Avaya reported some pretty good financial results for its fourth quarter.
The company said it made revenues of $760 million and fiscal 2021 revenues of $2.973 billion. Fiscal 2021 revenue included a $15 million adjustment for the cumulative effect of an understatement of revenue in prior periods.
OneCloud Annualised Recurring Revenue was $530 million, up 25 percent sequentially and 177 percent from a year ago. Cloud, Alliance Partner and Subscription was 44 percent of revenue, up from 33 percent a year ago; and 40 percent for fiscal 2021
For fiscal 2021, software and services were flat but recurring revenue was 66 percent for fiscal 2021, up from 63 percent a year ago
GAAP Operating income was $33 million and Non-GAAP Operating income was $145 million; for fiscal 2021 GAAP Operating income was $180 million and Non-GAAP Operating income was $602 million
GAAP Net income was $6 million and Non-GAAP Net income was $74 million; for fiscal 2021 GAAP Net loss was $13 million and Non-GAAP Net income was $304 million
Adjusted EBITDA was $179 million, 23.6 per cent of revenue, down 290 basis points year over year; for fiscal 2021 Adjusted EBITDA was $719 million, 24.2% of revenue
Ending cash and cash equivalents were $498 million.
Avaya President and CEO Jim Chirico said the year was marked by many firsts, and the outstanding results exceeded expectations on almost every front.
“Most impressive is the fact that we reversed over a decade of annual revenue declines, delivering year over year growth closing up approximately $100 million, while we also grew ARR 177 per cent to $530 million”, he said.
“This year marked a real and substantive milestone for the company and I couldn’t be prouder of the performance or more thankful for the commitment of our customers and partners and performance of our global team as we’ve navigated a purposeful and deliberate journey of transformation to be an enterprise cloud leader.”
