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RingCentral Announces 35% Revenue Growth for First Quarter 2015
1 May, 2015
BELMONT, Calif.--(BUSINESS WIRE)--
RingCentral, Inc. (NYSE: RNG), a leading provider of
cloud business communications solutions, today announced financial results for the first quarter ended March 31, 2015.
First Quarter Highlights:
- Revenue increased 35% year-over-year to $65.3 million; subscription revenue increased 37% year-over-year to $60.0 million.
- Total annualized exit monthly recurring subscriptions grew 35% year-over-year to $253.7 million.
- RingCentral Office® annualized exit monthly recurring subscriptions grew 47% year-over-year to $185.4 million.
- Net monthly subscription dollar retention: overall over 99% and RingCentral Office over 100%.
- Non-GAAP subscriptions gross margins improved 4.8 points to 74.2% in Q1 2015 from 69.4% in the same period a year ago.
- Revenue: Total revenue was $65.3 million for the first quarter of 2015, up 35% from the first quarter of 2014.
- Net Income (Loss): GAAP net income (loss) per diluted share was ($0.15) for the first quarter of 2015 compared with ($0.20) for the first quarter of 2014. Non-GAAP net income (loss) per diluted share was ($0.09) for the first quarter of 2015, compared with ($0.15) per diluted share for the first quarter of 2014.
- Balance Sheet: Total cash and short-term investments at the end of the first quarter of 2015 was $135.7 million, compared with $141.7 million at the end of the fourth quarter of 2014.
- Announced that BT Cloud Phone, in association with RingCentral, is now widely available to BT Business customers in the UK.
- TELUS announced the commercial launch of TELUS Business Connect™, powered by RingCentral, providing a single cloud-based communications solution for businesses in the Canadian market.
- Unveiled the RingCentral Connect Platform™, a set of tools and services to build, deploy, and manage custom integrations using RingCentral APIs.
- Introduced RingCentral Contact Center, providing unmatched value and a robust customer experience for integrated business communications.
- Launched the latest update to RingCentral Office® providing an enhanced feature set, enterprise grade security, and more control for IT administrators.
- Signed a new distribution partnership with Jenne, Inc., a leading value-added distributor of technology products and services.
- Welcomed Al Campa to RingCentral as the Chief Marketing Officer of the company.
- Added Michelle McKenna-Doyle, the SVP and Chief Information Officer of the NFL, and Mike Kourey, board member of Aruba Networks and various private growth companies, to the Board of Directors.
- What:RingCentral financial results for the first quarter of 2015 and outlook for the second quarter and full year of 2015.
- When:Tuesday, April 28, 2015 at 2PM PT (5PM ET).
- Dial in: To access the call in the United States, please dial (877) 705-6003, and for international callers dial (201) 493-6725. Callers may provide confirmation number 13605511 to access the call more quickly, and are encouraged to dial into the call 10 to 15 minutes prior to the start to prevent any delay in joining.
- Webcast:http://ir.ringcentral.com/ (live and replay).
- Replay: A replay of the call will be available via telephone for seven days, beginning two hours after the call. To listen to the telephone replay in the U.S., please dial (877) 870-5176 from the United States or (858) 384-5517 internationally with recording access code 13605511.
