Ribbon Communications Inc. Reports First Quarter 2022 Financial Results

Published: Apr. 27, 2022 at 3:03 PM CDT

North American IP Optical Networks Sales Up 190% YOY

Projecting Strong Q2 Sequential Total Company Revenue Growth

PLANO, Texas, April 27, 2022 /PRNewswire/ -- Ribbon Communications Inc. (Nasdaq: RBBN), a global provider of real time communications technology and IP optical networking solutions to many of the world's largest service providers, enterprises, and critical infrastructure operators to modernize and protect their networks, today announced its financial results for the first quarter of 2022.

(PRNewsfoto/Ribbon Communications)
(PRNewsfoto/Ribbon Communications)(PRNewswire)

Revenue for the first quarter of 2022 was $173 million, compared to $193 million for the first quarter of 2021. Product and service bookings-to-revenue was 1.20x in the first quarter of 2022, with IP Optical Networks at 1.27x.

"The Ribbon team delivered financial results directly in-line with our guidance for the quarter despite continued supply chain constraints. Our continued growth in IP Optical sales in North America, strong RFP activity, and new product pipeline provide confidence that our financial performance will continue to improve throughout the year," noted Bruce McClelland, President and Chief Executive Officer of Ribbon Communications.

McClelland continued, "The increased investment we are making in product development is accelerating the pace of new product and service introductions in order to deliver on our strategy to generate both near-term and longer-term revenue growth. Partnerships such as our recent Cloud & Edge announcement with Microsoft to accelerate deployment of Teams further differentiate our solutions and expand our market reach."

Financial Highlights1, 2





In millions, except per share amounts

Three months ended




March 31,




2022

2021



GAAP Revenue

$        173

$       193



GAAP Net loss

$         (70)

$        (45)



Non-GAAP Net income / (loss)

$         (12)

$           5



Non-GAAP Adjusted EBITDA

$           (9)

$         20








GAAP diluted loss per share

$      (0.47)

$    (0.31)



Non-GAAP diluted earnings / (loss) per share

$      (0.08)

$     0.03



Weighted average shares outstanding basic

149

146



Weighted average shares outstanding diluted

154

155









1 The Company's results include the impact of changes in the fair value of the consideration received from the sale of its Kandy Communications business (the "Kandy Sale") to American Virtual Cloud Technologies ("AVCT") and paid-in-kind interest earned on the consideration.  These amounts totaled approximately $27 million and $22 million for 1Q22 and 1Q21, respectively. Fluctuations in AVCT's stock price will impact the future amounts that are recorded in Other expense, net, and could materially impact the Company's quarterly results.

 2 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.

Cash, cash equivalents and restricted cash totaled $95 million at March 31, 2022, compared with $106 million at December 31, 2021 and $109 million at March 31, 2021.  The GAAP net loss of $70 million in the first quarter of 2022 includes a $27 million non-cash loss associated with the quarterly mark-to-market of our investment in AVCT from the Kandy Sale.

"In the first quarter of 2022, we had good cash flow from operations enabling an additional term loan payment of $15 million. We expect sequential improvement in both revenue and margin this quarter and further improvement in the second half of this year," said Mick Lopez, Chief Financial Officer of Ribbon Communications.

Business Outlook1

The Company's outlook is based on current indications for its business, which are subject to change.  For the second quarter of 2022, the Company projects revenue of $200 million to $215 million, non-GAAP gross margin of 53.5% to 54.5%, non-GAAP diluted earnings per share of $0.03 to $0.06, and Adjusted EBITDA of $17 million to $23 million.  For the full year 2022, the Company's guidance remains unchanged.

1 Please see the reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures and additional information about the non-GAAP measures in the section entitled "Discussion of Non-GAAP Financial Measures" in the attached schedules.

Upcoming Investor Conference Schedule
  • May 10, 2022Oppenheimer Emerging Growth Conference (virtual one-on-one institutional investor meetings).
  • May 26, 2022B. Riley Securities Annual Institutional Investor Conference (one-on-one institutional investor meetings).
  • June 1-2, 2022Cowen 50th Annual Technology, Media & Telecom Conference (presentation and one-on-one institutional investor meetings).
About Ribbon

Ribbon Communications (Nasdaq: RBBN) delivers communications software, IP and optical networking solutions to service providers, enterprises and critical infrastructure sectors globally. We engage deeply with our customers, helping them modernize their networks for improved competitive positioning and business outcomes in today's smart, always-on and data-hungry world. Our innovative, end-to-end solutions portfolio delivers unparalleled scale, performance, and agility, including core to edge software-centric solutions, cloud-native offers, leading-edge security and analytics tools, along with IP and optical networking solutions for 5G. We maintain a keen focus on our commitments to Environmental, Social and Governance (ESG) matters, offering an annual Sustainability Report to our stakeholders. To learn more about Ribbon visit rbbn.com.

Important Information Regarding Forward-Looking Statements

The information in this release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, which are subject to a number of risks and uncertainties.  All statements other than statements of historical facts contained in this release, including without limitation statements regarding the Company's projected financial results for the second quarter 2022 and beyond; customer engagement and momentum; plans and objectives for future operations; and plans for future product development and manufacturing, are forward-looking statements.  Without limiting the foregoing, the words  "believes", "estimates", "expects", "expectations", "intends", "may", "plans", "projects" and other similar language, are intended to identify forward-looking statements.

Forward-looking statements are based on the Company's current expectations and assumptions regarding its business, the economy and other future conditions.  Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict.  Actual results may differ materially from those contemplated in these forward-looking statements due to various risks, uncertainties and other important factors, including, among others, risks related to supply chain disruptions resulting from component availability; the effects of geopolitical instabilities and disputes, including between Russia and Ukraine and the impact of sanctions imposed as a result thereof; risks related to the continuing COVID-19 pandemic, including delays in customer deployments as a result of rises in cases; risks that the Company will not realize the anticipated benefits from the acquisition of ECI Telecom Group Ltd.; risks that the Company will not realize the estimated cost savings and/or anticipated benefits from its strategic restructuring; the impact of restructuring and cost-containment activities; declines in the value of the Company's ongoing investment in AVCT, the purchaser of the Company's Kandy Communications business ; unpredictable fluctuations in quarterly revenue and operating results; risks related to the terms of the Company's credit agreement including compliance with the financial covenants; risks related to cybersecurity and data intrusion; failure to compete successfully against telecommunications equipment and networking companies; failure to grow the Company's customer base or generate recurring business from existing customers; credit risks; the timing of customer purchasing decisions and the Company's recognition of revenues; macroeconomic conditions; litigation; market acceptance of the Company's products and services; rapid technological and market change; the ability to protect Company intellectual property rights and obtain necessary licenses; the ability to maintain partner, reseller, distribution and vendor support and supply relationships; the potential for defects in the Company's products;  increases in tariffs, trade restrictions or taxes on the Company's products; and currency fluctuations.

These factors are not intended to be an all-encompassing list of risks and uncertainties that may affect the Company's business and results from operations. Additional information regarding these and other factors can be found in the Company's reports filed with the Securities and Exchange Commission, including, without limitation, its Form 10-K for the year ended December 31, 2021. In providing forward-looking statements, the Company expressly disclaims any obligation to update these statements publicly or otherwise, whether as a result of new information, future events or otherwise, except as required by law.

Discussion of Non-GAAP Financial Measures

The Company's management uses several different financial measures, both GAAP and non-GAAP, in analyzing and assessing the overall performance of its business, making operating decisions, planning and forecasting future periods, and determining payments under compensation programs. The Company considers the use of non-GAAP financial measures helpful in assessing the core performance of its continuing operations and when planning and forecasting future periods. The Company's annual financial plan is prepared on a non-GAAP basis and is approved by its board of directors. In addition, budgeting and forecasting for revenue and expenses are conducted on a non-GAAP basis, and actual results on a non-GAAP basis are assessed against the annual financial plan. The Company defines continuing operations as the ongoing results of its business adjusted for certain expenses and credits, as described below. The Company believes that providing non-GAAP information to investors will allow investors to view the financial results in the way its management views them and helps investors to better understand the Company's core financial and operating performance and evaluate the efficacy of the methodology and information used by its management to evaluate and measure such performance.

While the Company's management uses non-GAAP financial measures as tools to enhance its understanding of certain aspects of the Company's financial performance, its management does not consider these measures to be a substitute for, or superior to, GAAP measures. In addition, the Company's presentations of these measures may not be comparable to similarly titled measures used by other companies. These non-GAAP financial measures should not be considered alternatives for, or in isolation from, the financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures. In particular, many of the adjustments to the Company's financial measures reflect the exclusion of items that are recurring and will be reflected in its financial results for the foreseeable future.

Stock-Based Compensation

The expense related to stock-based awards is generally not controllable in the short-term and can vary significantly based on the timing, size and nature of awards granted. The Company believes that presenting non-GAAP operating results that exclude stock-based compensation provides investors with visibility and insight into its management's method of analysis and its core operating performance.

Amortization of Acquired Technology; Amortization of Acquired Intangible Assets

Amortization amounts are inconsistent in frequency and amount and are significantly impacted by the timing and size of acquisitions. Amortization of acquired technology is reported separately within Cost of revenue and Amortization of acquired intangible assets is reported separately within Operating expenses. These items are reported collectively as Amortization of acquired intangible assets in the accompanying reconciliations of non-GAAP and GAAP financial measures. The Company believes that excluding non-cash amortization of these intangible assets facilitates the comparison of its financial results to its historical operating results and to other companies in its industry as if the acquired intangible assets had been developed internally rather than acquired.

Impairment of Goodwill

The Company performs its annual testing for impairment of goodwill in the fourth quarter each year. For the purpose of testing goodwill for impairment, all goodwill has been assigned to one of the Company's two operating segments. The Company performs a fair value analysis using both an income and market approach, which encompasses a discounted cash flow analysis and a guideline public company analysis using selected multiples. Based on the results of its recently completed impairment test, the Company determined that the carrying value of its IP Optical Networks segment exceeded its fair value, and accordingly, recorded a non-cash impairment charge of $116 million in the fourth quarter of 2021. There was no impairment of the Company's Cloud and Edge segment. The Company believes that such non-cash costs are not part of its core business or ongoing operations. Accordingly, the Company believes that excluding the goodwill impairment charge facilitates the comparison of the Company's financial results to its historical operating results and to other companies in its industry.

Acquisition-, Disposal- and Integration-Related

The Company considers certain acquisition-, disposal- and integration-related costs to be unrelated to the organic continuing operations of its acquired businesses and the Company. Such costs are generally not relevant to assessing or estimating the long-term performance of the acquired assets. The Company excludes such acquisition-, disposal- and integration-related costs to allow more accurate comparisons of its financial results to its historical operations and the financial results of less acquisitive peer companies and allows management and investors to consider the ongoing operations of the business both with and without such expenses.

Restructuring and Related

The Company has recorded restructuring and related expense to streamline operations and reduce operating costs by closing and consolidating certain facilities and reducing its worldwide workforce. The Company believes that excluding restructuring and related expense facilitates the comparison of its financial results to its historical operating results and to other companies in its industry, as there are no future revenue streams or other benefits associated with these costs.

Interest Income on Debentures

The Company recorded paid-in-kind interest income on the AVCT Series A-1 convertible debentures (the "Debentures") it received as consideration in connection with the Kandy Sale through September 8, 2021, when the Debentures were converted to shares of AVCT common stock (the "Debenture Shares"), which increased their fair value. The Company excludes this interest income because it believes that such a gain is not part of its core business or ongoing operations.

Decrease in Fair Value of Investments

The Company calculates the fair values of the Debentures and the warrants to purchase shares of AVCT common stock (the "Warrants") it received as consideration in connection with the Kandy Sale (prior to September 8, 2021) and the Debenture Shares and Warrants (effective September 8, 2021) at each quarter-end and records any adjustments to their fair values in Other expense, net. The Company excludes these and any subsequent gains and losses from the change in fair value of this investment because it believes that such gains or losses are not part of its core business or ongoing operations.

Tax Effect of Non-GAAP Adjustments

The Non-GAAP income tax benefit (provision) is presented based on an estimated tax rate applied against forecasted annual non-GAAP income. The Non-GAAP income tax benefit (provision) assumes no available net operating losses or valuation allowances for the U.S. because of reporting significant cumulative non-GAAP income over the past several years. The Company is reporting its non-GAAP quarterly income taxes by computing an annual rate for the Company and applying that single rate (rather than multiple rates by jurisdiction) to its consolidated quarterly results. The Company expects that this methodology will provide a consistent rate throughout the year and allow investors to better understand the impact of income taxes on its results. Due to the methodology applied to its estimated annual tax rate, the Company's estimated tax rate on non-GAAP income will differ from its GAAP tax rate and from its actual tax liabilities.

Adjusted EBITDA

The Company uses Adjusted EBITDA as a supplemental measure to review and assess its performance. The Company calculates Adjusted EBITDA by excluding from loss from operations: depreciation; amortization of acquired intangible assets; stock-based compensation; impairment of goodwill; acquisition-, disposal- and integration-related expense; and restructuring and related expense. In general, the Company excludes the expenses that considers to be non-cash and/or not part of its ongoing operations. The Company may exclude other items in the future that have those characteristics. Adjusted EBITDA is a non-GAAP financial measure that is used by the investing community for comparative and valuation purposes. The Company discloses this metric to support and facilitate dialogue with research analysts and investors. Other companies may calculate Adjusted EBITDA differently than the Company does, limiting its usefulness as a comparative measure.

Conference Call Details

Conference call to discuss the Company's financial results for the first quarter ended March 31, 2022 on April 27, 2022, via the investor section of its website at investors.ribboncommunications.com, where a replay will also be available shortly following the conference call.

Conference Call Details:

Date: April 27, 2022
Time: 4:30 p.m. (ET)
Dial-in number (USA): 877-407-2991
Dial-in number (Intl): 201-389-0925
Instant Telephone Access:  Call me™

Replay information:

A telephone playback of the call will be available following the conference call until May 11, 2022 and can be accessed by calling 877-660-6853 or 201-612-7415 for international callers. The reservation number for the replay is 13727656.

Investor Relations
+1 (978) 614-8050
ir@rbbn.com 

North American Press
Dennis Watson
+1 (214) 695-2224
dwatson@rbbn.com

APAC, CALA & EMEA Press
Catherine Berthier
+1 (646) 741-1974
cberthier@rbbn.com

Analyst Relations
Michael Cooper
+1 (708) 212-6922
mcooper@rbbn.com

RIBBON COMMUNICATIONS INC.

Condensed Consolidated Statements of Operations

(in thousands, except percentages and per share amounts)

(unaudited)























Three months ended





March 31,


December 31,


March 31,





2022


2021


2021

Revenue:







Product

$            81,990


$          130,298


$            97,889


Service

91,208


100,279


94,883



Total revenue

173,198


230,577


192,772










Cost of revenue:







Product

51,209


70,165


44,445


Service

35,667


36,711


37,780


Amortization of acquired technology

8,267


8,908


10,061



Total cost of revenue

95,143


115,784


92,286










Gross profit

78,055


114,793


100,486










Gross margin

45.1%


49.8%


52.1%










Operating expenses:







Research and development

52,690


51,609


47,410


Sales and marketing

37,619


42,067


37,218


General and administrative

12,862


13,226


15,553


Amortization of acquired intangible assets

7,275


7,493


5,762


Impairment of goodwill

-


116,000


-


Acquisition-, disposal- and integration-related

1,849


3,428


1,197


Restructuring and related

4,814


1,106


5,950



Total operating expenses

117,109


234,929


113,090










Loss from operations

(39,054)


(120,136)


(12,604)

Interest expense, net

(4,001)


(3,995)


(5,819)

Other expense, net

(28,800)


(8,546)


(25,448)










Loss before income taxes

(71,855)


(132,677)


(43,871)

Income tax benefit (provision)

1,880


36,369


(816)










Net loss

$           (69,975)


$           (96,308)


$           (44,687)










Loss per share:







Basic

$               (0.47)


$               (0.65)


$               (0.31)


Diluted

$               (0.47)


$               (0.65)


$               (0.31)










Weighted average shares used to compute loss per share:







Basic

149,167


148,675


145,936


Diluted

149,167


148,675


145,936

RIBBON COMMUNICATIONS INC.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)



















March 31,


December 31,





2022


2021

Assets




Current assets:





Cash and cash equivalents

$            92,838


$          103,915


Restricted cash

2,627


2,570


Accounts receivable, net

220,964


282,917


Inventory

61,578


54,043


Other current assets

44,723


37,545



Total current assets

422,730


480,990








Property and equipment, net

48,043


47,685

Intangible assets, net

335,188


350,730

Goodwill

300,892


300,892

Investments

16,904


43,931

Deferred income taxes

53,843


47,287

Operating lease right-of-use assets

49,549


53,147

Other assets

37,006


23,075





$       1,264,155


$       1,347,737








Liabilities and Stockholders' Equity




Current liabilities:





Current portion of term debt

$            20,058


$            20,058


Accounts payable

97,837


97,121


Accrued expenses and other

94,584


100,752


Operating lease liabilities

16,622


17,403


Deferred revenue

109,084


109,119



Total current liabilities

338,185


344,453








Long-term debt, net of current

330,353


350,217

Operating lease liabilities, net of current

51,599


55,196

Deferred revenue, net of current

19,312


20,619

Deferred income taxes

8,104


8,116

Other long-term liabilities

42,190


41,970




Total liabilities

789,743


820,571








Commitments and contingencies











Stockholders' equity:





Common stock

15


15


Additional paid-in capital

1,877,677


1,875,234


Accumulated deficit

(1,425,636)


(1,355,661)


Accumulated other comprehensive income

22,356


7,578




Total stockholders' equity

474,412


527,166





$       1,264,155


$       1,347,737

RIBBON COMMUNICATIONS INC.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)






















Three months ended






 March 31, 


 March 31, 






2022


2021

Cash flows from operating activities:





Net loss

$             (69,975)


$             (44,687)


Adjustments to reconcile net loss to cash flows provided by (used in) operating activities:






Depreciation and amortization of property and equipment

3,885


4,226



Amortization of intangible assets

15,542


15,823



Amortization of debt issuance costs

527


3,141



Stock-based compensation

4,255


5,060



Deferred income taxes

(6,773)


293



Decrease in fair value of investments

27,027


22,441



Foreign currency exchange losses

1,105


1,716



Changes in operating assets and liabilities:







Accounts receivable

60,461


28,083




Inventory

(11,837)


(330)




Other operating assets

(423)


979




Accounts payable

540


(3,800)




Accrued expenses and other long-term liabilities

(7,962)


(41,480)




Deferred revenue

(1,342)


2,323





Net cash provided by (used in) operating activities

15,030


(6,212)









Cash flows from investing activities:





Purchases of property and equipment

(3,471)


(5,357)





Net cash used in investing activities

(3,471)


(5,357)









Cash flows from financing activities:





Proceeds from issuance of term debt

-


74,625


Principal payments of term debt

(20,015)


(77,132)


Principal payments of finance leases

(198)


(272)


Payment of debt issuance costs

(370)


(789)


Proceeds from the exercise of stock options

-


24


Payment of tax withholding obligations related to net share settlements of restricted stock awards

(1,812)


(11,233)





Net cash used in by financing activities

(22,395)


(14,777)









Effect of exchange rate changes on cash, cash equivalents and restricted cash

(184)


(464)









Net decrease in cash, cash equivalents and restricted cash

(11,020)


(26,810)

Cash, cash equivalents and restricted cash, beginning of year

106,485


135,697

Cash, cash equivalents and restricted cash, end of period

$               95,465


$             108,887

RIBBON COMMUNICATIONS INC.

Supplemental Information

(in thousands)

(unaudited)



The following tables provide the details of stock-based compensation included as components of other line items in the Company's Condensed Consolidated Statements of Operations and the line items in which these amounts are reported.  




 Three months ended 


March 31,


December 31,


March 31,


2022


2021


2021

Stock-based compensation






Cost of revenue - product

$                 99


$                 97


$                 27

Cost of revenue - service

481


488


235


Cost of revenue

580


585


262










Research and development

1,206


1,243


627

Sales and marketing

1,371


2,011


1,874

General and administrative

1,098


1,168


2,297


Operating expense

3,675


4,422


4,798









Total stock-based compensation

$            4,255


$            5,007


$            5,060

RIBBON COMMUNICATIONS INC.

Reconciliation of Non-GAAP and GAAP Financial Measures

(in thousands, except per share amounts)

(unaudited)














Three months ended


March 31,


December 31,


March 31,


2022


2021


2021







GAAP Gross margin

45.1%


49.8%


52.1%

Stock-based compensation

0.3%


0.3%


0.2%

Amortization of acquired technology

4.8%


3.8%


5.2%

Non-GAAP Gross margin

50.2%


53.9%


57.5%







GAAP Net loss

$           (69,975)


$           (96,308)


$           (44,687)

Stock-based compensation

4,255


5,007


5,060

Amortization of acquired intangible assets

15,542


16,401


15,823

Impairment of goodwill

-


116,000


-

Acquisition-, disposal- and integration-related

1,849


3,428


1,197

Restructuring and related

4,814


1,106


5,950

Interest income on debentures

-


-


(1,459)

Decrease in fair value of investments

27,027


6,508


23,900

Tax effect of non-GAAP adjustments

4,531


(50,830)


(880)

Non-GAAP Net (loss) income

$           (11,957)


$              1,312


$              4,904







GAAP Diluted loss per share

$               (0.47)


$               (0.65)


$               (0.31)

Stock-based compensation

0.03


0.03


0.03

Amortization of acquired intangible assets

0.11


0.12


0.11

Impairment of goodwill

-


0.77


-

Acquisition-, disposal- and integration-related

0.01


0.02


0.01

Restructuring and related

0.03


0.01


0.05

Interest income on debentures

-


-


(0.01)

Decrease in fair value of investments

0.18


0.04


0.16

Tax effect of non-GAAP adjustments

0.03


(0.33)


(0.01)

Non-GAAP Diluted (loss) earnings per share

$               (0.08)


$                0.01


$                0.03







Weighted average shares used to compute diluted (loss) earnings per share






 Shares used to compute GAAP diluted loss per share

149,167


148,675


145,936

  Shares used to compute Non-GAAP diluted (loss) earnings per share

149,167


153,898


155,032







GAAP Loss from operations

$           (39,054)


$         (120,136)


$           (12,604)

Depreciation

3,885


4,278


4,226

Amortization of acquired intangible assets

15,542


16,401


15,823

Stock-based compensation

4,255


5,007


5,060

Impairment of goodwill

-


116,000


-

Acquisition-, disposal- and integration-related

1,849


3,428


1,197

Restructuring and related

4,814


1,106


5,950

Non-GAAP Adjusted EBITDA

$             (8,709)


$            26,084


$            19,652

RIBBON COMMUNICATIONS INC.

Reconciliation of Non-GAAP and GAAP Financial Measures - Outlook

(unaudited)
























 Three months ending 


 Year ending 




June 30, 2022


December 31, 2022




 Range 


 Range 











Revenue ($ millions)

$                 200


$                 215


$                 850


$                 880











Gross margin:









GAAP outlook

49.2%


50.5%


51.1%


52.2%


Stock-based compensation

0.3%


0.3%


0.3%


0.3%


Amortization of acquired technology

4.0%


3.7%


3.6%


3.5%



Non-GAAP outlook

53.5%


54.5%


55.0%


56.0%











Earnings per share:









GAAP outlook

$               (0.14)


$               (0.09)


$               (0.52)


$               (0.46)


Stock-based compensation

0.03


0.03


0.13


0.13


Amortization of acquired intangible assets

0.10


0.10


0.39


0.39


Acquisition-, disposal- and integration-related

0.01


0.01


0.02


0.02


Restructuring and related

0.01


0.01


0.13


0.13


Decrease in fair value of investments

-


-


0.17


0.17


Tax effect of non-GAAP adjustments

0.02


-


(0.02)


(0.04)



Non-GAAP outlook

$                0.03


$                0.06


$                0.30


$                0.34











Weighted average shares used to compute GAAP diluted loss per share (in thousands)

150,000


150,000


151,000


151,000

Weighted average shares used to compute Non-GAAP diluted earnings per share (in thousands)

156,000


156,000


157,000


157,000











Adjusted EBITDA ($ millions):









GAAP loss from operations

$               (10.1)


$                 (4.1)


$               (10.5)


$                 (0.5)


Depreciation

4.1


4.1


16.5


16.5


Amortization of acquired intangible assets

15.4


15.4


60.4


60.4


Stock-based compensation

4.7


4.7


19.8


19.8


Acquisition-, disposal- and integration-related

1.2


1.2


3.8


3.8


Restructuring and related

1.7


1.7


20.0


20.0



Non-GAAP outlook

$                17.0


$                23.0


$              110.0


$              120.0

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SOURCE Ribbon Communications Inc.

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