Avaya Holdings Corp. (NYSE: AVYA) today reported financial results for the third quarter ended June 30, 2020.
Third Quarter Financial Highlights
- Revenues of $721 million
- GAAP Operating income was $53 million; Non-GAAP Operating income was $164 million
- Net income was $9 million
- Adjusted EBITDA was $187 million, 25.9% of revenue
- 104 deals signed with a TCV of over $1 million, 7 deals over $10 million TCV
- Ending cash and cash equivalents were $742 millionJim Chirico, President and CEO of Avaya stated, “We delivered strong quarterly results exceeding our guidance across all metrics. The company grew sequentially and year over year, which marks a major milestone for Avaya. Software and services as a percent of revenue was 89% – beating the record set this past March; recurring revenue was 64%, up 5 points year-over-year; and our CAPS revenue increased to 30% from 23% in the prior quarter. The strength in our business is a direct result of executing on the deliberate strategy we laid out over two years ago.” […]