Avaya Reports Fourth Quarter and Fiscal 2020 Financial Results

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Q4 revenues of $755 million – an increase of 4% year over year; FY20 revenue $2,873 millionCloud, Alliance Partner & Subscription revenue increased 3 points sequentially to 33% of Q4 revenueSubscription TCV increased $181 million in Q4; Year-to-Date booked ~$400 million of TCVSigned 135 deals with TCV greater than $1 million, 17 over $5 million and 4 over $10 million in Q4Avaya Holdings Corp. (NYSE: AVYA) today reported financial results for the fourth quarter and fiscal year ended September 30, 2020.Fourth Quarter Financial HighlightsRevenues of $755 millionGAAP Operating income was $74 million; Non-GAAP Operating income was $170 millionGAAP Net income was $37 millionAdjusted EBITDA was $200 million, 26.4% of revenueSoftware and services were 88% of revenue, up 5 points year-over-yearRecurring revenue was 63%, up 5 points year-over-yearCAPS (Cloud, Alliance Partner and Subscription) revenue increased to 33% from 30% in the prior quarterEnding cash and cash equivalents were $727 million”We closed out a very strong fiscal year with fourth quarter results that exceeded all our guidance metrics and again delivered sequential and year-over-year growth,” said Jim Chirico, President and CEO of Avaya. “Our performance throughout the year demonstrates that our investments in innovation and execution of our cloud-first strategy for enterprises have positioned us in the right place, at the right time. We are enabling new ways of work and collaboration that are solving organizations’ most pressing …

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