0001104659-24-050937.txt : 20240424 0001104659-24-050937.hdr.sgml : 20240424 20240424080323 ACCESSION NUMBER: 0001104659-24-050937 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20240424 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240424 DATE AS OF CHANGE: 20240424 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Ribbon Communications Inc. CENTRAL INDEX KEY: 0001708055 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373] ORGANIZATION NAME: 06 Technology IRS NUMBER: 821669692 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38267 FILM NUMBER: 24866777 BUSINESS ADDRESS: STREET 1: 6500 CHASE OAKS BOULEVARD CITY: PLANO STATE: TX ZIP: 75023 BUSINESS PHONE: 877-412-8867 MAIL ADDRESS: STREET 1: 6500 CHASE OAKS BOULEVARD CITY: PLANO STATE: TX ZIP: 75023 FORMER COMPANY: FORMER CONFORMED NAME: Sonus Networks, Inc. DATE OF NAME CHANGE: 20171027 FORMER COMPANY: FORMER CONFORMED NAME: Solstice Sapphire Investments, Inc. DATE OF NAME CHANGE: 20170531 8-K 1 tm2412518d1_8k.htm FORM 8-K
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

April 24, 2024

Date of Report (Date of earliest event reported)

 

 

 

RIBBON COMMUNICATIONS INC.

(Exact Name of Registrant as Specified in its Charter)

 

Delaware   001-38267   82-1669692

(State or Other Jurisdiction

of Incorporation)

   (Commission File Number)  

(IRS Employer

Identification No.)

 

6500 Chase Oaks Blvd., Suite 100, Plano, TX 75023

(Address of Principal Executive Offices) (Zip Code)

 

(978) 614-8100

(Registrant’s telephone number, including area code)

 

N/A

(Former Name or Former Address, if Changed Since Last Report)

 

 

 

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 (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, par value $0.0001   RBBN   The Nasdaq Global Select Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

 

Item 2.02. Results of Operations and Financial Condition.  

 

The information in this Item 2.02 of this Current Report on Form 8-K (the "Current Report"), including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), otherwise subject to the liabilities of that Section or incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

On April 24, 2024, Ribbon Communications Inc. (the "Company") issued a press release reporting financial information for the quarter ended March 31, 2024, a copy of which is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

 

Item 9.01.Financial Statements and Exhibits.

 

(d)        Exhibits.

 

99.1Press Release of Ribbon Communications Inc., dated April 24, 2024.
104Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

 

 

SIGNATURE

 

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 hereunto duly authorized.

 

Date:  April 24, 2024 Ribbon Communications Inc.
   
  By: /s/ Patrick Macken
    Name: Patrick W. Macken
    Title: Executive Vice President, Chief Legal Officer and Secretary

 

 

 

 EX-99.1 2 tm2412518d1_ex99-1.htm EXHIBIT 99.1

 

 Exhibit 99.1

 

 

 

Ribbon Communications Inc. Reports
First Quarter 2024 Financial Results

 

Significant profitability improvement with >700 bps increase in Gross Margin

 

Selected by Verizon for multi-year Advanced Voice Network Platform

 

April 24, 2024

 

Conference Call Details:

Conference call to discuss the Company’s financial results for the first quarter ended March 31, 2024.

 

Date: Wednesday, April 24, 2024

Time: 8:30 a.m. (ET)

 

Dial-In Information:
US/Canada: 877-407-2991

International: 201-389-0925

Instant Telephone Access: Call me™ 

 

A telephone playback of the call will be available following the conference call until May 8, 2024 and can be accessed by calling 877-660-6853 or 201-612-7415 for international callers. The reservation number for the replay is 13745635.

 

Live (Listen-Only) Webcast:

Available via the Investor Relations website, where a replay will also be available shortly following the conference call.

 

For more details on financial results, please visit investors.ribboncommunications.com.

 

Investor Relations

+1 (978) 614-8050

ir@rbbn.com

 

Media Contact

Catherine Berthier

+1 (646) 741-1974

cberthier@rbbn.com

 

Plano, TX – Ribbon Communications Inc. (Nasdaq: RBBN), a global provider of real time communications technology and IP optical networking solutions to many of the world’s largest service providers, enterprises, and critical infrastructure operators to modernize and protect their networks, today announced its financial results for the first quarter 2024.

 

Revenue for the first quarter of 2024 was $180 million, compared to $186 million for the first quarter of 2023. First quarter 2024 GAAP Loss from Operations improved $22 million year over year, and Non-GAAP Adjusted EBITDA improved $14 million to $12 million. GAAP and Non-GAAP Gross Margin improved over 700 basis points year over year.

 

“I am very pleased with the improvement in our profitability year over year, exceeding the high end of our guidance. Sales in the EMEA region were strong across Service Provider and Critical Infrastructure markets, growing 24% year over year,” stated Bruce McClelland, President and Chief Executive Officer of Ribbon Communications.

 

“Sales in our IP Optical Networks segment increased year over year for the seventh consecutive quarter, up 9% over the previous year. Lower product costs and strong regional mix contributed to the gross margin being above 40% for the segment once again,” Mr. McClelland added. “While Cloud & Edge sales were down in the first quarter, we believe we have reached a low point in U.S. Tier One Service Provider spending. We expect the new multi-year Verizon Network Modernization program announced today, recovery in broader Service Provider spending, and continued growth in Enterprise, including new U.S. Federal projects, to return our Cloud & Edge segment to growth.”

 

Financial Highlights1

 

   Three months ended 
   March 31, 
In millions, except per share amounts  2024   2023 
GAAP Revenue  $180   $186 
GAAP Net income (loss)  $(30)  $(38)
Non-GAAP Net income (loss)  $(1)  $(3)
Non-GAAP Adjusted EBITDA  $12   $(2)
GAAP diluted earnings (loss) per share  $(0.18)  $(0.23)
Non-GAAP diluted earnings (loss) per share  $(0.01)  $(0.02)
Weighted average shares outstanding basic   172    169 
Weighted average shares outstanding diluted   175    175 

 

1 Please see the reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures and additional information about non-GAAP measures in the section entitled “Discussion of Non-GAAP Financial Measures” in the attached schedules.

 

1

 

 

 

 

“We now have six quarters in a row of year-over-year Adjusted EBITDA improvement, leading to a trailing twelve- month Adjusted EBITDA of $105 million. This resulted in a bank leverage ratio of 2.7x, in our target range of 2x-3x. The first quarter also delivered solid order bookings and good cash from operations of $13 million. We believe these results demonstrate improvement in our business as we execute our strategy,” said Mick Lopez, Chief Financial Officer of Ribbon Communications.

 

Business Outlook1

For the second quarter of 2024, the Company projects revenue of $200 million to $210 million. Non-GAAP gross margin is projected in a range of 53.5% to 54.5%. Adjusted EBITDA is projected in a range of $20 million to $25 million.

 

The Company’s outlook is based on current indications for its business, which are subject to change.

 

1 Please see the reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures and additional information about the non-GAAP measures in the section entitled “Discussion of Non-GAAP Financial Measures” in the attached schedules.

 

Upcoming Conference Schedule

§May 14-15, 2024: 19th Annual Needham Technology, Media, and Consumer Conference
§May 22-23, 2024: B. Riley Securities 24th Annual Institutional Investor Conference
§May 29, 2024: 21st Annual Craig-Hallum Institutional Investor Conference
§June 25, 2024: Northland Growth Conference 2024

 

About Ribbon
Ribbon Communications (Nasdaq: RBBN) delivers communications software, IP and optical networking solutions to service providers, enterprises and critical infrastructure sectors globally. We engage deeply with our customers, helping them modernize their networks for improved competitive positioning and business outcomes in today's smart, always-on and data-hungry world. Our innovative, end-to-end solutions portfolio delivers unparalleled scale, performance, and agility, including core to edge software-centric solutions, cloud-native offers, leading-edge security and analytics tools, along with IP and optical networking solutions for 5G. We maintain a keen focus on our commitments to Environmental, Social and Governance (ESG) matters, offering an annual Sustainability Report to our stakeholders. To learn more about Ribbon visit rbbn.com.

 

Important Information Regarding Forward-Looking Statements

The information in this release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, which are subject to a number of risks and uncertainties. All statements other than statements of historical facts contained in this release, including without limitation statements regarding the Company’s projected financial results for the second quarter of 2024 and beyond; the impact of the wars in Israel and Ukraine; customer spending and engagement and momentum; plans and objectives for future operations, including cost reductions; capital structure changes and plans for future product development and manufacturing and the expected benefits therefrom, are forward-looking statements. Without limiting the foregoing, the words “believes”, “estimates”, “expects”, “expectations”, “intends”, “may”, “plans”, “projects” and other similar language, are intended to identify forward-looking statements.

 

Forward-looking statements are based on the Company’s current expectations and assumptions regarding its business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual results may differ materially from those contemplated in these forward-looking statements due to various risks, uncertainties and other important factors, including, among others, the effects of geopolitical instabilities and wars, including in Israel and Ukraine (and the impact of sanctions and trade restrictions imposed as a result thereof); operational disruptions at facilities located in Israel including as a result of military call-ups of the Company’s employees in Israel, closure of the offices there or the temporary or long-term closure of contract manufacturing in the region; the potential impact of litigation; risks related to supply chain disruptions, including as a result of component availability; the timing and ability to complete a refinancing of the Company’s current credit agreement; the impact of new terms and/or covenants in agreements entered into to refinance the current credit agreement; risks resulting from higher interests rates and continued inflationary pressures; the impact of restructuring and cost-containment activities; unpredictable fluctuations in quarterly revenue and operating results; risks related to cybersecurity and data intrusion; failure to compete successfully against telecommunications equipment and networking companies; failure to grow the Company’s customer base or generate recurring business from existing customers; credit risks; the timing of customer purchasing decisions and the Company’s recognition of revenues; macroeconomic conditions, including inflation; market acceptance of the Company’s products and services; rapid technological and market change; the ability to protect Company intellectual property rights and obtain necessary licenses; the ability to maintain partner, reseller, distribution and vendor support and supply relationships; the potential for defects in the Company’s products; increases in tariffs, trade restrictions or taxes on the Company’s products; and currency fluctuations.

 

2

 

 

 

 

These factors are not intended to be an all-encompassing list of risks and uncertainties that may affect the Company's business and results from operations. Additional information regarding these and other factors can be found in the Company's reports filed with the Securities and Exchange Commission, including, without limitation, its Form 10-K for the year ended December 31, 2023. In providing forward-looking statements, the Company expressly disclaims any obligation to update these statements publicly or otherwise, whether as a result of new information, future events or otherwise, except as required by law.

 

Discussion of Non-GAAP Financial Measures

The Company’s management uses several different financial measures, both GAAP and non-GAAP, in analyzing and assessing the overall performance of its business, making operating decisions, planning and forecasting future periods, and determining payments under compensation programs. The Company considers the use of non-GAAP financial measures helpful in assessing the core performance of its continuing operations and when planning and forecasting future periods. The Company’s annual financial plan is prepared on a non-GAAP basis and is approved by its board of directors. In addition, budgeting and forecasting for revenue and expenses are conducted on a non-GAAP basis, and actual results on a non-GAAP basis are assessed against the annual financial plan. The Company defines continuing operations as the ongoing results of its business adjusted for certain expenses and credits, as described below. The Company believes that providing non-GAAP information to investors will allow investors to view the financial results in the way its management views them and helps investors to better understand the Company’s core financial and operating performance and evaluate the efficacy of the methodology and information used by its management to evaluate and measure such performance.

 

While the Company’s management uses non-GAAP financial measures as tools to enhance its understanding of certain aspects of the Company’s financial performance, its management does not consider these measures to be a substitute for, or superior to, GAAP measures. In addition, the Company’s presentations of these measures may not be comparable to similarly titled measures used by other companies. These non-GAAP financial measures should not be considered alternatives for, or in isolation from, the financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures. In particular, many of the adjustments to the Company’s financial measures reflect the exclusion of items that are recurring and will be reflected in its financial results for the foreseeable future.

 

Stock-Based Compensation

The expense related to stock-based awards is generally not controllable in the short-term and can vary significantly based on the timing, size and nature of awards granted. The Company believes that presenting non-GAAP operating results that exclude stock-based compensation provides investors with visibility and insight into its management’s method of analysis and its core operating performance.

 

Amortization of Acquired Technology (including software licenses); Amortization of Acquired Intangible Assets

Amortization amounts are inconsistent in frequency and amount and are significantly impacted by the timing and size of acquisitions. Amortization of acquired technology is reported separately within Cost of revenue and Amortization of acquired intangible assets is reported separately within Operating expenses. These items are reported collectively as Amortization of acquired intangible assets in the accompanying reconciliations of non-GAAP and GAAP financial measures. The Company believes that excluding non-cash amortization of these intangible assets facilitates the comparison of its financial results to its historical operating results and to other companies in its industry as if the acquired intangible assets had been developed internally rather than acquired.

 

Litigation Costs

In connection with a certain ongoing contract litigation where Ribbon is defendant (as described in Note 26 to the Company’s Consolidated Financial Statements included in its Annual Report on Form 10-K for the year ended December 31, 2023), the Company has incurred litigation costs beginning in the first quarter of 2023. These costs are included as a component of general and administrative expense. The Company believes that such costs are not part of its core business or ongoing operations, are unplanned and generally not within its control. Accordingly, the Company believes that excluding the litigation costs related to this specific legal matter facilitates the comparison of the Company’s financial results to its historical operating results and to other companies in its industry.

 

3

 

 

 

 

Acquisition-, Disposal- and Integration-Related

The Company considers certain acquisition-, disposal- and integration-related costs to be unrelated to the organic continuing operations of the Company and its acquired businesses. Such costs are generally not relevant to assessing or estimating the long-term performance of the acquired assets. The Company excludes such acquisition-, disposal- and integration-related costs to allow more accurate comparisons of its financial results to its historical operations and the financial results of less acquisitive peer companies and allows management and investors to consider the ongoing operations of the business both with and without such expenses.

 

Restructuring and Related

The Company has recorded restructuring and related expense to streamline operations and reduce operating costs by closing and consolidating certain facilities and reducing its worldwide workforce. The Company believes that excluding restructuring and related expense facilitates the comparison of its financial results to its historical operating results and to other companies in its industry, as there are no future revenue streams or other benefits associated with these costs.

 

Preferred Stock and Warrant Liability Issuance Costs

The Company incurred $3.5 million of investment banking, advisory and legal fees in its March 2023 private placement of the Series A Preferred Stock and warrants to purchase shares of the Company’s common stock, both of which are classified by the Company as liabilities that are marked to market each reporting period. The Company excludes these issuance costs to allow more accurate comparisons of its financial results to its historical operations and the financial results of other companies in its industry, and it allows management and investors to consider the ongoing operations of the business both with and without such expenses.

 

Preferred Stock and Warrant Liability Mark-to-Market Adjustment

The Company recorded adjustments to the fair value of its Series A Preferred Stock and warrants to purchase shares of the Company’s common stock in Other (expense) income, net. Both instruments issued in March 2023 in connection with the Company’s private placement and are classified as liabilities and marked to market each reporting period. The Company excluded these gains and losses from the change in the fair value of these liabilities because it believes that such gains or losses were not part of its core business or ongoing operations.

 

Tax Effect of Non-GAAP Adjustments

The Non-GAAP income tax provision is presented based on an estimated tax rate applied against forecasted annual non-GAAP income. The Non-GAAP income tax provision assumes no available net operating losses or valuation allowances for the U.S. because of reporting significant cumulative non-GAAP income over the past several years. The Company is reporting its non-GAAP quarterly income taxes by computing an annual rate for the Company and applying that single rate (rather than multiple rates by jurisdiction) to its consolidated quarterly results. The Company expects that this methodology will provide a consistent rate throughout the year and allow investors to better understand the impact of income taxes on its results. Due to the methodology applied to its estimated annual tax rate, the Company’s estimated tax rate on non-GAAP income will differ from its GAAP tax rate and from its actual tax liabilities.

 

Adjusted EBITDA

The Company uses Adjusted EBITDA as a supplemental measure to review and assess its performance. The Company calculates Adjusted EBITDA by excluding from income (loss) from operations: depreciation; stock-based compensation; amortization of acquired intangible assets; certain litigation costs; acquisition-, disposal- and integration-related expense; and restructuring and related expense. In general, the Company excludes the expenses that it considers to be non-cash and/or not a part of its ongoing operations. The Company may exclude other items in the future that have those characteristics. Adjusted EBITDA is a non-GAAP financial measure that is used by the investing community for comparative and valuation purposes. The Company discloses this metric to support and facilitate dialogue with research analysts and investors. Other companies may calculate Adjusted EBITDA differently than the Company does, limiting its usefulness as a comparative measure.

 

4

 

 

 

 

RIBBON COMMUNICATIONS INC.

Consolidated Statements of Operations

(in thousands, except percentages and per share amounts)

(unaudited)

 

 

   Three months ended 
   March 31,   December 31,   March 31, 
   2024   2023   2023 
Revenue:               
Product  $87,610   $125,984   $93,318 
Service   92,054    100,417    92,841 
Total revenue   179,664    226,401    186,159 
                
Cost of revenue:               
Product   45,794    61,183    62,063 
Service   35,364    37,205    35,305 
Amortization of acquired technology   6,551    6,305    7,389 
Total cost of revenue   87,709    104,693    104,757 
                
Gross profit   91,955    121,708    81,402 
                
Gross margin   51.2%   53.8%   43.7%
                
Operating expenses:               
Research and development   45,763    45,351    51,304 
Sales and marketing   34,716    35,361    35,399 
General and administrative   15,191    13,686    14,045 
Amortization of acquired intangible assets   6,706    6,861    7,264 
Acquisition-, disposal- and integration-related   -    1,494    1,642 
Restructuring and related   3,065    2,285    6,937 
Total operating expenses   105,441    105,038    116,591 
                
Income from operations   (13,486)   16,670    (35,189)
Interest expense, net   (5,987)   (6,989)   (6,422)
Other (expense) income, net   (7,513)   (3,232)   4,772 
                
Income (loss) before income taxes   (26,986)   6,449    (36,839)
Income tax benefit (provision)   (3,375)   630    (1,466)
                
Net income (loss)  $(30,361)  $7,079   $(38,305)
                
Income (loss) per share:               
Basic  $(0.18)  $0.04   $(0.23)
Diluted  $(0.18)  $0.04   $(0.23)
                
Weighted average shares used to compute income (loss) per share:               
Basic   172,428    171,755    168,541 
Diluted   172,428    172,990    168,541 

 

5

 

 

 

 

RIBBON COMMUNICATIONS INC.  

Consolidated Balance Sheets  

(in thousands)  

(unaudited)  

 

   March 31,   December 31, 
   2024   2023 
Assets        
Current assets:          
Cash and cash equivalents  $30,931   $26,630 
Accounts receivable, net   212,498    268,421 
Inventory   80,758    77,521 
Other current assets   44,943    46,146 
Total current assets   369,130    418,718 
           
Property and equipment, net   40,758    41,820 
Intangible assets, net   224,880    238,087 
Goodwill   300,892    300,892 
Deferred income taxes   72,438    69,761 
Operating lease right-of-use assets   37,110    39,783 
Other assets   33,252    35,092 
   $1,078,460   $1,144,153 
           
Liabilities and Stockholders' Equity          
Current liabilities:          
Current portion of term debt *  $228,168   $35,102 
Accounts payable   66,847    85,164 
Accrued expenses and other   84,491    91,687 
Operating lease liabilities   14,213    15,739 
Deferred revenue   110,596    113,381 
Total current liabilities   504,315    341,073 
           
Long-term debt, net of current *   -    197,482 
Warrant liability   5,927    5,295 
Preferred stock liability   56,204    53,337 
Operating lease liabilities, net of current   36,768    38,711 
Deferred revenue, net of current   14,019    19,218 
Deferred income taxes   5,616    5,616 
Other long-term liabilities   30,953    30,658 
Total liabilities   653,802    691,390 
           
Commitments and contingencies          
           
Stockholders' equity:          
Common stock   17    17 
Additional paid-in capital   1,962,602    1,958,909 
Accumulated deficit   (1,550,311)   (1,519,950)
Accumulated other comprehensive income   12,350    13,787 
Total stockholders' equity   424,658    452,763 
   $1,078,460   $1,144,153 

 

* The Company’s debt, substantially all of which represents Term Debt outstanding under our 2020 Credit Facility, is scheduled to mature on March 3, 2025, and is therefore presented entirely in the above as a current liability as of March 31, 2024. The Company is currently seeking to refinance the Term Debt before filing of the Form 10-Q for the quarter ended March 31, 2024.  Should a refinancing transaction occur prior to the filing of our Form 10-Q the Term Debt would be presented in the Company’s Form 10-Q as Long-term debt, net of current in accordance with US GAAP.  

 

6

 

 

 

 

RIBBON COMMUNICATIONS INC.  

Consolidated Statements of Cash Flows  

(in thousands)  

(unaudited)

 

 

   Three months ended 
   March 31,   March 31, 
   2024   2023 
Cash flows from operating activities:          
Net loss  $(30,361)  $(38,305)
Adjustments to reconcile net loss to cash flows provided by operating activities:          
Depreciation and amortization of property and equipment   3,394    3,510 
Amortization of intangible assets   13,257    14,653 
Amortization of debt issuance costs   716    1,065 
Amortization of accumulated other comprehensive gain related to interest rate swap   (1,756)   - 
Stock-based compensation   4,522    5,848 
Deferred income taxes   (2,620)   (6,048)
Gain on sale of swap   -    (7,301)
Change in fair value of warrant liability   632    - 
Change in fair value of preferred stock liability   1,512    - 
Dividends accrued on preferred stock liability   1,355    - 
Foreign currency exchange (gains) losses   1,144    (2,185)
Changes in operating assets and liabilities:          
Accounts receivable   55,384    19,742 
Inventory   (4,379)   (2,917)
Other operating assets   7,923    15,031 
Accounts payable   (17,837)   (10,405)
Accrued expenses and other long-term liabilities   (11,800)   11,521 
Deferred revenue   (7,986)   6,924 
Net cash provided by operating activities   13,100    11,133 
           
Cash flows from investing activities:          
Purchases of property and equipment   (2,513)   (2,413)
Purchases of software licenses   (150)   - 
Net cash used in investing activities   (2,663)   (2,413)
           
Cash flows from financing activities:          
Borrowings under revolving line of credit   15,000    - 
Principal payments on revolving line of credit   (15,000)   - 
Principal payments of term debt   (5,014)   (80,015)
Payment of debt issuance costs   -    (1,562)
Proceeds from issuance of preferred stock and warrant liabilities   -    53,350 
Proceeds from the exercise of stock options   17    1 
Payment of tax withholding obligations related to net share settlements of restricted stock awards   (846)   (1,893)
Net cash used in financing activities   (5,843)   (30,119)
           
Effect of exchange rate changes on cash and cash equivalents   (293)   171 
           
Net increase (decrease) in cash and cash equivalents   4,301    (21,228)
Cash and cash equivalents, beginning of year   26,630    67,262 
Cash and cash equivalents, end of period  $30,931   $46,034 

 

7

 

 

 

 

RIBBON COMMUNICATIONS INC.

Supplemental Information

(in thousands)

(unaudited)

 

The following tables provide the details of stock-based compensation included as components of other line items in the Company's Consolidated Statements of Operations and the line items in which these amounts are reported.

 

   Three months ended 
   March 31,   December 31,   March 31, 
   2024   2023   2023 
Stock-based compensation               
Cost of revenue - product  $106   $125   $149 
Cost of revenue - service   472    550    535 
Cost of revenue   578    675    684 
                
Research and development   1,068    1,112    1,262 
Sales and marketing   1,157    1,438    2,129 
General and administrative   1,719    1,667    1,773 
Operating expense   3,944    4,217    5,164 
                
Total stock-based compensation  $4,522   $4,892   $5,848 

 

8

 

 

 

 

RIBBON COMMUNICATIONS INC.  

Reconciliation of Non-GAAP and GAAP Financial Measures  

(in thousands, except per share amounts)  

(unaudited)

 

   Three months ended 
   March 31,   December 31,   March 31, 
   2024   2023   2023 
GAAP Gross margin   51.2%   53.8%   43.7%
Stock-based compensation   0.3%   0.3%   0.4%
Amortization of acquired technology   3.6%   2.7%   4.0%
Non-GAAP Gross margin   55.1%   56.8%   48.1%
                
GAAP Net income (loss)  $(30,361)  $7,079   $(38,305)
Stock-based compensation   4,522    4,892    5,848 
Amortization of acquired intangible assets   13,257    13,166    14,653 
Litigation costs   951    538    177 
Acquisition-, disposal- and integration-related   -    1,494    1,642 
Restructuring and related   3,065    2,285    6,937 
Preferred stock and warrant liability issuance costs   -    -    3,545 
Preferred stock and warrant liability mark-to-market adjustment   3,499    3,724    - 
Tax effect of non-GAAP adjustments   3,971    (11,606)   2,676 
Non-GAAP Net income (loss)  $(1,096)  $21,572   $(2,827)
                
GAAP Diluted earnings (loss) per share  $(0.18)  $0.04   $(0.23)
Stock-based compensation   0.03    0.03    0.04 
Amortization of acquired intangible assets   0.07    0.08    0.08 
Litigation costs   0.01     *      *  
Acquisition-, disposal- and integration-related   -    0.01    0.01 
Restructuring and related   0.02    0.01    0.04 
Preferred stock and warrant liability issuance costs   -    -    0.02 
Preferred stock and warrant liability mark-to-market adjustment   0.02    0.02    - 
Tax effect of non-GAAP adjustments   0.02    (0.07)   0.02 
Non-GAAP Diluted earnings (loss) per share  $(0.01)  $0.12   $(0.02)
                
Weighted average shares used to compute diluted earnings (loss) per share               
Shares used to compute GAAP diluted earnings (loss) per share   172,428    171,755    168,541 
Shares used to compute Non-GAAP diluted earnings (loss) per share   172,428    172,990    168,541 
                
GAAP Income (loss) from operations  $(13,486)  $16,670   $(35,189)
Depreciation   3,394    3,502    3,510 
Stock-based compensation   4,522    4,892    5,848 
Amortization of acquired intangible assets   13,257    13,166    14,653 
Litigation costs   951    538    177 
Acquisition-, disposal- and integration-related   -    1,494    1,642 
Restructuring and related   3,065    2,285    6,937 
Non-GAAP Adjusted EBITDA  $11,703   $42,547   $(2,422)

 

* Less than $0.01 impact on earnings (loss) per share.

 

9

 

 

 

 

RIBBON COMMUNICATIONS INC.  

Reconciliation of Non-GAAP and GAAP Financial Measures

(in thousands)

(unaudited)

 

   Trailing Twelve Months 
   March 31,   December 31,   March 31, 
   2024   2023   2023 
GAAP Income (loss) from operations  $(2,582)  $(24,285)  $(44,459)
Depreciation   13,989    14,105    14,920 
Stock-based compensation   20,480    21,806    20,300 
Amortization of acquired intangible assets   55,495    56,891    60,299 
Litigation costs   2,081    1,307    177 
Acquisition-, disposal- and integration-related   2,834    4,476    6,079 
Restructuring and related   12,337    16,209    12,956 
Non-GAAP Adjusted EBITDA  $104,634   $90,509   $70,272 

 

10

 

 

 

 

RIBBON COMMUNICATIONS INC.

Reconciliation of Non-GAAP and GAAP Financial Measures - Outlook

(unaudited)

 

   Three months ending
June 30, 2024		   Year ending
December 31, 2024		 
   Midpoint (1)   Range   Midpoint (1)   Range 
Revenue ($ millions)  $205    +/-$5M   $855    +/-$15M 
                     
Gross margin:                    
GAAP outlook   50.6%        50.3%     
Stock-based compensation   0.3%        0.3%     
Amortization of acquired technology   3.1%        2.9%     
Non-GAAP outlook   54.0%   +/-0.5%    53.5%   +/-0.5% 
                     
Adjusted EBITDA ($ millions):                    
GAAP income (loss) from operations  $(2.5)       $13.4      
Depreciation   3.7         14.8      
Stock-based compensation   4.5         18.6      
Amortization of acquired intangible assets   13.0         50.8      
Litigation costs   1.1         2.7      
Restructuring and related   2.7         14.7      
Non-GAAP outlook  $22.5    +/-$2.5M   $115.0    +/-$5M 

 

(1) Q2 2024 and FY 2024 outlook represents the midpoint of the expected ranges

 

11

 

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Cover
Apr. 24, 2024
Cover [Abstract]  
Document Type 8-K
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Document Period End Date Apr. 24, 2024
Entity File Number 001-38267
Entity Registrant Name RIBBON COMMUNICATIONS INC.
Entity Central Index Key 0001708055
Entity Tax Identification Number 82-1669692
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 6500 Chase Oaks Blvd.
Entity Address, Address Line Two Suite 100
Entity Address, City or Town Plano
Entity Address, State or Province TX
Entity Address, Postal Zip Code 75023
City Area Code 978
Local Phone Number 614-8100
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $0.0001
Trading Symbol RBBN
Security Exchange Name NASDAQ
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