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8x8, Inc. Reports Second Quarter Fiscal 2020 Financial Results

October 30, 2019

SAN JOSE, Calif.--(BUSINESS WIRE)--Oct 30, 2019--

8x8, Inc. (NYSE: EGHT), a leading cloud provider of voice, video, chat, contact center and enterprise-class API solutions powered by one global communications platform, today reported financial results for the second quarter of fiscal 2020 ended September 30, 2019.

Second Quarter Fiscal 2020 Financial Results:

“​We reported a strong quarter, with Q2 exceeding expectations. Total ARR growth of 34% was driven by mid-market and enterprise success, continued contributions from channel ​partners, ​and strong international performance. The quarter included a record 8-figure TCV, ​30,000​​ seat ​win with a global quality assurance provider. We saw success across our full platform, with strong contact center, CPaaS, and e-commerce growth in addition to the launch of our video meetings solution to all existing customers,” said Vik Verma, Chief Executive Officer at 8x8, Inc.​

Added Verma, “We see the market of over 350 million Avaya, Cisco, Mitel, and other on-premise seats rapidly shifting to the cloud. Based on the strength of our single technology platform, we announced earlier today a strategic partnership with Poly and ScanSource to launch the industry’s first comprehensive, frictionless hardware replacement and cloud migration program,​ ​CloudFuel TM, to the VAR community. CloudFuel will provide 8x8 access to hundreds of thousands of customers across the world as we ​leverage ScanSource’s network of over 35,000 resellers and ​help enterprises eliminate risk and uncertainty as they migrate to the cloud.”

Q2 F2020 Business Metrics and Company Highlights:

Financial and Business Metrics

The Company is introducing an additional financial and operating metric in order to provide investors with incremental insights into the Company’s performance. Beginning with the reporting of the second quarter of fiscal 2020, the Company is providing information on new bookings from our contact center solution:

Please note the Company has renamed a section in the financial and operating metrics worksheet from Bundled Deals to Offerings. This new metric is included in the financial and operating metrics worksheet that is posted on the Company’s investor relations website.

Company Highlights

Product Innovation Highlights & Industry Awards

Q3 and F2020 Financial Outlook:

Third Quarter Fiscal 2020 Financial Outlook:

Full-Year Fiscal 2020 Financial Outlook:

We do not reconcile our forward-looking estimates of non-GAAP net income (loss) to the corresponding GAAP measures of GAAP net income (loss) due to the significant variability of, and difficulty in making accurate forecasts and projections with regards to, the various expenses we exclude. For example, although future hiring and retention needs may be reasonably predictable, stock-based compensation expense depends on variables that are largely not within the control of nor predictable by management, such as the market price of 8x8 common stock, and may also be significantly impacted by events like acquisitions, the timing and nature of which are difficult to predict with accuracy. Similarly, impairments and other non-recurring items are difficult to predict as they may depend on future events and external factors outside the Company’s control. The actual amounts of these excluded items could have a significant impact on the Company’s GAAP net income (loss). Accordingly, management believes that reconciliations of this forward-looking non-GAAP financial measure to the corresponding GAAP measure are not available without unreasonable effort.

Conference Call Information:

Management will host a conference call to discuss earnings results on October 30, 2019 at 2 p.m. Pacific Time (5 p.m. Eastern Time). The call is accessible via the following numbers and webcast link:

Dial In:

 

(844) 343-9040 Domestic or (647) 689-5131 International; Conference ID #1868515

Replay:

 

(800) 585-8367 Domestic or (416) 621-4642 International; Conference ID #1868515

Webcast:

 

http://investors.8x8.com

Participants should plan to dial in or log on ten minutes prior to the start time. A telephonic replay of the call will be available until November 6, 2019. The webcast will be archived on 8x8′s website for a period of 30 days. For additional information, visit http://investors.8x8.com.

About 8x8, Inc.

8x8, Inc. (NYSE: EGHT) is transforming the future of business communications as a leading cloud provider of voice, video, chat, contact center and enterprise-class API solutions powered by one global communications platform. 8x8 empowers workforces worldwide to connect individuals and teams so they can collaborate faster and work smarter. Real-time business analytics and intelligence provide businesses unique insights across all interactions and channels so they can delight end-customers and accelerate their business. For additional information, visit www.8x8.com, or follow 8x8 on LinkedIn, Twitter, and Facebook.

Non-GAAP Measures:

The Company has provided in this release financial information that has not been prepared in accordance with Generally Accepted Accounting Principles (GAAP). Management uses these non-GAAP financial measures internally in analyzing the Company’s financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating the Company’s ongoing operational performance. Management believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating 8x8′s ongoing operating results and trends and in comparing financial results with other companies in the industry, many of which present similar non-GAAP financial measures to investors.

The Company has defined non-GAAP net income (loss) as net income (loss) under GAAP, plus amortization of acquired intangible assets, stock-based compensation, certain other income and expenses, and the provision for income taxes. Amortization of acquired intangible assets is excluded because it is a non-cash expense that management does not consider part of ongoing operations when assessing the Company’s financial performance. Stock-based compensation expense has been excluded because it is a non-cash expense and relies on valuations based on future conditions and events, such as the market price of 8x8 common stock, that are difficult to predict and/or largely not within the control of management. Certain other income and expense items, such as acquisition-related expenses, certain severance expenses and expenses for tax or litigation risks, have been excluded because management considers them one-time events or otherwise not indicative of trends in the Company’s ongoing operations. The Company has also excluded costs associated with its Coleman lease assignment.

GAAP tax provision for income taxes has been excluded as management does not consider taxes in its analysis of the performance of ongoing operations. Due to the Company’s history of tax losses and full valuation allowance against deferred tax assets, future GAAP and Non-GAAP effective tax rates are limited to current taxes in certain US states and foreign jurisdictions. The Company reports these current taxes as reduction from Non-GAAP pretax net income (loss) to derive Non-GAAP net income (loss) after taxes.

The Company defines non-GAAP net income (loss) per share as non-GAAP net income (loss) divided by the weighted-average basic or diluted shares outstanding which includes the effect of potentially dilutive stock options and awards.

Management believes that such exclusions facilitate comparisons to the Company’s historical operating results and to the results of other companies in the same industry, and provides investors with information that management uses in evaluating the Company’s performance on a quarterly and annual basis.

Although these non-GAAP financial measures adjust expenses, they should not be viewed as a pro forma presentation reflecting the elimination of the underlying share-based compensation programs, which are an important element of the Company’s compensation structure. GAAP requires that all forms of share-based payments should be valued and included in the results of operations.

We disclose these non-GAAP financial measures to the public as an additional means by which investors can assess our performance. These non-GAAP financial measures may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. This reconciliation has been provided in the financial statement tables included below in this press release.

Forward Looking Statements:

This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. These statements include, without limitation, information about future events based on current expectations, potential product development efforts, near and long-term objectives, potential new business, our strategic cloud migration program with Poly and ScanSource, strategies, organization changes, changing markets, future business performance and outlook. Such statements are predictions only, and actual events or results could differ materially from those made in any forward-looking statements due to a number of risks and uncertainties. Actual results and trends may differ materially from historical results or those projected in any such forward-looking statements depending on a variety of factors.

These factors include, but are not limited to:

For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in the Company’s reports on Forms 10-K and 10-Q, as well as other reports that 8x8, Inc. files from time to time with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by this cautionary statement, and 8x8, Inc. undertakes no obligation to update publicly any forward-looking statement for any reason, except as required by law, even as new information becomes available or other events occur in the future.

8x8, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts; unaudited)

 

 

Three Months Ended

 

Six Months Ended

 

 

September 30,

 

September 30,

 

 

2019

 

2018

 

2019

 

2018

Service revenue

 

$

104,529

 

 

$

81,346

 

 

$

196,901

 

 

$

159,467

 

Product revenue

 

4,988

 

 

4,336

 

 

9,291

 

 

9,440

 

Total revenue

 

109,517

 

 

85,682

 

 

206,192

 

 

168,907

 

 

 

 

 

 

 

 

 

 

Cost of revenue and operating expenses:

 

 

 

 

 

 

 

 

Cost of service revenue

 

43,195

 

 

26,202

 

 

75,162

 

 

50,751

 

Cost of product revenue

 

6,502

 

 

5,397

 

 

12,226

 

 

11,678

 

Research and development

 

19,434

 

 

14,064

 

 

37,765

 

 

27,114

 

Sales and marketing

 

57,895

 

 

41,680

 

 

111,494

 

 

82,175

 

General and administrative

 

20,435

 

 

20,326

 

 

40,042

 

 

35,159

 

Total operating expenses

 

147,461

 

 

107,669

 

 

276,689

 

 

206,877

 

Loss from operations

 

(37,944

)

 

(21,987

)

 

(70,497

)

 

(37,970

)

Other (expense) income, net

 

(2,732

)

 

635

 

 

(4,296

)

 

1,354

 

Loss before provision for income taxes

 

(40,676

)

 

(21,352

)

 

(74,793

)

 

(36,616

)

Provision for income taxes

 

256

 

 

130

 

 

404

 

 

221

 

Net loss

 

$

(40,932

)

 

$

(21,482

)

 

$

(75,197

)

 

$

(36,837

)

 

 

 

 

 

 

 

 

 

Net loss per share:

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.42

)

 

$

(0.23

)

 

$

(0.77

)

 

$

(0.39

)

 

 

 

 

 

 

 

 

 

Weighted average number of shares:

 

 

 

 

 

 

 

 

Basic and diluted

 

98,353

 

93,831

 

97,356

 

93,449

8x8, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, unaudited)

 

 

 

September 30, 2019

 

March 31, 2019

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

162,219

 

 

$

276,583

 

Restricted cash, current

 

3,459

 

 

 

Short-term investments

 

29,324

 

 

69,899

 

Accounts receivable, net

 

30,743

 

 

20,181

 

Deferred sales commission costs

 

18,572

 

 

15,601

 

Other current assets

 

22,803

 

 

15,127

 

Total current assets

 

267,120

 

 

397,391

 

Property and equipment, net

 

64,776

 

 

52,835

 

Operating lease, right-of-use assets

 

78,147

 

 

 

Intangible assets, net

 

28,410

 

 

11,680

 

Goodwill

 

131,879

 

 

39,694

 

Long-term investments

 

20,448

 

 

 

Restricted cash, non-current

 

15,558

 

 

8,100

 

Deferred sales commission costs, non-current

 

42,139

 

 

33,693

 

Other assets

 

18,133

 

 

2,965

 

Total assets

 

$

666,610

 

 

$

546,358

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

42,134

 

 

$

32,280

 

Accrued compensation

 

25,847

 

 

18,437

 

Accrued taxes

 

12,175

 

 

13,862

 

Operating lease liabilities, current

 

5,292

 

 

 

Deferred revenue

 

4,270

 

 

3,336

 

Other accrued liabilities

 

19,329

 

 

6,790

 

Total current liabilities

 

109,047

 

 

74,705

 

 

 

 

 

 

Operating lease liabilities, non-current

 

75,221

 

 

 

Convertible senior notes, net

 

222,432

 

 

216,035

 

Other liabilities, non-current

 

21,033

 

 

6,228

 

Total liabilities

 

427,733

 

 

296,968

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

Common stock

 

100

 

 

96

 

Additional paid-in capital

 

575,416

 

 

506,949

 

Accumulated other comprehensive loss

 

(11,140

)

 

(7,353

)

Accumulated deficit

 

(325,499

)

 

(250,302

)

Total stockholders' equity

 

238,877

 

 

249,390

 

Total liabilities and stockholders' equity

 

$

666,610

 

 

$

546,358

 

8x8, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, unaudited)

 

 

Six Months Ended September 30,

 

 

2019

 

2018

Cash flows from operating activities:

 

 

 

 

Net loss

 

$

(75,197

)

 

$

(36,837

)

Adjustments to reconcile net loss to net cash used in by operating activities:

 

 

 

 

Depreciation

 

4,599

 

 

4,231

 

Amortization of intangible assets

 

3,827

 

 

2,857

 

Amortization of capitalized software

 

8,242

 

 

3,749

 

Amortization of debt discount and issuance costs

 

6,397

 

 

 

Amortization of deferred sales commission costs

 

8,718

 

 

6,664

 

Operating lease expense, net of accretion

 

6,234

 

 

 

Non-cash lease expenses

 

 

 

2,401

 

Stock-based compensation expense

 

30,988

 

 

19,040

 

Other

 

1,634

 

 

538

 

Changes in assets and liabilities:

 

 

 

 

Accounts receivable, net

 

(2,563

)

 

(3,347

)

Deferred sales commission costs

 

(20,498

)

 

(11,339

)

Other current and non-current assets

 

(17,418

)

 

(1,452

)

Accounts payable and accruals

 

(400

)

 

8,131

 

Deferred revenue

 

922

 

 

814

 

Net cash used in operating activities

 

(44,515

)

 

(4,550

)

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

Purchases of property and equipment

 

(7,138

)

 

(2,878

)

Purchase of business

 

(58,741

)

 

(2,625

)

Cost of capitalized software

 

(14,339

)

 

(11,386

)

Proceeds from maturities of investments

 

8,545

 

 

35,455

 

Proceeds from sales of investments

 

30,639

 

 

23,604

 

Purchases of investments

 

(18,890

)

 

(42,437

)

Net cash used in investing activities

 

(59,924

)

 

(267

)

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

Finance lease payments

 

(227

)

 

(525

)

Tax-related withholding of common stock

 

(5,426

)

 

(8,183

)

Proceeds from issuance of common stock under employee stock plans

 

6,134

 

 

6,720

 

Net cash provided by (used in) financing activities

 

481

 

 

(1,988

)

 

 

 

 

 

Effect of exchange rate changes on cash

 

511

 

 

(221

)

Net decrease in cash, cash equivalents, and restricted cash

 

(103,447

)

 

(7,026

)

 

 

 

 

 

Cash, cash equivalents and restricted cash, beginning of period

 

284,683

 

 

39,803

 

Cash, cash equivalents and restricted cash, end of period

 

$

181,236

 

 

$

32,777

 

8x8, Inc.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(In thousands, except per share amounts; unaudited)

 

 

 

Three Months Ended September 30,

 

Six Months Ended September 30,

Reconciliation of GAAP to Non-GAAP Expenses:

 

2019

 

2018

 

2019

 

2018

GAAP cost of service revenue

 

$

43,195

 

 

 

 

$

26,202

 

 

 

 

$

75,162

 

 

 

 

$

50,751

 

 

 

Amortization of acquired intangible assets

 

(1,796

)

 

 

 

(1,112

)

 

 

 

(3,106

)

 

 

 

(2,222

)

 

 

Stock-based compensation expense

 

(1,939

)

 

 

 

(1,379

)

 

 

 

(3,670

)

 

 

 

(2,405

)

 

 

Non-recurring items

 

(418

)

 

 

 

 

 

 

 

(418

)

 

 

 

 

 

 

Non-GAAP cost of service revenue

 

$

39,042

 

 

 

 

$

23,711

 

 

 

 

$

67,968

 

 

 

 

$

46,124

 

 

 

Non-GAAP service margin (as a percentage of service revenue)

 

$

65,487

 

 

62.6

%

 

$

57,635

 

 

70.9

%

 

$

128,933

 

 

65.5

%

 

$

113,343

 

 

71.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP and Non-GAAP cost of product revenue

 

$

6,502

 

 

 

 

$

5,397

 

 

 

 

$

12,226

 

 

 

 

$

11,678

 

 

 

Non-GAAP product margin (as a percentage of product revenue)

 

$

(1,514

)

 

(30.4

)%

 

$

(1,061

)

 

(24.5

)%

 

$

(2,935

)

 

(31.6

)%

 

$

(2,238

)

 

(23.7

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP gross margin (as a percentage of revenue)

 

$

63,973

 

 

58.4

%

 

$

56,574

 

 

66.0

%

 

$

125,998

 

 

61.1

%

 

$

111,105

 

 

65.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP research and development

 

$

19,434

 

 

 

 

$

14,064

 

 

 

 

$

37,765

 

 

 

 

$

27,114

 

 

 

Stock-based compensation expense

 

(4,217

)

 

 

 

(2,823

)

 

 

 

(8,081

)

 

 

 

(5,017

)

 

 

Integration costs

 

(21

)

 

 

 

 

 

 

 

(21

)

 

 

 

 

 

 

Acquisition costs

 

 

 

 

 

 

 

 

 

(12

)

 

 

 

 

 

 

Non-recurring items

 

(385

)

 

 

 

 

 

 

 

(385

)

 

 

 

 

 

 

Non-GAAP research and development (as a percentage of revenue)

 

$

14,811

 

 

13.5

%

 

$

11,241

 

 

13.1

%

 

$

29,266

 

 

14.2

%

 

$

22,097

 

 

13.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP sales and marketing

 

$

57,895

 

 

 

 

$

41,680

 

 

 

 

$

111,494

 

 

 

 

$

82,175

 

 

 

Amortization of acquired intangible assets

 

(507

)

 

 

 

(313

)

 

 

 

(721

)

 

 

 

(635

)

 

 

Stock-based compensation expense

 

(5,340

)

 

 

 

(2,206

)

 

 

 

(9,261

)

 

 

 

(4,604

)

 

 

Integration costs

 

(5

)

 

 

 

 

 

 

 

(5

)

 

 

 

 

 

 

Non-recurring items

 

(673

)

 

 

 

 

 

 

 

(673

)

 

 

 

 

 

 

Non-GAAP sales and marketing (as a percentage of revenue)

 

$

51,370

 

 

46.9

%

 

$

39,161

 

 

45.7

%

 

$

100,834

 

 

48.9

%

 

$

76,936

 

 

45.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP general and administrative

 

$

20,435

 

 

 

 

$

20,326

 

 

 

 

$

40,042

 

 

 

 

$

35,159

 

 

 

Stock-based compensation expense

 

(5,895

)

 

 

 

(3,721

)

 

 

 

(9,976

)

 

 

 

(7,014

)

 

 

Integration costs

 

(127

)

 

 

 

 

 

 

 

(127

)

 

 

 

 

 

 

Acquisition costs

 

(330

)

 

 

 

 

 

 

 

(1,552

)

 

 

 

 

 

 

Non-recurring items

 

(46

)

 

 

 

(6,151

)

 

 

 

(768

)

 

 

 

(7,652

)

 

 

Non-GAAP general and administrative (as a percentage of revenue)

 

$

14,037

 

 

12.8

%

 

$

10,454

 

 

12.2

%

 

$

27,619

 

 

13.4

%

 

$

20,493

 

 

12.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP other income and expense

 

(2,732

)

 

 

 

635

 

 

 

 

(4,296

)

 

 

 

1,354

 

 

 

Debt amortization expense

 

3,224

 

 

 

 

 

 

 

 

6,397

 

 

 

 

 

 

 

Non-GAAP other income and expense (as a percentage of revenue)

 

492

 

 

0.4

%

 

635

 

 

0.7

%

 

2,101

 

 

1.0

%

 

1,354

 

 

0.8

%

 

 

Three Months Ended September 30,

 

Six Months Ended September 30,

 

 

2019

 

2018

 

2019

 

2018

Reconciliation of GAAP Net Loss to Non-GAAP Net Loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net loss

 

$

(40,932

)

 

 

 

$

(21,482

)

 

 

 

$

(75,197

)

 

 

 

$

(36,837

)

 

 

Amortization of acquired intangible assets

 

2,303

 

 

 

 

1,425

 

 

 

 

3,827

 

 

 

 

2,857

 

 

 

Stock-based compensation expense

 

17,391

 

 

 

 

10,129

 

 

 

 

30,988

 

 

 

 

19,040

 

 

 

Integration costs

 

153

 

 

 

 

 

 

 

 

153

 

 

 

 

 

 

 

Acquisition costs

 

331

 

 

 

 

 

 

 

 

1,564

 

 

 

 

 

 

 

Debt amortization expense

 

3,224

 

 

 

 

 

 

 

 

6,397

 

 

 

 

 

 

 

Non-recurring items in operating expenses

 

1,522

 

 

 

 

6,151

 

 

 

 

2,244

 

 

 

 

7,652

 

 

 

Provision for income taxes

 

256

 

 

 

 

130

 

 

 

 

404

 

 

 

 

221

 

 

 

Non-GAAP net loss before taxes (as a percentage of revenue)

 

$

(15,752

)

 

(14.4

)%

 

$

(3,647

)

 

(4.3

)%

 

$

(29,620

)

 

(14.4

)%

 

$

(7,067

)

 

(4.2

)%

Non-GAAP tax expense (1)

 

256

 

 

 

 

130

 

 

 

 

404

 

 

 

 

221

 

 

 

Non-GAAP net loss after taxes (as a percentage of revenue)

 

$

(16,008

)

 

(14.6

)%

 

$

(3,777

)

 

(4.4

)%

 

$

(30,024

)

 

(14.6

)%

 

$

(7,288

)

 

(4.3

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) The non-GAAP tax provision in fiscal years 2020 and 2019 do not have deferred income tax impact due to the full valuation allowance applied against deferred tax assets. The non-GAAP effective tax is based on current taxes for certain US states and foreign jurisdictions.

Shares used in computing non-GAAP net loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

98,353

 

 

 

 

93,831

 

 

 

 

97,356

 

 

 

 

93,449

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net loss per share - Basic and Diluted

 

$

(0.42

)

 

 

 

$

(0.23

)

 

 

 

$

(0.77

)

 

 

 

$

(0.39

)

 

 

Non-GAAP net loss before taxes per share - Basic and Diluted

 

$

(0.16

)

 

 

 

$

(0.04

)

 

 

 

$

(0.31

)

 

 

 

$

(0.08

)

 

 

 

View source version on businesswire.com:https://www.businesswire.com/news/home/20191030005848/en/

CONTACT: 8x8, Inc.Investor Relations:

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1-669-333-5200

victoria.hyde-dunn@8x8.comorMedia:

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john.sun@8x8.com

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

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SOURCE: 8x8, Inc.

Copyright Business Wire 2019.

PUB: 10/30/2019 04:05 PM/DISC: 10/30/2019 04:06 PM

http://www.businesswire.com/news/home/20191030005848/en