Avaya Reports Fourth Quarter and Fiscal 2021 Financial Results, Provides Fiscal 2023 and Fiscal 2024 Targets

Avaya Holdings Corp. (NYSE: AVYA) today reported financial results for the fourth quarter of fiscal 2021 ended September 30, 2021.

Financial Highlights

  • Q4 Revenues of $760 million and fiscal 2021 revenues of $2.973 billion. Fiscal 2021 revenue includes an adjustment of approximately $15 million for the cumulative effect of an understatement of revenue in prior periods(1)
  • OneCloud ARR (Annualized Recurring Revenue) was $530 million, up 25% sequentially and 177% from a year ago
  • CAPS (Cloud, Alliance Partner and Subscription) was 44% of revenue, up from 33% a year ago; and 40% for fiscal 2021
  • For fiscal 2021, software and services were 88% of revenue, flat year over year
  • Recurring revenue was 66% for fiscal 2021, up from 63% a year ago
  • GAAP Operating income was $33 million and Non-GAAP Operating income was $145 million; for fiscal 2021 GAAP Operating income was $180 million and Non-GAAP Operating income was $602 million
  • GAAP Net income was $6 million and Non-GAAP Net income was $74 million; for fiscal 2021 GAAP Net loss was $13 million and Non-GAAP Net income was $304 million
  • Adjusted EBITDA was $179 million, 23.6% of revenue, down 290 basis points year over year; for fiscal 2021 Adjusted EBITDA was $719 million, 24.2% of revenue
  • GAAP Earnings Per Share of $0.06 and Non-GAAP Earnings Per Share of $0.77; for fiscal 2021 GAAP Loss Per Share was $0.20 and Non-GAAP Earnings Per Share was $3.16
  • Ending cash and cash equivalents were $498 million

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