accrued compensation | 1,444 | 1,264 | ||||
Accrued warranty | 331 | 328 | ||||
Deferred revenue | 1,310 | 2,254 | ||||
Other accrued liabilities |
3,269
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3,858
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Total current liabilities | 10,134 | 12,514 | ||||
Other liabilities | 111 | 291 | ||||
Fair value of warrant liability |
167
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21
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Total liabilities | 10,412 | 12,826 | ||||
Total stockholders' equity |
13,300
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9,030
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Total liabilities and stockholders' equity | $ |
23,712
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$ |
21,856
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8x8, Inc. | ||||||||||||||||
Selected Operating Statistics | ||||||||||||||||
FQ109
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FQ209
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FQ309
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FQ409
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FQ110
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FQ210
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FQ310
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FQ410
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Gross business customer additions (1) | 2,398 | 3,324 | 2,437 | 2,792 | 2,907 | 2,609 | 2,785 | 2,875 | ||||||||
Gross business customer cancellations (less cancellations within 30 days of sign-up) | 1,098 | 1,187 | 1,224 | 1,245 | 1,371 | 1,416 | 1,331 | 1,616 | ||||||||
Business customer churn (less cancellations within 30 days of sign-up) (2) | 3.2% | 3.1% | 2.9% | 2.7% | 2.7% | 2.7% | 2.4% | 2.7% | ||||||||
Total business customers (3) | 11,898 | 13,744 | 14,706 | 16,013 | 17,266 | 18,199 | 19,407 | 20,428 | ||||||||
Business customer average monthly service revenue per customer (4) | $ 237 | $ 220 | $ 208 | $ 202 | $ 196 | $ 201 | $ 204 | $ 204 | ||||||||
Service revenue from business customers (in '000s) | $ 8,073 | $ 8,466 | $ 8,883 | $ 9,293 | $ 9,787 | $ 10,714 | $ 11,494 | $ 12,182 | ||||||||
Product revenue from business customers (in '000s) |
$ 1,004
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$ 1,360
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$ 1,731
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$ 1,435
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$ 935
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$ 1,128
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$ 1,156
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$ 1,266
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Total revenue from business customers (in '000s) |
$ 9,077
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$ 9,826
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$ 10,614
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$ 10,728
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$ 10,722
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$ 11,842
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$ 12,650
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$ 13,448
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Revenue from business customers (in '000s) | $ 9,077 | $ 9,826 | $ 10,614 | $ 10,728 | $ 10,722 | $ 11,842 | $ 12,650 | $ 13,448 | ||||||||
Revenue from residential customers (in '000s) | $ 7,192 | $ 6,356 | $ 5,572 | $ 5,236 | $ 4,811 | $ 4,168 | $ 3,278 | $ 2,396 | ||||||||
Revenue from technology licensing (in '000s) |
$ 12
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$ 243
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$ 17
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$ (199)
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$ 25
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$ 17
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$ 16
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$ 23
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||||||||
Total Revenue |
$ 16,281
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$ 16,425
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$ 16,203
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$ 15,765
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$ 15,558
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$ 16,027
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$ 15,944
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$ 15,867
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Percentage of revenue from business customers | 55.8% | 59.8% | 65.5% | 68.1% | 68.9% | 73.9% | 79.3% | 84.8% | ||||||||
Percentage of revenue from residential customers | 44.1% | 38.7% | 34.4% | 33.2% | 30.9% | 26.0% | 20.6% | 15.1% | ||||||||
Percentage of revenue from technology licensing |
0.1%
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1.5%
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0.1%
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- -1.3%
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0.2%
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0.1%
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0.1%
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0.1%
|
||||||||
Total Revenue |
100.0%
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100.0%
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100.0%
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100.0%
|
100.0%
|
100.0%
|
100.0%
|
100.0%
|
||||||||
Overall service margin | 75% | 73% | 74% | 71% | 76% | 76% | 78% | 77% | ||||||||
Overall product margin | - -13% | - -10% | 9% | - -50% | - -75% | - -42% | - -59% | - -43% | ||||||||
Overall gross margin | 68% | 65% | 67% | 59% | 66% | 67% | 68% | 68% | ||||||||
Total (business and residential) subscriber acquisition cost per service (5) | $ 162 | $ 163 | $ 135 | $ 119 | $ 108 | $ 88 | $ 102 | $ 97 | ||||||||
Business subscriber acquisition cost per service (6) | $ 171 | $ 171 | $ 141 | $ 118 | $ 93 | $ 90 | $ 102 | $ 97 | ||||||||
Average number of services subscribed to per business customer | 7.1 | 6.9 | 6.6 | 6.6 | 6.9 | 7.1 | 7.3 | 7.5 | ||||||||
Business customer subscriber acquisition cost (7) | $ 1,217 | $ 1,174 | $ 933 | $ 785 | $ 638 | $ 638 | $ 749 | $ 723 |
(1) |
Includes 1,154 "Find me, Follow me" and 40 8x8 Virtual Office customers acquired in the second quarter of fiscal 2009 from Avtex Solutions, LLC ("Avtex"). |
(2) |
Business customer churn is calculated by dividing the number of business customers that terminated (after the expiration of the 30-day trial) during that period by the simple average number of business customers during the period and dividing the result by the number of months in the period. The simple average number of business customers during the period is the number of business customers on the first day of the period plus the number of business customers on the last day of the period divided by two. |
(3) |
Business customers are defined as customers paying for service. Customers that have prepaid for their first month of service and are currently in the 30-day trial period are considered to be customers that are paying for service. |
(4) |
Business customer average monthly service revenue per customer is service revenue from business customers in the period divided by the number of months in the period divided by the simple average number of business customers during the period. |
(5) |
Total (business and residential) subscriber acquisition cost per service is defined as the combined costs of advertising, marketing, promotions, commissions and equipment subsidies during the period divided by the number of gross services added during the period. |
(6) |
Business subscriber acquisition cost per service is defined as the combined costs of advertising, marketing, promotions, commissions and equipment subsidies for business services sold during the period divided by the number of gross business services added during the period. The addition of 1,154 Avtex customers that migrated to 8x8 in the second fiscal quarter of 2009 but subscribed to "Find me, Follow me" services rather than 8x8 Virtual Office service, and the $79,230 in expense related to the acquisition of these 1,154 customers, is excluded from this calculation. |
(7) |
Business customer subscriber acquisition cost is business subscriber acquisition cost per service times the average number of services subscribed to per business customer. |
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