RingCentral Files Q2 2024 10-Q

TL;DR

RingCentral's Q2 2024 10-Q is in, showing revenue breakdown for License & Service and Product segments.

AI Summary

RingCentral, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance for the second quarter of 2024, including revenue from its License and Service segment and Product and Service Other segment. Key financial dates and reporting periods are also outlined.

Why It Matters

This filing provides investors with an update on RingCentral's financial health and operational performance for the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Numbers

• 2024 Q2 — Reporting Period (Financial performance for the second quarter of 2024 is detailed.)
• 2024-06-30 — Period End Date (The end date for the financial reporting period.)
• 2023-12-31 — Previous Year End Date (Provides a comparison point for financial data.)

Key Players & Entities

• RingCentral, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240807 (date) — Filing date
• 7374 (number) — Standard Industrial Classification Code

FAQ

Key Financial Figures

• $0.0001 — RNG New York Stock Exchange par value $0.0001 _____________________________________

Filing Documents

• rng-20240630.htm (10-Q) — 1666KB
• rng-20240630x10qxex311.htm (EX-31.1) — 10KB
• rng-20240630x10qxex312.htm (EX-31.2) — 10KB
• rng-20240630x10qxex321.htm (EX-32.1) — 4KB
• rng-20240630x10qxex322.htm (EX-32.2) — 4KB
• 0001384905-24-000046.txt ( ) — 7931KB
• rng-20240630.xsd (EX-101.SCH) — 51KB
• rng-20240630_cal.xml (EX-101.CAL) — 78KB
• rng-20240630_def.xml (EX-101.DEF) — 328KB
• rng-20240630_lab.xml (EX-101.LAB) — 579KB
• rng-20240630_pre.xml (EX-101.PRE) — 481KB
• rng-20240630_htm.xml (XML) — 1009KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) 5 Condensed Consolidated Balance Sheets 5 Condensed Consolidated Statements of Operations 6 Condensed Consolidated Statements of Comprehensive Loss 7 Condensed Consolidated Statements of Stockholders' Deficit 8 Condensed Consolidated Statements of Cash Flows 9 Notes to 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 26

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 37

Controls and Procedures

Item 4. Controls and Procedures 39

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 40

Risk Factors

Item 1A. Risk Factors 40

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 79

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 79

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 79

Other Information

Item 5. Other Information 79

Exhibits

Item 6. Exhibits 80

Signatures

Signatures 2 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements that are based on our management's beliefs and assumptions and on information currently available to our management. The forward-looking statements are contained principally in, but not limited to, the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations". Forward-looking statements include all statements that are not historical facts and can be identified by terms such as "anticipates", "believes", "could", "seeks", "estimates", "expects", "intends", "may", "plans", "potential", "predicts", "projects", "should", "will", "would" or similar expressions and the negatives of those terms. Forward-looking statements include, but are not limited to, statements about: our progress against short-term and long-term goals; our future financial performance; our anticipated growth, growth strategies and our ability to effectively manage that growth and effect these strategies; our success in our target market segments; anticipated trends, developments and challenges in our business and in the markets in which we operate, as well as general macroeconomic conditions and geopolitical conflicts; our ability to scale to our desired goals, particularly the implementation of new processes and systems and increasing and on-boarding our workforce; the impact of competition in our industry and innovation by our competitors; our ability to anticipate and adapt to future changes in our industry; our ability to predict subscriptions revenues, formulate accurate financial projections, manage debt expense, and make strategic business decisions based on our analysis of market trends; our ability to anticipate market needs and develop new and enhanced solutions and subscriptions to meet those needs, and our ability to successfully monetize them; our ability

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements RINGCENTRAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands) June 30, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents $ 199,328 $ 222,195 Accounts receivable, net 369,995 364,438 Deferred and prepaid sales commission costs 186,429 184,620 Prepaid expenses and other current assets 72,158 77,396 Total current assets 827,910 848,649 Property and equipment, net 182,315 184,390 Operating lease right-of-use assets 45,172 42,989 Deferred and prepaid sales commission costs, non-current 366,911 395,724 Goodwill 74,414 67,370 Acquired intangibles, net 322,940 393,767 Other assets 12,152 12,024 Total assets $ 1,831,814 $ 1,944,913 Liabilities, Temporary Equity, and Stockholders' Deficit Current liabilities Accounts payable $ 38,947 $ 53,295 Accrued liabilities 279,357 325,632 Current portion of long-term debt, net 181,033 20,000 Deferred revenue 262,105 233,619 Total current liabilities 761,442 632,546 Long-term debt, net 1,356,254 1,525,482 Operating lease liabilities 30,508 28,178 Other long-term liabilities 12,416 61,827 Total liabilities 2,160,620 2,248,033 Commitments and contingencies (Note 10) Series A convertible preferred stock 199,449 199,449 Stockholders' deficit Common stock 9 9 Additional paid-in capital 1,219,172 1,204,781 Accumulated other comprehensive loss ( 5,053 ) ( 8,223 ) Accumulated deficit ( 1,742,383 ) ( 1,699,136 ) Total stockholders' deficit ( 528,255 ) ( 502,569 ) Total liabilities, temporary equity and stockholders' deficit $ 1,831,814 $ 1,944,913 See accompanying notes to condensed consolidated financial statements 5 Table of Contents RINGCENTRAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenues Subscriptions $ 567,058 $ 513,632 $ 1,124,545 $ 1,021,926 Other 25,849 25,673 52,573 51,068

View Full Filing

View this 10-Q filing on SEC EDGAR