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Ribbon Communications Inc. Releases Fourth Quarter 2017 Financial Results
2 Mar, 2018
GAAP revenue was $146 million and Non-GAAP revenue was $170 million in fourth quarter Successfully operationalized more than $50 million of expense synergies March 3, 2018 - WESTFORD, Mass. - Ribbon Communications Inc. (Nasdaq: RBBN), a global leader in secure and intelligent cloud communications, today announced results for the fourth quarter ended December 31, 2017. “I’m very pleased to have concluded the merger transaction and the launch of Ribbon in the marketplace. Ribbon’s increased scale, global footprint, expanded product offerings and combined customer base will benefit our customers, who count on us as trusted long-term partners,” said Fritz Hobbs, President and Chief Executive Officer. “The combined company’s performance through the end of the year met or exceeded all of our guidance. We made solid progress on operationalizing cost synergies and now expect well over $50 million in cost synergies in 2018,” continued Hobbs. “Ribbon delivered solid fourth quarter results driven by strength in our SBC sales. Our merger integration plans kicked off in earnest and we made substantial progress,” said Daryl Raiford, Chief Financial Officer. “Looking to 2018, we are guiding for Adjusted EBITDA of $75 million, a dramatic increase over 2017,” continued Raiford.
Q417 Customer Highlights:
- Awarded a large Asian network interconnect deal based on cloud and GPU (graphics processing unit) technology, demonstrating Ribbon’s highly differentiated NFV (network functions virtualization) strategy and evidence of the secular shift to virtualization and cloud architecture. This deal is expected to generate revenue in early 2019.
- Booked a significant gateway trunking contract with a large U.S. MSO (multiple system operator), illustrating the continued demand by MSOs to transform their legacy networks to IP.
- Booked new network transformation projects for three service providers in Canada.
- A large North American Tier 1 service provider deployed Ribbon’s Converged Intelligent Messaging NFV solution, supporting business and residential customers, highlighting further progress on network virtualization.
Q417 Financial Highlights1,2
- GAAP total revenue was $146.2 million, compared to $67.6 million in the fourth quarter of 2016.
- Non-GAAP total revenue was $169.5 million, compared to $67.6 million in the fourth quarter of 2016.
- GAAP net loss was $15.7 million, compared to $2.6 million in the fourth quarter of 2016.
- GAAP loss per share was $0.18, compared to $0.05 in the fourth quarter of 2016.
- Non-GAAP diluted earnings per share was $0.27, compared to $0.09 in the fourth quarter of 2016.
- Non-GAAP Adjusted EBITDA was $27.8 million, compared to $7.0 million in the fourth quarter of 2016.
FY17 Financial Highlights1,2
- GAAP total revenue was $329.9 million, compared to $252.6 million in 2016.
- Non-GAAP total revenue was $353.2 million, compared to $252.6 million in 2016.
- GAAP net loss was $35.3 million, compared to $13.9 million in 2016.
- GAAP loss per share was $0.60, compared to $0.28 in 2016.
- Non-GAAP diluted earnings per share was $0.51, compared to $0.33 in 2016.
- Non-GAAP Adjusted EBITDA was $40.9 million, compared to $26.1 million in 2016.
