Tue, May 21, 9:11 PM (153 days ago)
8x8, Inc.'s Form 10-K for the fiscal year ended March 31, 2024, highlights a decrease in total revenue by $15.2 million (2%) to $728.7 million, and a decrease in service revenue by $9.5 million (1%) to $700.6 million. The company focused on reducing service delivery costs and improving sales efficiency while increasing investment in R&D, targeting mid-market and enterprise customers. Key financial moves included refinancing $403.8 million of 2024 Notes with $201.9 million of 2028 Notes and a $250 million senior secured term loan due 2027. Additionally, $63.3 million of 2024 Notes were paid off upon maturity in February 2024. A $25 million prepayment was made on the senior secured term loan in May 2023, reducing the outstanding principal to $225 million. 8x8's strategy involves leveraging its XCaaS platform to drive revenue from unified communications, contact center services, and communications platform-as-a-service, focusing on enterprise and mid-market customers. The company continues to monitor annualized recurring and usage revenue (ARR) to evaluate performance.