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Avaya Reports First Quarter Fiscal 2021 Financial Results

UAE, Dubai, February 10, 2021: Avaya Holdings Corp. today reported financial results for the first quarter of fiscal 2021 ended December 31, 2020 First Quarter Financial Highlights

  • Revenues of $743 million
  • OneCloud ARR was $262 million, up 38% sequentially
  • CAPS (Cloud, Alliance Partner and Subscription) revenue was 34%, up from 18% a year ago
  • Software and services were 88% of revenue, up from 86% a year ago
  • Recurring revenue was 65%, up from 59% a year ago
  • GAAP Operating income was $62 million; Non-GAAP Operating income was $163 million
  • GAAP Net loss was $4 million; Non-GAAP Net income was $85 million
  • Adjusted EBITDA was $190 million, 25.6% of revenue
  • Ending cash and cash equivalents were $750 million
  • GAAP Loss Per Share of $0.06; Non-GAAP Earnings Per Share of $0.90

“We are pleased to report first quarter results that exceeded expectations across all key metrics. Navigating a very challenging business environment, we emerged from 2020 even stronger. This success reflects the significant progress we continue to make on our transformation into an enterprise leader in cloud-based communications and collaboration solutions”, said Jim Chirico, President and CEO of Avaya. “The investments we have made in the business are generating strong traction across all segments in which we operate and, as a result, we are increasing our guidance for revenue, ARR, profitability and CFFO for the fiscal year”.

Additional First Quarter Fiscal 2021 Highlights

  • Total Contract Value (TCV) of $2.2B
  • Avaya OneCloud Subscription booked additional TCV of over $180 million during the December quarter
  • Added over 1,600 new logos
  • Significant large deal activity with 119 deals over $1 million TCV, 14 over $5 million, 6 over $10 million and 3 over $25 million
  • Avaya Cloud Office launched in Austria, Belgium, Germany, Italy, and Spain.
  • The Company is launching a Term Loan Amendment transaction today to extend the maturity of its outstanding Tranche B Term Loans due December 2024 to September 2027. In connection with the Amendment, the Company will make a $100 million prepayment of the existing Tranche B Term Loans.


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