Delaware | 001-38289 | 26-1119726 | ||||
(State or Other Jurisdiction of | (Commission File Number) | (IRS Employer Identification | ||||
Incorporation) | Number) | |||||
4655 Great America Parkway | ||||||
Santa Clara, California | 95054 | |||||
(Address of Principal Executive Office) | (Zip Code) |
Title of Each Class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock | AVYA | New York Stock Exchange ("NYSE") |
AVAYA HOLDINGS CORP. | |||
Date: February 10, 2020 | By: | /s/ Kieran J. McGrath | |
Name: | Kieran J. McGrath | ||
Title: | Executive Vice President and Chief Financial Officer |
• | GAAP Operating income was $15 million; Non-GAAP Operating income was $151 million |
• | Adjusted EBITDA was $174 million |
• | CFFO was 2% of revenue, and 8% of revenue when adjusted for one-time strategic deal payments |
• | Cloud, Alliance Partner & Subscription revenue was 18% of revenue |
• | Repurchased $132 million of common stock, or 10.7 million shares, at an average price of $12.27 per share |
GAAP | Non-GAAP (1) | |||||||||||||||||||||||
(In millions, except percentages) | 1Q20 | 4Q19 | 1Q19 | 1Q20 | 4Q19 | 1Q19 | ||||||||||||||||||
Revenue | $ | 715 | $ | 723 | $ | 738 | $ | 717 | $ | 726 | $ | 748 | ||||||||||||
Gross margin | 55.1 | % | 54.2 | % | 55.1 | % | 61.4 | % | 60.6 | % | 62.7 | % | ||||||||||||
Operating income | $ | 15 | $ | 52 | $ | 50 | $ | 151 | $ | 165 | $ | 170 | ||||||||||||
Net (loss) income | $ | (54 | ) | $ | (34 | ) | $ | 9 | n/a | n/a | n/a |
1Q20 | 4Q19 | 1Q19 | ||||||||||
Adjusted EBITDA(1) | $ | 174 | $ | 184 | $ | 189 | ||||||
Adjusted EBITDA margin(1) | 24.3 | % | 25.3 | % | 25.3 | % | ||||||
Cash provided by operations | $ | 12 | $ | 66 | $ | 86 | ||||||
Cash and cash equivalents | $ | 766 | $ | 752 | $ | 743 |
• | Revenue year-over-year decline of 3%; non-GAAP revenue year-over-year decline of 4% in constant currency(1) |
• | Total Contract Value (TCV) of $2.3 billion* |
• | 86% of non-GAAP revenue was Software & Services |
• | 65% of non-GAAP product revenue was Software |
• | 59% of non-GAAP revenue was Recurring |
• | Added approximately 1,300 new logos |
• | Large deal activity with 68 deals over $1 million, 6 over $5 million, and 3 over $10 million |
• | Avaya added several new well-recognized and respected industry leaders to strengthen the company’s position in the market as a leader in enterprise communications and accelerate the company’s momentum as it executes on its strategy and transformation to the cloud. They include Anthony Bartolo, executive vice president, Products and Solutions; Simon Harrison, Chief Marketing Officer; Jon Brinton, vice president, |
• | Avaya was recognized with two Frost & Sullivan awards: |
◦ | 2019 Customer Value Leadership Award for Customer Journey Intelligence, recognizing the advanced AI and other Customer Journey Intelligence innovations that have been built into Avaya’s broad, industry-leading portfolio of customer and employee engagement solutions. |
◦ | 2019 North America Product Leadership Award in the enterprise safety solutions market for Public Safety Solutions. |
• | Avaya IX™ Workspaces was named as a 2019 Contact Center Technology Award winner, presented by CUSTOMER magazine. Avaya IX Workspaces helps to improve agent productivity and the overall customer experience by integrating multiple applications into a single agent desktop and by empowering customer support personnel to personalize the customer experience by enabling them to view and interact with customer journey details. |
• | Google Cloud Contact Center (CC) AI capabilities are now integrated with Avaya IX Contact Center solutions and is now available for customers globally. The powerful combination of Avaya AI conversation services and Google Cloud CC AI are providing a better experience for clients by seamlessly blending automated and assisted experiences throughout a customer’s interaction with the contact center. |
• | GAAP revenue of $673 million to $698 million; Non-GAAP revenue of $675 million to $700 million |
◦ | This non-GAAP revenue figure reflects a constant currency decline of (5)% to (2)% |
• | GAAP operating income of $22 million to $32 million; GAAP operating margin of 3% to 5% |
• | Non-GAAP operating income of $116 million to $126 million; non-GAAP operating margin of 17% to 18% |
• | Adjusted EBITDA of $140 million to $150 million; Adjusted EBITDA margin of ~21% |
• | GAAP revenue of $2.83 billion to $2.91 billion; Non-GAAP revenue of $2.84 billion to $2.92 billion |
◦ | This non-GAAP revenue figure reflects a constant currency decline of (2)% to 0% |
• | GAAP operating income of $130 million to $180 million; GAAP operating margin of 5% to 6% |
• | Non-GAAP operating income of $560 million to $600 million; non-GAAP operating margin of 20% to 21% |
• | Adjusted EBITDA $650 million to $700 million; Adjusted EBITDA margin of 23% to 24% |
• | CFFO of ~5% of revenue, and ~7% of revenue when adjusted for one-time strategic deal payments |
• | Approximately 93 million to 97 million weighted average shares outstanding; ending share count of approximately 80 million to 83 million shares |
• | Cash requirements for restructuring pension & OPEB, cash taxes, capital spending and net cash interest payments for fiscal year 2020 are expected to be: |
◦ | Restructuring: $35 million to $40 million |
◦ | Pension/OPEB: ~$55 million |
◦ | Cash Taxes: $65 million to $75 million |
◦ | Capital Expenditures: ~$120 million |
◦ | Net Cash Interest Payments: $190 million to $195 million |
Three months ended December 31, | |||||||
2019 | 2018 | ||||||
REVENUE | |||||||
Products | $ | 298 | $ | 324 | |||
Services | 417 | 414 | |||||
715 | 738 | ||||||
COSTS | |||||||
Products: | |||||||
Costs | 104 | 115 | |||||
Amortization of technology intangible assets | 43 | 43 | |||||
Services | 174 | 173 | |||||
321 | 331 | ||||||
GROSS PROFIT | 394 | 407 | |||||
OPERATING EXPENSES | |||||||
Selling, general and administrative | 283 | 257 | |||||
Research and development | 52 | 53 | |||||
Amortization of intangible assets | 41 | 40 | |||||
Restructuring charges, net | 3 | 7 | |||||
379 | 357 | ||||||
OPERATING INCOME | 15 | 50 | |||||
Interest expense | (58 | ) | (60 | ) | |||
Other income, net | 14 | 22 | |||||
(LOSS) INCOME BEFORE INCOME TAXES | (29 | ) | 12 | ||||
Provision for income taxes | (25 | ) | (3 | ) | |||
NET (LOSS) INCOME | $ | (54 | ) | $ | 9 | ||
(LOSS) EARNINGS PER SHARE | |||||||
Basic | $ | (0.54 | ) | $ | 0.08 | ||
Diluted | $ | (0.54 | ) | $ | 0.08 | ||
Weighted average shares outstanding | |||||||
Basic | 109.0 | 110.3 | |||||
Diluted | 109.0 | 111.2 |
December 31, 2019 | September 30, 2019 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 766 | $ | 752 | |||
Accounts receivable, net | 281 | 314 | |||||
Inventory | 61 | 63 | |||||
Contract assets | 207 | 187 | |||||
Contract costs | 123 | 114 | |||||
Other current assets | 204 | 115 | |||||
TOTAL CURRENT ASSETS | 1,642 | 1,545 | |||||
Property, plant and equipment, net | 254 | 255 | |||||
Deferred income taxes, net | 34 | 35 | |||||
Intangible assets, net | 2,809 | 2,891 | |||||
Goodwill, net | 2,107 | 2,103 | |||||
Operating lease right-of-use assets | 188 | — | |||||
Other assets | 127 | 121 | |||||
TOTAL ASSETS | $ | 7,161 | $ | 6,950 | |||
LIABILITIES | |||||||
Current liabilities: | |||||||
Debt maturing within one year | $ | — | $ | 29 | |||
Accounts payable | 272 | 291 | |||||
Payroll and benefit obligations | 123 | 116 | |||||
Contract liabilities | 487 | 472 | |||||
Operating lease liabilities | 51 | — | |||||
Business restructuring reserve | 29 | 33 | |||||
Other current liabilities | 204 | 158 | |||||
TOTAL CURRENT LIABILITIES | 1,166 | 1,099 | |||||
Non-current liabilities: | |||||||
Long-term debt, net of current portion | 2,877 | 3,090 | |||||
Pension obligations | 759 | 759 | |||||
Other post-retirement obligations | 199 | 200 | |||||
Deferred income taxes, net | 65 | 72 | |||||
Contract liabilities | 381 | 78 | |||||
Operating lease liabilities | 143 | — | |||||
Business restructuring reserve | 31 | 36 | |||||
Other liabilities | 301 | 316 | |||||
TOTAL NON-CURRENT LIABILITIES | 4,756 | 4,551 | |||||
TOTAL LIABILITIES | 5,922 | 5,650 | |||||
Commitments and contingencies | |||||||
Preferred stock, $0.01 par value; 55,000,000 shares authorized at December 31, 2019 and September 30, 2019 | |||||||
Convertible Series A, 125,000 shares issued and outstanding at December 31, 2019 and no shares issued and outstanding at September 30, 2019 | 126 | — | |||||
STOCKHOLDERS' EQUITY | |||||||
Common stock, $0.01 par value; 550,000,000 shares authorized; 100,505,954 shares issued and outstanding at December 31, 2019; and 111,046,085 shares issued and 111,033,405 shares outstanding at September 30, 2019 | 1 | 1 | |||||
Additional paid-in capital | 1,618 | 1,761 | |||||
Accumulated deficit | (343 | ) | (289 | ) | |||
Accumulated other comprehensive loss | (163 | ) | (173 | ) | |||
TOTAL STOCKHOLDERS' EQUITY | 1,113 | 1,300 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 7,161 | $ | 6,950 |
Three months ended December 31, | ||||||||
2019 | 2018 | |||||||
Net cash provided by (used for): | ||||||||
Operating activities | $ | 12 | $ | 86 | ||||
Investing activities | 268 | (22 | ) | |||||
Financing activities | (271 | ) | (18 | ) | ||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 5 | (3 | ) | |||||
Net increase in cash, cash equivalents, and restricted cash | 14 | 43 | ||||||
Cash, cash equivalents, and restricted cash at beginning of period | 756 | 704 | ||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 770 | $ | 747 |
Three months ended December 31, | |||||||
2019 | 2018 | ||||||
Net (loss) income | $ | (54 | ) | $ | 9 | ||
Interest expense | 58 | 60 | |||||
Interest income | (3 | ) | (3 | ) | |||
Provision for income taxes | 25 | 3 | |||||
Depreciation and amortization | 107 | 117 | |||||
EBITDA | 133 | 186 | |||||
Impact of fresh start accounting adjustments | — | 3 | |||||
Restructuring charges, net of sublease income | 1 | 7 | |||||
Advisory fees | 39 | 1 | |||||
Acquisition-related costs | — | 3 | |||||
Share-based compensation | 6 | 6 | |||||
Change in fair value of Emergence Date Warrants | 3 | (18 | ) | ||||
Loss on foreign currency transactions | 4 | 1 | |||||
Gain on marketable securities | (12 | ) | — | ||||
Adjusted EBITDA | $ | 174 | $ | 189 |
Three Months Ended | Three Months Ended Dec. 31, 2018 (4) | Change | Three Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2019 | Adj. for Fresh Start Accounting | Non-GAAP Dec. 31, 2019 | Amount | Pct. | Pct. in Constant Currency* | Sept. 30, 2019 (1) | June 30, 2019 (2) | Mar. 31, 2019 (3) | ||||||||||||||||||||||||||||||
Revenue by Segment | ||||||||||||||||||||||||||||||||||||||
Products & Solutions | $ | 298 | $ | — | $ | 298 | $ | 326 | $ | (28 | ) | (9 | )% | (9 | )% | $ | 315 | $ | 298 | $ | 289 | |||||||||||||||||
Services | 419 | — | 419 | 422 | (3 | ) | (1 | )% | — | % | 411 | 422 | 425 | |||||||||||||||||||||||||
Unallocated amounts | (2 | ) | 2 | — | — | — | n/a | n/a | — | — | — | |||||||||||||||||||||||||||
Total revenue | $ | 715 | $ | 2 | $ | 717 | $ | 748 | $ | (31 | ) | (4 | )% | (4 | )% | $ | 726 | $ | 720 | $ | 714 | |||||||||||||||||
Revenue by Geography | ||||||||||||||||||||||||||||||||||||||
U.S. | $ | 394 | $ | 1 | $ | 395 | $ | 401 | $ | (6 | ) | (1 | )% | (1 | )% | $ | 393 | $ | 394 | $ | 378 | |||||||||||||||||
International: | ||||||||||||||||||||||||||||||||||||||
EMEA | 186 | 1 | 187 | 200 | (13 | ) | (7 | )% | (6 | )% | 184 | 183 | 189 | |||||||||||||||||||||||||
APAC - Asia Pacific | 77 | — | 77 | 79 | (2 | ) | (3 | )% | (3 | )% | 86 | 85 | 80 | |||||||||||||||||||||||||
Americas International | 58 | — | 58 | 68 | (10 | ) | (15 | )% | (12 | )% | 63 | 58 | 67 | |||||||||||||||||||||||||
Total International | 321 | 1 | 322 | 347 | (25 | ) | (7 | )% | (7 | )% | 333 | 326 | 336 | |||||||||||||||||||||||||
Total revenue | $ | 715 | $ | 2 | $ | 717 | $ | 748 | $ | (31 | ) | (4 | )% | (4 | )% | $ | 726 | $ | 720 | $ | 714 |
* Constant Currency is a non-GAAP financial measure, as noted in "Use of non-GAAP (Adjusted) Financial Measures" above. | ||||||||||||||||||||||||
(1) - (4) Reconciliation of Non-GAAP measures above: | ||||||||||||||||||||||||
(1) Q419 Non-GAAP Results | (2) Q319 Non-GAAP Results | |||||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||||
Sept. 30, 2019 | Adj. for Fresh Start Accounting | Non-GAAP Sept. 30, 2019 | June 30, 2019 | Adj. for Fresh Start Accounting | Non-GAAP June 30, 2019 | |||||||||||||||||||
Revenue by Segment | ||||||||||||||||||||||||
Products & Solutions | $ | 315 | $ | — | $ | 315 | $ | 298 | — | $ | 298 | |||||||||||||
Services | 411 | — | 411 | 422 | — | 422 | ||||||||||||||||||
Unallocated amounts | (3 | ) | 3 | — | (3 | ) | 3 | — | ||||||||||||||||
Total revenue | $ | 723 | $ | 3 | $ | 726 | $ | 717 | $ | 3 | $ | 720 | ||||||||||||
Revenue by Geography | ||||||||||||||||||||||||
U.S. | $ | 392 | $ | 1 | $ | 393 | $ | 392 | $ | 2 | $ | 394 | ||||||||||||
International: | ||||||||||||||||||||||||
EMEA | 183 | 1 | 184 | 183 | — | 183 | ||||||||||||||||||
APAC - Asia Pacific | 85 | 1 | 86 | 85 | — | 85 | ||||||||||||||||||
Americas International | 63 | — | 63 | 57 | 1 | 58 | ||||||||||||||||||
Total International | 331 | 2 | 333 | 325 | 1 | 326 | ||||||||||||||||||
Total revenue | $ | 723 | $ | 3 | $ | 726 | $ | 717 | $ | 3 | $ | 720 |
(3) Q219 Non-GAAP Results | (4) Q119 Non-GAAP Results | |||||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||||
Mar. 31, 2019 | Adj. for Fresh Start Accounting | Non-GAAP Mar. 31, 2019 | Dec. 31, 2018 | Adj. for Fresh Start Accounting | Non-GAAP Dec. 31, 2018 | |||||||||||||||||||
Revenue by Segment | ||||||||||||||||||||||||
Products & Solutions | $ | 289 | $ | — | $ | 289 | $ | 326 | $ | — | $ | 326 | ||||||||||||
Services | 425 | — | 425 | 422 | — | 422 | ||||||||||||||||||
Unallocated amounts | (5 | ) | 5 | — | (10 | ) | 10 | — | ||||||||||||||||
Total revenue | $ | 709 | $ | 5 | $ | 714 | $ | 738 | $ | 10 | $ | 748 | ||||||||||||
Revenue by Geography | ||||||||||||||||||||||||
U.S. | $ | 375 | $ | 3 | $ | 378 | $ | 394 | $ | 7 | $ | 401 | ||||||||||||
International: | ||||||||||||||||||||||||
EMEA | 188 | 1 | 189 | 199 | 1 | 200 | ||||||||||||||||||
APAC - Asia Pacific | 79 | 1 | 80 | 78 | 1 | 79 | ||||||||||||||||||
Americas International | 67 | — | 67 | 67 | 1 | 68 | ||||||||||||||||||
Total International | 334 | 2 | 336 | 344 | 3 | 347 | ||||||||||||||||||
Total revenue | $ | 709 | $ | 5 | $ | 714 | $ | 738 | $ | 10 | $ | 748 |
Three Months Ended | ||||||||||||||||||||
Dec. 31, 2019 | Sept. 30, 2019 | June 30, 2019 | March 31, 2019 | Dec. 31, 2018 | ||||||||||||||||
Reconciliation of Non-GAAP Gross Profit and Non-GAAP Gross Margin | ||||||||||||||||||||
Gross Profit | $ | 394 | $ | 392 | $ | 390 | $ | 386 | $ | 407 | ||||||||||
Items excluded: | ||||||||||||||||||||
Amortization of technology intangible assets | 43 | 44 | 43 | 44 | 43 | |||||||||||||||
Adj. for fresh start accounting | 3 | 4 | 5 | 9 | 19 | |||||||||||||||
Non-GAAP Gross Profit | $ | 440 | $ | 440 | $ | 438 | $ | 439 | $ | 469 | ||||||||||
GAAP Gross Margin | 55.1 | % | 54.2 | % | 54.4 | % | 54.4 | % | 55.1 | % | ||||||||||
Non-GAAP Gross Margin | 61.4 | % | 60.6 | % | 60.8 | % | 61.5 | % | 62.7 | % | ||||||||||
Reconciliation of Non-GAAP Operating Income | ||||||||||||||||||||
Operating Income (Loss) | $ | 15 | $ | 52 | $ | (613 | ) | $ | 38 | $ | 50 | |||||||||
Items excluded: | ||||||||||||||||||||
Amortization of intangible assets | 84 | 84 | 84 | 85 | 83 | |||||||||||||||
Adj. for fresh start accounting | 4 | 4 | 4 | 12 | 20 | |||||||||||||||
Restructuring charges, net | 3 | 10 | 1 | 4 | 7 | |||||||||||||||
Advisory fees | 39 | 8 | 1 | 1 | 1 | |||||||||||||||
Acquisition-related costs | — | 1 | 1 | 4 | 3 | |||||||||||||||
Share-based compensation | 6 | 6 | 8 | 5 | 6 | |||||||||||||||
Impairment charges | — | — | 659 | — | — | |||||||||||||||
Non-GAAP Operating Income | $ | 151 | $ | 165 | $ | 145 | $ | 149 | $ | 170 | ||||||||||
GAAP Operating Margin | 2.1 | % | 7.2 | % | -85.5 | % | 5.4 | % | 6.8 | % | ||||||||||
Non-GAAP Operating Margin | 21.1 | % | 22.7 | % | 20.1 | % | 20.9 | % | 22.7 | % |
Three months ended | ||||||||||||||||||||
Dec. 31, 2019 | Sept. 30, 2019 | June 30, 2019 | March 31, 2019 | Dec. 31, 2018 | ||||||||||||||||
Reconciliation of Non-GAAP Gross Profit and Non-GAAP Gross Margin - Products | ||||||||||||||||||||
Revenue | $ | 298 | $ | 314 | $ | 297 | $ | 287 | $ | 324 | ||||||||||
Costs | 104 | 113 | 109 | 105 | 115 | |||||||||||||||
Amortization of technology intangible assets | 43 | 44 | 43 | 44 | 43 | |||||||||||||||
GAAP Gross Profit | 151 | 157 | 145 | 138 | 166 | |||||||||||||||
Items excluded: | ||||||||||||||||||||
Amortization of technology intangible assets | 43 | 44 | 43 | 44 | 43 | |||||||||||||||
Adj. for fresh start accounting | — | 2 | 2 | 2 | 5 | |||||||||||||||
Non-GAAP Gross Profit | $ | 194 | $ | 203 | $ | 190 | $ | 184 | $ | 214 | ||||||||||
GAAP Gross Margin | 50.7 | % | 50.0 | % | 48.8 | % | 48.1 | % | 51.2 | % | ||||||||||
Non-GAAP Gross Margin | 65.1 | % | 64.4 | % | 63.8 | % | 63.7 | % | 65.6 | % | ||||||||||
Reconciliation of Non-GAAP Gross Profit and Non-GAAP Gross Margin - Services | ||||||||||||||||||||
Revenue | $ | 417 | $ | 409 | $ | 420 | $ | 422 | $ | 414 | ||||||||||
Costs | 174 | 174 | 175 | 174 | 173 | |||||||||||||||
GAAP Gross Profit | 243 | 235 | 245 | 248 | 241 | |||||||||||||||
Items excluded: | ||||||||||||||||||||
Adj. for fresh start accounting | 3 | 2 | 3 | 7 | 14 | |||||||||||||||
Non-GAAP Gross Profit | $ | 246 | $ | 237 | $ | 248 | $ | 255 | $ | 255 | ||||||||||
GAAP Gross Margin | 58.3 | % | 57.5 | % | 58.3 | % | 58.8 | % | 58.2 | % | ||||||||||
Non-GAAP Gross Margin | 58.7 | % | 57.7 | % | 58.8 | % | 60.0 | % | 60.4 | % |
Three months ended | ||||||||||||||||||||
Dec. 31, 2019 | Sept. 30, 2019 | June 30, 2019 | March 31, 2019 | Dec. 31, 2018 | ||||||||||||||||
Net cash provided by operating activities | $ | 12 | $ | 66 | $ | 52 | $ | 37 | $ | 86 | ||||||||||
Less: | ||||||||||||||||||||
Capital expenditures | 26 | 29 | 37 | 26 | 21 | |||||||||||||||
Free cash flow | $ | (14 | ) | $ | 37 | $ | 15 | $ | 11 | $ | 65 |
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