RingCentral, Inc. (NYSE: RNG), a leading provider of global enterprise cloud communications, video meetings, collaboration, and contact center solutions, today announced financial results for the second quarter ended June 30, 2022.
Second Quarter Financial Highlights
- Total revenue increased 28% year over year to $487 million.
- Subscriptions revenue increased 32% year over year to $463 million.
- Annualized Exit Monthly Recurring Subscriptions (ARR) increased 31% year over year to $2.0 billion.
- Mid-market and Enterprise ARR increased 38% year over year to $1.2 billion.
- Net cash provided by operating activities was $51 million and non-GAAP free cash flow was $29 million. Free cash flow represented 6.0% as a percent of total revenue, up 220 basis points year over year.“Our second quarter key metrics exceeded the high end of our guidance range and demonstrated our consistent execution,” said Vlad Shmunis, RingCentral’s founder, chairman and CEO. “We continue to see the benefits of scale, with solid top line contributions complemented by increasing bottom line profitability. The market opportunity in front of us is large, and customers continue to gravitate to RingCentral because of our industry leading UCaaS and integrated CCaaS solution, proven reliability and broad geographic reach.”