{"id":483549,"date":"2021-04-28T16:06:22","date_gmt":"2021-04-28T20:06:22","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/ribbon-communications-inc-reports-first-quarter-2021-financial-results\/"},"modified":"2021-04-28T16:06:22","modified_gmt":"2021-04-28T20:06:22","slug":"ribbon-communications-inc-reports-first-quarter-2021-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ribbon-communications-inc-reports-first-quarter-2021-financial-results\/","title":{"rendered":"Ribbon Communications Inc. Reports First Quarter 2021 Financial Results"},"content":{"rendered":"
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Revenue was $193 million for the first quarter of 2021, growing 22% from the first quarter of 2020<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n PLANO, Texas<\/span>, April 28, 2021<\/span> \/PRNewswire\/ — Ribbon Communications Inc.<\/a><\/b> (Nasdaq: RBBN), a global provider of real-time communications software and IP optical transport solutions to service providers, enterprises, and critical infrastructure sectors, today announced its financial results for the first quarter of 2021. <\/p>\n

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\n
\n \"(PRNewsfoto\/Ribbon
\n <\/a>\n <\/p>\n<\/p><\/div>\n

Revenue for the first quarter of 2021 was $193 million<\/span>, compared to $158 million<\/span> for the first quarter of 2020, an increase of 22%.\u00a0 This includes a $37 million<\/span> year over year revenue increase related to acquisition of ECI Telecom Group Ltd. (“ECI”), which closed on March 3, 2020<\/span>.<\/p>\n

“We are off to a good start in 2021 with first quarter results in line with our expectations, and we are particularly pleased with our Adjusted EBITDA exceeding our guidance range and earnings per share at the high end of the range,” noted Bruce McClelland<\/span>, President and Chief Executive Officer of Ribbon Communications.\u00a0 “We look forward to building on this success as we continue to realize the benefits of our broader portfolio and robust customer relationships.” <\/p>\n

\n Financial Highlights1, 2, 3<\/sup><\/b>\u00a0
The following table summarizes the consolidated financial highlights for the three months ended March 31, 2021<\/span> and 2020 (in millions, except per share amounts). <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n

\n
\n Three months ended<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n March 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n 2021<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n GAAP Revenue<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 193<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0158<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n GAAP Net Loss <\/span>\n <\/p>\n<\/td>\n

\n

\n ($ \u00a0 45)<\/span>\n <\/p>\n<\/td>\n

\n

\n ($ \u00a0 \u00a033)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Non-GAAP Net income<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 \u00a05<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 \u00a01<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n GAAP Loss per share <\/span>\n <\/p>\n<\/td>\n

\n

\n ($0.31)<\/span>\n <\/p>\n<\/td>\n

\n

\n ($0.27)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Weighted average shares outstanding for GAAP loss per share<\/span>\n <\/p>\n<\/td>\n

\n

\n 146<\/span>\n <\/p>\n<\/td>\n

\n

\n 121<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Non-GAAP diluted earnings per share<\/span>\n <\/p>\n<\/td>\n

\n

\n $0.03<\/span>\n <\/p>\n<\/td>\n

\n

\n $0.01<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Diluted weighted average shares outstanding for Non-GAAP
diluted earnings per share<\/span>\n <\/p>\n<\/td>\n

\n

\n 155<\/span>\n <\/p>\n<\/td>\n

\n

\n 122<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Non-GAAP Adjusted EBITDA<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 20<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 10<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n
\n\n\n
\n

\n Cash was $109 million\u00a0at March 31, 2021, compared with\u00a0$136 million at December 31, 2020 and $110 million\u00a0at March 31, 2020.\u00a0 The $45 million GAAP Net loss in the first quarter of 2021 includes a $24 million non-cash loss associated with the quarterly mark-to-market of the Company’s investment in American Virtual Cloud Technologies, Inc. (“AVCT”) from the sale of the Company’s Kandy Communications business.
_____________________<\/span>
\n
\n
\n <\/span>
\n
\n 1<\/sup>Results for the three months ended March 31, 2020 include the results of ECI for the period from March 3, 2020 to March 31, 2020.\u00a0\u00a0\u00a0
<\/span>
\n
\n 2<\/sup>\u00a0GAAP Net loss and GAAP Loss per share for the three months ended March 31, 2021 include $1.5 million of paid-in-kind interest income earned on the convertible debt and $23.9 million of expense associated with the remeasurement of the convertible debt and warrants associated with the consideration received from the sale of the Company’s Kandy Communications business \u00a0to AVCT. \u00a0The interest income is included in Interest expense, net, and the remeasurement expense is included in Other (expense) income, net. The income was calculated using valuation methods in accordance with accounting guidance. \u00a0Fluctuations in AVCT’s stock price will impact the future amounts that are recorded in Other (expense) income, net, and could materially impact the Company’s quarterly results.
<\/span>
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\n 3 <\/sup>Please see the reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures and additional information about non-GAAP measures in the section entitled “Discussion of Non-GAAP Financial Measures” in the attached schedules.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

“Our profitability this quarter was ahead of expectations,” said Mick Lopez<\/span>, Chief Financial Officer of Ribbon Communications. “Our strong focus and execution, along with the structural improvements we made to the business in 2020, resulted in a significant improvement in financial performance year over year.”<\/p>\n

\n Customer and Company Highlights<\/b>\n <\/p>\n