8x8, Inc. (NYSE: EGHT), a leading integrated cloud
communications platform provider, today appointed Dave Sipes as
Chief Executive Officer and member of the board of directors. The
company also reaffirmed guidance for the third quarter and
full-year fiscal 2021.
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8x8, Inc. CEO Dave Sipes (Photo: Business
Wire)
Sipes was most recently COO of RingCentral, where he led
go-to-market, product, and engineering and was instrumental in the
12-year growth trajectory of the company from $10M to over $1B in
revenue.
Former CEO Vik Verma will assist the transition in an advisory
role after leading the company for seven years—through both a
product and business model transformation—and building an over
$500M SaaS business, adding more than $1.5B in market
capitalization. Jaswinder Pal Singh will become the company’s
Chairman of the Board. Singh replaces former chairman Bryan Martin,
who will continue to serve on the 8x8 board. Vik Verma has retired
from the board of directors.
“8x8 is participating in one of the biggest SaaS markets today,
cloud communications. We believe Dave, with his operational
expertise, strong industry background, and world-class go-to-market
leadership, is the right leader at the right time to fully realize
our potential,” stated Jaswinder Pal Singh, 8x8 Chairman of the
Board. “We're thrilled to have Dave take the helm at 8x8 and are
excited about our future. I’d also like to thank Vik Verma, on
behalf of the board of directors, our 1,700+ team members and
thousands of dedicated resellers, and recognize the incredible
contributions and leadership role he has played over the past seven
years to get us to this point.”
“I am looking forward to leading 8x8. It’s one of a select SaaS
businesses to reach half a billion dollars in revenue with a strong
and expanding customer base,” said Dave Sipes. “The cloud and
work-from-home are transforming business communications for every
employee and customer touchpoint, and have become a critical focal
point for building competitive advantage for businesses today. 8x8
is well positioned with its Open Communications Platform™, which
provides a wide breadth of integrated communication tools to power
businesses’ critical cloud communications needs. This company has
the opportunity to be central to the transformation of work.”
The company is reaffirming its guidance for the third quarter of
fiscal 2021 ending December 31, 2020 and the full-year fiscal 2021
ending March 31,2021, that was previously provided on October 28,
2020.
Q3 and F2021 Financial Outlook:
Third Quarter Fiscal 2021 Financial Outlook Ending December 31,
2020:
- Total Revenue guidance in the range of $132.0 million to $133.0
million, representing approximately 11% to 12% year-over-year
growth.
- Service Revenue guidance in the range of $124.0 million to
$125.0 million, representing approximately 12% to 13%
year-over-year growth.
- Non-GAAP Pre-Tax Loss guidance of approximately $3.0
million.
Full-Year Fiscal 2021 Financial Outlook Ending March 31,
2021:
- Total Revenue guidance in the range of $519.0 million to $522.0
million, representing approximately 16% to 17% year-over-year
growth.
- Service Revenue guidance in the range of $489.0 million to
$492.0 million, representing approximately 18% to 19%
year-over-year growth.
- Non-GAAP Pre-Tax Loss guidance of approximately $16.0
million.
Please note the company does not reconcile its forward-looking
estimates of non-GAAP Pre-Tax 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 it excludes. 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 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 Pre-Tax 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.
New Employee Inducement Grants
Mr. Sipes was granted restricted stock units (RSUs) for up to
469,728 shares of the company’s common stock and performance stock
units (PSUs) for up to 939,456 shares of the company’s common
stock. The RSUs and PSUs will vest over periods of three years,
subject to Mr. Sipe’s continuing employment or other association
with 8x8 or any of its subsidiaries and, in the case of the PSUs,
subject to the achievement of certain performance criteria. The
awards were approved by a majority of 8x8’s independent directors
as material inducements to Mr. Sipes’ hiring, in accordance with
New York Stock Exchange Rule 303A.08 and 8x8’s 2017 New Employee
Inducement Incentive Plan.
About 8x8, Inc.
8x8, Inc. (NYSE: EGHT) is transforming the future of business
communications as a leading Software-as-a-Service provider of
voice, video, chat, contact center, and API solutions powered by
one global cloud 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.
8x8® and 8x8 X Series™ are trademarks of 8x8, Inc.
Forward-Looking Statements
This press 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 8x8’s
finances, operations, and products, including third quarter and
full fiscal year guidance, future growth in Cloud and
work-from-home industry trends, and Open Communication Platform.
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 including,
but not limited to: market acceptance of and customer demand for
new or existing services and features; competition in the markets
we compete; the impact of economic downturns on us and our
customers, including the impacts of the COVID-19 pandemic. See our
"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 for a full discussion of
such risks and uncertainties. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20201210005290/en/
Media: John Sun, 1-408-692-7054 john.sun@8x8.com
Investor Relations: Victoria Hyde-Dunn, 1-669-333-5200
victoria.hyde-dunn@8x8.com
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