$715 million 1Q FY20 GAAP revenue; $717 million
1Q FY20 Non-GAAP revenue
Cloud, Alliance Partner & Subscription
revenue was 18%
Repurchased 10.7 million shares of stock and
paid down $250 million of long-term debt
Avaya Holdings Corp. (NYSE: AVYA) today reported financial
results for the first quarter ended December 31, 2019.
First Quarter Financial
Highlights
- GAAP Operating income was $15 million; Non-GAAP Operating
income was $151 million
- Adjusted EBITDA was $174 million
- CFFO was 2% of revenue, and 8% of revenue when adjusted for
one-time strategic deal payments
- Cloud, Alliance Partner & Subscription revenue was 18% of
revenue
- Repurchased $132 million of common stock, or 10.7 million
shares, at an average price of $12.27 per share
"Our solid operational execution resulted in revenues and
adjusted EBITDA above the mid-point of our guidance for the
quarter," stated Jim Chirico, President and CEO of Avaya. He added,
“At the same time, we continued to strengthen our position in
public, private, and hybrid cloud communications markets, including
our newest cloud-based UCaaS offering, Avaya Cloud Office, which is
on schedule for introduction at the end of March. The increased
breadth and depth in our portfolio enable us to deliver innovative
and tailored solutions using consumption models, such as
subscription, that facilitates our customers transition to the
cloud using Avaya technology."
Mr. Chirico concluded, "During the quarter, we made substantial
progress in returning capital to our shareholders. In early
November, we paid down $250 million in long-term debt and by the
end of December, we repurchased nearly 11 million shares using
approximately $132 million of the $500 million program approved by
our Board.”
Financial Results
for the First Quarter
GAAP
Non-GAAP (1)
(In millions, except percentages)
1Q20
4Q19
1Q19
1Q20
4Q19
1Q19
Revenue
$
715
$
723
$
738
$
717
$
726
$
748
Gross margin
55.1
%
54.2
%
55.1
%
61.4
%
60.6
%
62.7
%
Operating income
$
15
$
52
$
50
$
151
$
165
$
170
Net (loss) income
$
(54
)
$
(34
)
$
9
n/a
n/a
n/a
1Q20
4Q19
1Q19
Adjusted EBITDA(1)
$
174
$
184
$
189
Adjusted EBITDA margin(1)
24.3
%
25.3
%
25.3
%
Cash provided by operations
$
12
$
66
$
86
Cash and cash equivalents
$
766
$
752
$
743
Additional Key Performance
Metrics
- Revenue year-over-year decline of 3%; non-GAAP revenue
year-over-year decline of 4% in constant currency(1)
- Total Contract Value (TCV) of $2.3 billion*
- 86% of non-GAAP revenue was Software & Services
- 65% of non-GAAP product revenue was Software
- 59% of non-GAAP revenue was Recurring
- Added approximately 1,300 new logos
- Large deal activity with 68 deals over $1 million, 6 over $5
million, and 3 over $10 million
(1) Non-GAAP revenue, Non-GAAP gross margin, Non-GAAP operating
margin, Non-GAAP operating income, adjusted EBITDA, and constant
currency are not measures calculated in accordance with generally
accepted accounting principles in the U.S. (“GAAP”). Adjusted
EBITDA margin is calculated based on non-GAAP Revenue. Refer to the
"Use of non-GAAP (Adjusted) Financial Measures" below for more
information on the calculation of constant currency. Refer to the
Supplemental Financial Information accompanying this press release
for more information, including a reconciliation of these measures
to the most closely comparable measure calculated in accordance
with GAAP.
* We define TCV as the value of all active ratable contracts
that have not been recognized as revenue, including both billed and
unbilled backlog.
Business Highlights
- Avaya added several new well-recognized and respected industry
leaders to strengthen the company’s position in the market as a
leader in enterprise communications and accelerate the company’s
momentum as it executes on its strategy and transformation to the
cloud. They include Anthony Bartolo, executive vice president,
Products and Solutions; Simon Harrison, Chief Marketing Officer;
Jon Brinton, vice president, North America Channel Sales; and
William Madison, vice president North America Cloud Sales. Each of
these leaders brings with them significant strategic and
operational expertise along with proven track records in their
respective disciplines.
- Avaya was recognized with two Frost & Sullivan awards:
- 2019 Customer Value Leadership Award for Customer Journey
Intelligence, recognizing the advanced AI and other Customer
Journey Intelligence innovations that have been built into Avaya’s
broad, industry-leading portfolio of customer and employee
engagement solutions.
- 2019 North America Product Leadership Award in the enterprise
safety solutions market for Public Safety Solutions.
- Avaya IX™ Workspaces was named as a 2019 Contact Center
Technology Award winner, presented by CUSTOMER magazine. Avaya IX
Workspaces helps to improve agent productivity and the overall
customer experience by integrating multiple applications into a
single agent desktop and by empowering customer support personnel
to personalize the customer experience by enabling them to view and
interact with customer journey details.
- Google Cloud Contact Center (CC) AI capabilities are now
integrated with Avaya IX Contact Center solutions and is now
available for customers globally. The powerful combination of Avaya
AI conversation services and Google Cloud CC AI are providing a
better experience for clients by seamlessly blending automated and
assisted experiences throughout a customer’s interaction with the
contact center.
Financial Outlook - 2Q Fiscal
2020 - unless otherwise noted, values reflect December
31st, 2019 FX rates
- GAAP revenue of $673 million to $698 million; Non-GAAP revenue
of $675 million to $700 million
- This non-GAAP revenue figure reflects a constant currency
decline of (5)% to (2)%
- GAAP operating income of $22 million to $32 million; GAAP
operating margin of 3% to 5%
- Non-GAAP operating income of $116 million to $126 million;
non-GAAP operating margin of 17% to 18%
- Adjusted EBITDA of $140 million to $150 million; Adjusted
EBITDA margin of ~21%
Financial Outlook - Fiscal Year
2020 - unless otherwise noted, values reflect December
31st, 2019 FX rates
- GAAP revenue of $2.83 billion to $2.91 billion; Non-GAAP
revenue of $2.84 billion to $2.92 billion
- This non-GAAP revenue figure reflects a constant currency
decline of (2)% to 0%
- GAAP operating income of $130 million to $180 million; GAAP
operating margin of 5% to 6%
- Non-GAAP operating income of $560 million to $600 million;
non-GAAP operating margin of 20% to 21%
- Adjusted EBITDA $650 million to $700 million; Adjusted EBITDA
margin of 23% to 24%
- CFFO of ~5% of revenue, and ~7% of revenue when adjusted for
one-time strategic deal payments
- Approximately 93 million to 97 million weighted average shares
outstanding; ending share count of approximately 80 million to 83
million shares
- Cash requirements for restructuring pension & OPEB, cash
taxes, capital spending and net cash interest payments for fiscal
year 2020 are expected to be:
- Restructuring: $35 million to $40 million
- Pension/OPEB: ~$55 million
- Cash Taxes: $65 million to $75 million
- Capital Expenditures: ~$120 million
- Net Cash Interest Payments: $190 million to $195 million
Avaya’s outlook does not include the potential impact of any
business combinations, asset acquisitions, divestitures, strategic
investments, or other significant transactions that may be
completed after February 10, 2020. Actual results may differ
materially from Avaya’s outlook as a result of, among other things,
the factors described under “Forward-Looking Statements” below.
Conference Call and Webcast
Avaya will host a live webcast and conference call to discuss
its financial results at 8:30 AM Eastern Time on February 10, 2020.
To access the live conference call by phone, listeners should dial
+1-877-858-7671 in the U.S. or Canada and +1-201-389-0939 for
international callers. To join the live webcast, listeners should
access the investor page of Avaya's website at https://investors.avaya.com.
Following the live webcast, a replay will be available on the
investor page of Avaya's website for a period of one year. A replay
of the conference call will be available for one week soon after
the call by phone by dialing +1-877-660-6853 in the U.S. or Canada
and +1-201-612-7415 for international callers, using the conference
access code: 13698454.
About Avaya
Businesses are built on the experiences they provide, and every
day millions of those experiences are built by Avaya (NYSE: AVYA).
For over one hundred years, we’ve enabled organizations around the
globe to win - by creating intelligent communications experiences
for customers and employees. Avaya builds open, converged and
innovative solutions to enhance and simplify communications and
collaboration - in the cloud, on-premise or a hybrid of both. To
grow your business, we’re committed to innovation, partnership, and
a relentless focus on what’s next. We’re the technology company you
trust to help you deliver Experiences that Matter. Visit us at
www.avaya.com.
Cautionary Note Regarding Forward-Looking Statements
This release contains certain “forward-looking statements.” All
statements other than statements of historical fact are
“forward-looking” statements for purposes of the U.S. federal and
state securities laws. These statements may be identified by the
use of forward looking terminology such as "anticipate," "believe,"
"continue," "could,“ "estimate," "expect," "intend," "may,"
"might," “our vision,” "plan," "potential," "preliminary,"
"predict," "should,“ "will," or “would” or the negative thereof or
other variations thereof or comparable terminology. The Company has
based these forward-looking statements on its current expectations,
assumptions, estimates and projections. While the Company believes
these expectations, assumptions, estimates and projections are
reasonable, such forward-looking statements are only predictions
and involve known and unknown risks and uncertainties, many of
which are beyond its control. These factors are discussed in the
Company's Annual Report on Form 10-K and subsequent quarterly
reports on Form 10-Q filed with the Securities and Exchange
Commission (the “SEC”), and may cause its actual results,
performance or achievements to differ materially from any future
results, performance or achievements expressed or implied by these
forward-looking statements. For a further list and description of
such risks and uncertainties, please refer to the Company’s filings
with the SEC that are available at www.sec.gov. The Company
cautions you that the list of important factors included in the
Company’s SEC filings may not contain all of the material factors
that are important to you. In addition, in light of these risks and
uncertainties, the matters referred to in the forward-looking
statements contained in this report may not in fact occur. The
Company undertakes no obligation to publicly update or revise any
forward-looking statement as a result of new information, future
events or otherwise, except as otherwise required by law.
Avaya Holdings Corp.
Condensed Consolidated
Statements of Operations (Unaudited)
(In millions, except per share
amounts)
Three months ended December
31,
2019
2018
REVENUE
Products
$
298
$
324
Services
417
414
715
738
COSTS
Products:
Costs
104
115
Amortization of technology intangible
assets
43
43
Services
174
173
321
331
GROSS PROFIT
394
407
OPERATING EXPENSES
Selling, general and administrative
283
257
Research and development
52
53
Amortization of intangible assets
41
40
Restructuring charges, net
3
7
379
357
OPERATING INCOME
15
50
Interest expense
(58
)
(60
)
Other income, net
14
22
(LOSS) INCOME BEFORE INCOME TAXES
(29
)
12
Provision for income taxes
(25
)
(3
)
NET (LOSS) INCOME
$
(54
)
$
9
(LOSS) EARNINGS PER SHARE
Basic
$
(0.54
)
$
0.08
Diluted
$
(0.54
)
$
0.08
Weighted average shares outstanding
Basic
109.0
110.3
Diluted
109.0
111.2
Avaya Holdings Corp.
Condensed Consolidated Balance
Sheets (Unaudited)
(In millions, except per share
and shares amounts)
December 31, 2019
September 30, 2019
ASSETS
Current assets:
Cash and cash equivalents
$
766
$
752
Accounts receivable, net
281
314
Inventory
61
63
Contract assets
207
187
Contract costs
123
114
Other current assets
204
115
TOTAL CURRENT ASSETS
1,642
1,545
Property, plant and equipment, net
254
255
Deferred income taxes, net
34
35
Intangible assets, net
2,809
2,891
Goodwill, net
2,107
2,103
Operating lease right-of-use assets
188
—
Other assets
127
121
TOTAL ASSETS
$
7,161
$
6,950
LIABILITIES
Current liabilities:
Debt maturing within one year
$
—
$
29
Accounts payable
272
291
Payroll and benefit obligations
123
116
Contract liabilities
487
472
Operating lease liabilities
51
—
Business restructuring reserve
29
33
Other current liabilities
204
158
TOTAL CURRENT LIABILITIES
1,166
1,099
Non-current liabilities:
Long-term debt, net of current portion
2,877
3,090
Pension obligations
759
759
Other post-retirement obligations
199
200
Deferred income taxes, net
65
72
Contract liabilities
381
78
Operating lease liabilities
143
—
Business restructuring reserve
31
36
Other liabilities
301
316
TOTAL NON-CURRENT LIABILITIES
4,756
4,551
TOTAL LIABILITIES
5,922
5,650
Commitments and contingencies
Preferred stock, $0.01 par value;
55,000,000 shares authorized at December 31, 2019 and September 30,
2019
Convertible Series A, 125,000 shares
issued and outstanding at December 31, 2019 and no shares issued
and outstanding at September 30, 2019
126
—
STOCKHOLDERS' EQUITY
Common stock, $0.01 par value; 550,000,000
shares authorized; 100,505,954 shares issued and outstanding at
December 31, 2019; and 111,046,085 shares issued and 111,033,405
shares outstanding at September 30, 2019
1
1
Additional paid-in capital
1,618
1,761
Accumulated deficit
(343
)
(289
)
Accumulated other comprehensive loss
(163
)
(173
)
TOTAL STOCKHOLDERS' EQUITY
1,113
1,300
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY
$
7,161
$
6,950
Avaya Holdings Corp.
Condensed Statements of Cash
Flows
(Unaudited; in
millions)
Three months ended December
31,
2019
2018
Net cash provided by (used for):
Operating activities
$
12
$
86
Investing activities
268
(22
)
Financing activities
(271
)
(18
)
Effect of exchange rate changes on cash,
cash equivalents, and restricted cash
5
(3
)
Net increase in cash, cash equivalents,
and restricted cash
14
43
Cash, cash equivalents, and restricted
cash at beginning of period
756
704
Cash, cash equivalents, and restricted
cash at end of period
$
770
$
747
Use of non-GAAP (Adjusted) Financial Measures
The information furnished in this release includes non-GAAP
financial measures that differ from measures calculated in
accordance with generally accepted accounting principles in the
United States of America (“GAAP”), including financial measures
labeled as “non-GAAP” or “adjusted.”
EBITDA is defined as net income (loss) before income taxes,
interest expense, interest income and depreciation and
amortization. Adjusted EBITDA is EBITDA further adjusted to exclude
certain charges and other adjustments described in our SEC filings
and the tables below.
We believe that including supplementary information concerning
adjusted EBITDA is appropriate because it serves as a basis for
determining management and employee compensation and it is used as
a basis for calculating covenants in our credit agreements. In
addition, we believe adjusted EBITDA provides more comparability
between our historical results and results that reflect purchase
accounting and our current capital structure. We also present
adjusted EBITDA because we believe analysts and investors utilize
these measures in analyzing our results. Adjusted EBITDA measures
our financial performance based on operational factors that
management can impact in the short-term, such as our pricing
strategies, volume, costs and expenses of the organization, and it
presents our financial performance in a way that can be more easily
compared to prior quarters or fiscal years.
EBITDA and adjusted EBITDA have limitations as analytical tools.
EBITDA measures do not represent net income (loss) or cash flow
from operations as those terms are defined by GAAP and do not
necessarily indicate whether cash flows will be sufficient to fund
cash needs. Adjusted EBITDA excludes the impact of earnings or
charges resulting from matters that we do not consider indicative
of our ongoing operations. In particular, our formulation of
adjusted EBITDA allows adjustment for certain amounts that are
included in calculating net income (loss), however, these are
expenses that may recur, may vary and are difficult to predict. In
addition, these terms are not necessarily comparable to other
similarly titled captions of other companies due to the potential
inconsistencies in the method of calculation.
We also present the measures non-GAAP revenue, non-GAAP gross
margin, non-GAAP operating income and non-GAAP operating margin as
a supplement to our unaudited condensed consolidated financial
statements presented in accordance with GAAP. We believe these
non-GAAP measures are the most meaningful for period to period
comparisons because they exclude the impact of the earnings and
charges noted in the applicable tables below that resulted from
matters that we consider not to be indicative of our ongoing
operations.
The Company presents constant currency information to provide a
framework for assessing how the Company’s underlying businesses
performance excluding the effect of foreign currency rate
fluctuations. To present this information current and comparative
prior period results for entities reporting in currencies other
than U.S. dollars are converted into U.S. dollars at the exchange
rate in effect on the last day of the Company’s prior fiscal year
(i.e. September 30, 2019).
In addition, we present the liquidity measure of free cash flow.
Free cash flow is calculated by subtracting capital expenditures
from Net cash provided by operating activities. We believe free
cash flow is a measure often used by analysts and investors to
compare the cash flow and liquidity of companies in the same
industry.
The presentation of these non-GAAP financial measures is not
intended to be considered in isolation from, as substitute for, or
superior to, the financial information prepared and presented in
accordance with GAAP and may be different from the non-GAAP
financial measures used by other companies. In addition, these
non-GAAP measures have limitations in that they do not reflect all
of the amounts associated with the Company’s results of operations
as determined in accordance with GAAP.
We do not provide a forward-looking reconciliation of expected
second quarter and full year of fiscal 2020 non-GAAP revenue,
non-GAAP gross margin, non-GAAP operating expenses, non-GAAP
operating income, non-GAAP operating margin or adjusted EBITDA
guidance as the amount and significance of special items required
to develop meaningful comparable GAAP financial measures cannot be
estimated at this time without unreasonable efforts. These special
items could be meaningful.
The following tables reconcile historical GAAP measures to
non-GAAP measures.
Supplemental Schedules
Avaya Holdings Corp.
Reconciliation of Non-GAAP
Adjusted EBITDA
(Unaudited; in
millions)
Three months ended December
31,
2019
2018
Net (loss) income
$
(54
)
$
9
Interest expense
58
60
Interest income
(3
)
(3
)
Provision for income taxes
25
3
Depreciation and amortization
107
117
EBITDA
133
186
Impact of fresh start accounting
adjustments
—
3
Restructuring charges, net of sublease
income
1
7
Advisory fees
39
1
Acquisition-related costs
—
3
Share-based compensation
6
6
Change in fair value of Emergence Date
Warrants
3
(18
)
Loss on foreign currency transactions
4
1
Gain on marketable securities
(12
)
—
Adjusted EBITDA
$
174
$
189
Avaya Holdings Corp.
Reconciliation of Non-GAAP
Revenue
(Unaudited; in
millions)
Three Months Ended
Three Months Ended Dec. 31,
2018 (4)
Change
Three Months Ended
Dec. 31, 2019
Adj. for Fresh Start
Accounting
Non- GAAP Dec. 31,
2019
Amount
Pct.
Pct. in Constant
Currency*
Sept. 30, 2019 (1)
June 30, 2019 (2)
Mar. 31, 2019 (3)
Revenue by Segment
Products & Solutions
$
298
$
—
$
298
$
326
$
(28
)
(9
)%
(9
)%
$
315
$
298
$
289
Services
419
—
419
422
(3
)
(1
)%
—
%
411
422
425
Unallocated amounts
(2
)
2
—
—
—
n/a
n/a
—
—
—
Total revenue
$
715
$
2
$
717
$
748
$
(31
)
(4
)%
(4
)%
$
726
$
720
$
714
Revenue by Geography
U.S.
$
394
$
1
$
395
$
401
$
(6
)
(1
)%
(1
)%
$
393
$
394
$
378
International:
EMEA
186
1
187
200
(13
)
(7
)%
(6
)%
184
183
189
APAC - Asia Pacific
77
—
77
79
(2
)
(3
)%
(3
)%
86
85
80
Americas International
58
—
58
68
(10
)
(15
)%
(12
)%
63
58
67
Total International
321
1
322
347
(25
)
(7
)%
(7
)%
333
326
336
Total revenue
$
715
$
2
$
717
$
748
$
(31
)
(4
)%
(4
)%
$
726
$
720
$
714
* Constant Currency is a non-GAAP
financial measure, as noted in "Use of non-GAAP (Adjusted)
Financial Measures" above.
(1) - (4) Reconciliation of Non-GAAP
measures above:
(1) Q419 Non-GAAP
Results
(2) Q319 Non-GAAP
Results
Three Months Ended
Three Months Ended
Sept. 30, 2019
Adj. for Fresh Start
Accounting
Non-GAAP Sept. 30,
2019
June 30, 2019
Adj. for Fresh Start
Accounting
Non-GAAP June 30, 2019
Revenue by Segment
Products & Solutions
$
315
$
—
$
315
$
298
—
$
298
Services
411
—
411
422
—
422
Unallocated amounts
(3
)
3
—
(3
)
3
—
Total revenue
$
723
$
3
$
726
$
717
$
3
$
720
Revenue by Geography
U.S.
$
392
$
1
$
393
$
392
$
2
$
394
International:
EMEA
183
1
184
183
—
183
APAC - Asia Pacific
85
1
86
85
—
85
Americas International
63
—
63
57
1
58
Total International
331
2
333
325
1
326
Total revenue
$
723
$
3
$
726
$
717
$
3
$
720
(3) Q219 Non-GAAP
Results
(4) Q119 Non-GAAP
Results
Three Months Ended
Three Months Ended
Mar. 31, 2019
Adj. for Fresh Start
Accounting
Non-GAAP Mar. 31, 2019
Dec. 31, 2018
Adj. for Fresh Start
Accounting
Non-GAAP Dec. 31, 2018
Revenue by Segment
Products & Solutions
$
289
$
—
$
289
$
326
$
—
$
326
Services
425
—
425
422
—
422
Unallocated amounts
(5
)
5
—
(10
)
10
—
Total revenue
$
709
$
5
$
714
$
738
$
10
$
748
Revenue by Geography
U.S.
$
375
$
3
$
378
$
394
$
7
$
401
International:
EMEA
188
1
189
199
1
200
APAC - Asia Pacific
79
1
80
78
1
79
Americas International
67
—
67
67
1
68
Total International
334
2
336
344
3
347
Total revenue
$
709
$
5
$
714
$
738
$
10
$
748
Avaya Holdings Corp.
Reconciliation of Non-GAAP
Gross Margin and Operating Income
(Unaudited; in
millions)
Three Months Ended
Dec. 31,
2019
Sept. 30,
2019
June 30, 2019
March 31, 2019
Dec. 31, 2018
Reconciliation of Non-GAAP Gross Profit
and Non-GAAP Gross Margin
Gross Profit
$
394
$
392
$
390
$
386
$
407
Items excluded:
Amortization of technology intangible
assets
43
44
43
44
43
Adj. for fresh start accounting
3
4
5
9
19
Non-GAAP Gross Profit
$
440
$
440
$
438
$
439
$
469
GAAP Gross Margin
55.1
%
54.2
%
54.4
%
54.4
%
55.1
%
Non-GAAP Gross Margin
61.4
%
60.6
%
60.8
%
61.5
%
62.7
%
Reconciliation of Non-GAAP Operating
Income
Operating Income (Loss)
$
15
$
52
$
(613
)
$
38
$
50
Items excluded:
Amortization of intangible assets
84
84
84
85
83
Adj. for fresh start accounting
4
4
4
12
20
Restructuring charges, net
3
10
1
4
7
Advisory fees
39
8
1
1
1
Acquisition-related costs
—
1
1
4
3
Share-based compensation
6
6
8
5
6
Impairment charges
—
—
659
—
—
Non-GAAP Operating Income
$
151
$
165
$
145
$
149
$
170
GAAP Operating Margin
2.1
%
7.2
%
-85.5
%
5.4
%
6.8
%
Non-GAAP Operating Margin
21.1
%
22.7
%
20.1
%
20.9
%
22.7
%
Avaya Holdings Corp.
Reconciliation of Non-GAAP
Gross Profit and Gross Margin by Portfolio
(Unaudited; in
millions)
Three months ended
Dec. 31,
2019
Sept. 30,
2019
June 30, 2019
March 31, 2019
Dec. 31, 2018
Reconciliation of Non-GAAP Gross Profit
and Non-GAAP Gross Margin - Products
Revenue
$
298
$
314
$
297
$
287
$
324
Costs
104
113
109
105
115
Amortization of technology intangible
assets
43
44
43
44
43
GAAP Gross Profit
151
157
145
138
166
Items excluded:
Amortization of technology intangible
assets
43
44
43
44
43
Adj. for fresh start accounting
—
2
2
2
5
Non-GAAP Gross Profit
$
194
$
203
$
190
$
184
$
214
GAAP Gross Margin
50.7
%
50.0
%
48.8
%
48.1
%
51.2
%
Non-GAAP Gross Margin
65.1
%
64.4
%
63.8
%
63.7
%
65.6
%
Reconciliation of Non-GAAP Gross Profit
and Non-GAAP Gross Margin - Services
Revenue
$
417
$
409
$
420
$
422
$
414
Costs
174
174
175
174
173
GAAP Gross Profit
243
235
245
248
241
Items excluded:
Adj. for fresh start accounting
3
2
3
7
14
Non-GAAP Gross Profit
$
246
$
237
$
248
$
255
$
255
GAAP Gross Margin
58.3
%
57.5
%
58.3
%
58.8
%
58.2
%
Non-GAAP Gross Margin
58.7
%
57.7
%
58.8
%
60.0
%
60.4
%
Avaya Holdings Corp.
Free Cash Flow
(Unaudited; in
millions)
Three months ended
Dec. 31, 2019
Sept. 30, 2019
June 30, 2019
March 31, 2019
Dec. 31, 2018
Net cash provided by operating
activities
$
12
$
66
$
52
$
37
$
86
Less:
Capital expenditures
26
29
37
26
21
Free cash flow
$
(14
)
$
37
$
15
$
11
$
65
Source: Avaya Newsroom
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200210005213/en/
Media Inquiries: Alex Alias 669-242-8034
alalias@avaya.com
Investor Inquiries: Michael McCarthy 919-425-8330
mikemccarthy@avaya.com
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