8-K
filed November 9, 2022, 6:59 PM ET
ticker RNG
CIK 0001384905
earnings
confidence high
sentiment positive
materiality 0.85
RingCentral, Inc. (RNG): restructuring charge — RingCentral Reports Q3 2022 Results and Announces 10% Workforce Reduction
RingCentral, Inc.
2022-Q3 EPS reported
-$6.26
revenue$1,463,584,000
- Q3 total revenue rose 23% YoY to $509M; subscriptions revenue up 25% to $483M.
- Non-GAAP operating margin hit a record 13.5%, up 300 bps YoY; adjusted EBITDA was $87M.
- Board approved reduction in force of ~10% of employees, with restructuring costs estimated at $10M-$15M.
- Raised full-year 2022 non-GAAP operating margin outlook to 12.4% and non-GAAP EPS guidance to $1.97-$1.98.
- Recorded a $125M non-cash charge related to Avaya prepaid commissions, impacting GAAP results.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.95
RingCentral, Inc. reported third quarter ended September 30, 2022 results: revenue $509 million, EPS ($2.98). Guidance raised.
- Period
- third quarter ended September 30, 2022
- Revenue
- $509 million
- EPS
- ($2.98)
- Guidance
- raised
- Result
- reported results
Exact text from the filing
solutions, today announced financial results for the third quarter ended September 30, 2022. Third Quarter Financial Highlights • Total revenue increased 23% year over year to $509 million. • Subscriptions revenue increased 25% year over year to $483 million. • Annualized Exit Monthly Recurring Subscriptions (ARR) increased 25% year over year to $2.05 billion. •
View on SEC.gov
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
RingCentral, Inc. announced a restructuring with charges of approximately $10.0 million to $15.0 million (approximately 10%).
- Type
- restructuring
- Charge
- approximately $10.0 million to $15.0 million
- Headcount
- approximately 10%
Exact text from the filing
expected to reduce the Company’s full-time employees by approximately 10%. The Company estimates the aggregate restructuring costs associated with the Plan to be approximately $10.0 million to $15.0 million, primarily consisting of severance payments, employee benefits and related costs. The Company expects to incur these charges in the fourth quarter of 2022 and
View on SEC.gov
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