8x8 Inc. Files 10-Q for Period Ending December 31, 2023

AI Summary

8X8 INC /DE/ (EGHT) filed a Quarterly Report (10-Q) with the SEC on February 1, 2024. 8x8 Inc. reported financial results for the third quarter of fiscal year 2024, ending December 31, 2023. The filing covers the period from October 1, 2023, to December 31, 2023. The company's fiscal year ends on March 31. 8x8 Inc. is incorporated in Delaware. The company's principal business address is in Campbell, California.

Why It Matters

For investors and stakeholders tracking 8X8 INC /DE/, this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance data for 8x8 Inc., crucial for assessing the company's current health and future prospects. Understanding the quarterly results is essential for tracking the company's progress against its strategic goals and market position in the cloud communications sector.

Risk Assessment

Risk Level: medium — 8X8 INC /DE/ shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information. However, the absence of specific financial figures in the provided text limits a deeper risk assessment.

Analyst Insight

Review the full 10-Q filing for detailed financial statements, management discussion and analysis, and risk factors to form a comprehensive investment thesis.

Key Numbers

• 20231231 — Period End Date (Conformed period of report)
• 20240201 — Filing Date (Filed as of date)
• 0331 — Fiscal Year End (Fiscal year end)
• Q3 2024 — Reporting Quarter (Indicates the quarter being reported)

Key Players & Entities

• 8X8 INC /DE/ (company) — Filer name
• 20231231 (date) — Conformed period of report
• 20240201 (date) — Filed as of date
• DE (jurisdiction) — State of incorporation
• CAMPBELL (location) — Business address city
• CA (location) — Business address state
• 95008 (postal_code) — Business address zip
• NETERGY NETWORKS INC (company) — Former company name

Forward-Looking Statements

• 8x8 Inc. will continue to reduce its net losses in the next fiscal quarter. (8x8 Inc.) — medium confidence, target: 2024-03-31

FAQ

Industry Context

8x8 Inc. operates in the cloud communications and collaboration market, providing services like unified communications, contact center solutions, and collaboration tools.

Regulatory Implications

The filing is a standard SEC Form 10-Q, which is a quarterly report required by the Securities Exchange Act of 1934 for publicly traded companies.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-Q for revenue, expenses, and profitability trends.
2. Examine the Management's Discussion and Analysis (MD&A) section for insights into business performance and outlook.
3. Review any disclosed risk factors and legal proceedings for potential impacts on the company.

Year-Over-Year Comparison

This is a 10-Q filing, providing an update on the company's financial status for the most recent quarter, compared to previous periods which would be detailed in prior filings.

Key Financial Figures

• $0.001 — ich registered COMMON STOCK, PAR VALUE $0.001 PER SHARE EGHT Nasdaq Global Select Mar

Filing Documents

• eght-20231231.htm (10-Q) — 1177KB
• exh_101xfirstamendmentto.htm (EX-10.1) — 23KB
• a8x8_fy24q3xex311.htm (EX-31.1) — 10KB
• a8x8_fy24q3xex312.htm (EX-31.2) — 9KB
• a8x8_fy24q3xex321.htm (EX-32.1) — 4KB
• a8x8_fy24q3xex322.htm (EX-32.2) — 4KB
• eght-20231231_g1.jpg (GRAPHIC) — 8KB
• exh_101xfirstamendmentto001.jpg (GRAPHIC) — 223KB
• exh_101xfirstamendmentto002.jpg (GRAPHIC) — 261KB
• exh_101xfirstamendmentto003.jpg (GRAPHIC) — 263KB
• exh_101xfirstamendmentto004.jpg (GRAPHIC) — 307KB
• exh_101xfirstamendmentto005.jpg (GRAPHIC) — 262KB
• exh_101xfirstamendmentto006.jpg (GRAPHIC) — 83KB
• exh_101xfirstamendmentto007.jpg (GRAPHIC) — 80KB
• exh_101xfirstamendmentto008.jpg (GRAPHIC) — 41KB
• exh_101xfirstamendmentto009.jpg (GRAPHIC) — 82KB
• exh_101xfirstamendmentto010.jpg (GRAPHIC) — 44KB
• exh_101xfirstamendmentto011.jpg (GRAPHIC) — 45KB
• 0001023731-24-000006.txt ( ) — 8891KB
• eght-20231231.xsd (EX-101.SCH) — 35KB
• eght-20231231_cal.xml (EX-101.CAL) — 77KB
• eght-20231231_def.xml (EX-101.DEF) — 222KB
• eght-20231231_lab.xml (EX-101.LAB) — 598KB
• eght-20231231_pre.xml (EX-101.PRE) — 405KB
• eght-20231231_htm.xml (XML) — 896KB

Forward-Looking Statements and Risk Factors

Forward-Looking Statements and Risk Factors 2

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited): 3 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations 4 Condensed Consolidated Statements of Comprehensive Loss 5 Condensed Consolidated Statements of Stockholders' Equity 6 Condensed Consolidated Statements of Cash Flows 8 Notes to Unaudited Condensed Consolidated Financial Statements 10

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 19

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 28

Controls and Procedures

Item 4. Controls and Procedures 29

OTHER INFORMATION

PART II. OTHER INFORMATION 30

Legal Proceedings

Item 1. Legal Proceedings 30

Risk Factors

Item 1A. Risk Factors 30

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 30

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 30

Other Information

Item 5. Other Information 30

Exhibits

Item 6. Exhibits 30 Signature 31 1 Table of Contents

Forward-Looking Statements and Risk Factors

Forward-Looking Statements and Risk Factors the impact of economic downturns on us and our customers; the impact of cost increases and general inflationary pressures, as well as supply chain shortages and disruptions, on our operating expenses; customer cancellations and rate of customer churn; ongoing volatility and conflict in the political and economic environment, including Russia's invasion of Ukraine and a

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements 8X8, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands, except share and per share amounts) December 31, 2023 March 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 168,513 $ 111,400 Restricted cash, current 356 511 Short-term investments 1,035 26,228 Accounts receivable, net of allowance for expected credit losses of $ 2,723 and $ 3,644 as of December 31, 2023 and March 31, 2023, respectively 63,042 62,307 Deferred sales commission costs, current 36,996 38,048 Other current assets 32,528 34,630 Total current assets 302,470 273,124 Property and equipment, net 55,661 57,871 Operating lease, right-of-use assets 38,546 52,444 Intangible assets, net 91,816 107,112 Goodwill 267,453 266,863 Restricted cash, non-current 462 818 Deferred sales commission costs, non-current 56,317 67,644 Other assets, non-current 13,993 15,934 Total assets $ 826,718 $ 841,810 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 49,493 $ 46,802 Accrued compensation 20,573 29,614 Accrued taxes 37,781 29,570 Operating lease liabilities, current 11,763 11,504 Deferred revenue, current 32,778 34,909 Convertible senior notes, current 63,260 62,932 Other accrued liabilities 14,878 14,556 Total current liabilities 230,526 229,887 Operating lease liabilities, non-current 59,417 65,623 Deferred revenue, non-current 10,128 10,615 Convertible senior notes 197,561 196,821 Term loan 211,092 231,993 Other liabilities, non-current 8,322 6,965 Total liabilities 717,046 741,904 Commitments and contingencies (Note 5) Stockholders' equity: Preferred stock: $ 0.001 par value, 5,000,000 shares authorized, none issued and outstanding as of December 31, 2023 and March 31, 2023 — — Common stock: $ 0.001 par value, 300,000,000 shares authorized, 123,219,383 shares and 114,659,255 shares issued and outstanding as of December 31, 2023 and March 31, 2023, respectively 123 115 Additional p

View Full Filing

View this 10-Q filing on SEC EDGAR