Financial Data and Key Metrics Changes - Subscription revenue reached $514 million, an increase of 11% year-over-year, exceeding guidance [5] - Annual Recurring Revenue (ARR) grew 12% year-over-year to $2.22 billion, driven by strength in key industry verticals [5] - Subscription gross margin remained stable at 82%, with overall Average Revenue Per User (ARPU) above $30 [6] - Record quarterly free cash flow of $81 million on an adjusted unlevered basis, attributed to operating leverage and efficiencies [7] Business Line Data and Key Metrics Changes - Contact Center as a Service (CCaaS) ARR exceeded $330 million, up from approximately $300 million at the end of 2022, indicating strong demand for integrated UCaaS and CCaaS solutions [89] - The introduction of new products, including RingSense for Sales, RingSense for Phone, and RingCX, aims to enhance the company's offerings in conversation intelligence and contact center solutions [80][83] Market Data and Key Metrics Changes - The company continues to see strong demand for its products, particularly in professional and financial services, healthcare, retail, and public sector [5] - Marketing-driven lead flow remains consistently strong, indicating ongoing demand for cloud conversion despite elevated sales cycles and customer buying decisions [107] Company Strategy and Development Direction - The acquisition of the Events and Session product lines from Hopin aims to enhance the company's video strategy and provide a complete video portfolio [4] - The company is focusing on innovation and operational execution, with a commitment to delivering profitable growth while investing in new technologies, including AI [78][108] Management's Comments on Operating Environment and Future Outlook - Management noted that while upsell opportunities have slowed, the introduction of new products is expected to drive future growth [121] - The company anticipates achieving adjusted unlevered free cash flow of $270 million to $290 million in 2023, a year earlier than previously expected [109][110] Other Important Information - The company is transitioning to a new CEO, Tarek Robbiati, effective August 28, with Vlad Shmunis moving to the role of Executive Chairman [3][69] - The company has approved a new share repurchase authorization for $125 million, effective through December 31, 2023 [9] Q&A Session Summary Question: Will Vlad continue to participate in calls? - Vlad confirmed he will remain involved on a case-by-case basis, emphasizing his ongoing interest in the company's success [19] Question: Insights on CCaaS product targeting? - Management indicated that the new CCaaS product targets both greenfield opportunities and replacements, with promising early results from beta testing [25] Question: Opportunities in the Indian market? - Management highlighted India as a significant growth area due to its large population and the company's ability to legally operate there, especially for businesses with international bases [34][50] Question: Microsoft Teams integration and market penetration? - Management expressed confidence in their leading position regarding Microsoft Teams integration, noting it as a growth driver [36] Question: Future growth drivers and challenges? - Management acknowledged challenges but emphasized the importance of innovation and product differentiation as key to overcoming them [141]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _________________________________________________________ FORM 10-Q _________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36089 ______ ...

Financial Performance & Guidance - Q1 2023 total revenue reached $534 million, a 14% year-over-year increase [4] - Annualized Recurring Revenue (ARR) grew by 14% year-over-year to $22 billion [4] - The company achieved a record non-GAAP operating margin of 172%, up 680 bps year-over-year [4] - For Q2 2023, the company projects subscriptions revenue between $511 million and $513 million, representing a 10%-11% year-over-year growth [33] - The company anticipates a non-GAAP operating margin of 175% for Q2 2023 [33,49] - The company forecasts non-GAAP EPS to be between $074 and $076 for Q2 2023 [33,49] - The company projects a non-GAAP tax rate of 225% [33] - For fiscal year 2023, the company expects a non-GAAP operating margin of at least 185% [27,71] Product Innovation - The company is introducing a new RingSense AI Platform to improve productivity through automated summaries and customer follow-ups [7] - The company is launching RingCentral for Frontline Workers, offering features like push-to-talk functionality, mobile camera sharing, and live transcriptions [8] - The company is releasing RingCentral for Teams 20, which brings RingCentral's reliability and features to Microsoft Teams [12] - The company is introducing RingCentral Overlay, which unifies experience across desktop and mobile [15]

RingCentral, Inc. (NYSE:RNG) Q1 2023 Earnings Conference Call May 9, 2023 5:00 PM ET Company Participants Will Wong - Vice President, Investor Relations Vlad Shmunis - Founder, Chairman and CEO Mo Katibeh - President and COO Sonalee Parekh - Chief Financial Officer Conference Call Participants Samad Samana - Jefferies Sterling Auty - Moffett Siti Panigrahi - Mizuho Meta Marshall - Morgan Stanley Ryan Koontz - Needham Brian Peterson - Raymond James Matt Niknam - Deutsche Bank Peter Levine - Evercore ISI Matt ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _________________________________________________________ FORM 10-Q _________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36089 _____ ...

Part I [Business](index=5&type=section&id=Item%201.%20Business) RingCentral provides global enterprise cloud communications, video, collaboration, and contact center SaaS solutions - RingCentral is a leading provider of global enterprise cloud communications and collaboration solutions delivered via a **Software-as-a-Service (SaaS) model**[17](index=17&type=chunk) - The company's portfolio is centered around its **Message Video Phone (MVP) platform** and includes three key products for unified communications, customer engagement, and video meetings[20](index=20&type=chunk)[21](index=21&type=chunk) - Revenues are primarily generated from **subscriptions for cloud-based services**[21](index=21&type=chunk) - The company utilizes a multi-channel sales strategy, including a direct sales force and indirect channels through partners like **Mitel, Avaya, AT&T, and Verizon**[22](index=22&type=chunk)[26](index=26&type=chunk) - The company has a diverse customer base across many industries, with **no single customer representing more than 10% of total revenue** in 2022, 2021, or 2020[40](index=40&type=chunk) - As of December 31, 2022, the company had **3,902 full-time employees** following a reduction in force of approximately 10%[59](index=59&type=chunk) [Risk Factors](index=15&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant financial, operational, competitive, and regulatory risks, including a history of losses and reliance on key third-party partners - The company has a history of **significant losses and negative cash flows** and anticipates incurring losses for the foreseeable future, making profitability uncertain[74](index=74&type=chunk)[77](index=77&type=chunk) - RingCentral relies on third parties for key operations in countries including **Ukraine**, where the ongoing conflict has impacted its business[74](index=74&type=chunk)[86](index=86&type=chunk)[88](index=88&type=chunk) - The success of strategic partnerships is critical, and **Avaya's financial restructuring** via Chapter 11 led to a **$279.3 million non-cash asset write-down** in 2022[99](index=99&type=chunk)[105](index=105&type=chunk) - The company faces intense competition from providers like **Cisco, Microsoft, 8x8, Zoom, and Twilio**[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk) - **Cyber-attacks or information security breaches** pose a significant risk that could interrupt service and result in significant liability[121](index=121&type=chunk) - The business is subject to evolving U.S. and international regulations regarding data privacy, such as the **GDPR and CCPA**, which may increase costs[169](index=169&type=chunk)[181](index=181&type=chunk)[182](index=182&type=chunk) - A **dual-class stock structure** concentrates approximately **54% of the voting power** with a limited number of stockholders, including the company's founders[74](index=74&type=chunk)[222](index=222&type=chunk) [Unresolved Staff Comments](index=48&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the Securities and Exchange Commission - There are no unresolved staff comments[256](index=256&type=chunk) [Properties](index=49&type=section&id=Item%202.%20Properties) The company leases its corporate headquarters in California, along with other global office and data center facilities - The corporate headquarters is located in Belmont, California, consisting of approximately **110,000 square feet** of leased office space with leases expiring in July 2026[257](index=257&type=chunk) - The company leases additional office space in locations including **Denver, London, and Paris**[258](index=258&type=chunk) - RingCentral leases space from third-party datacenter hosting facilities worldwide to support its cloud infrastructure[258](index=258&type=chunk) [Legal Proceedings](index=49&type=section&id=Item%203.%20Legal%20Proceedings) Information regarding legal proceedings is incorporated by reference from the consolidated financial statements - Details on legal proceedings can be found in **Note 8 – Commitments and Contingencies** of the consolidated financial statements[259](index=259&type=chunk) [Mine Safety Disclosures](index=49&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's business operations - Not applicable[260](index=260&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities](index=50&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's Class A Common Stock trades on the NYSE under "RNG" and it actively manages capital through share repurchase programs - The company's Class A Common Stock is listed on the **New York Stock Exchange** under the symbol **"RNG"**[263](index=263&type=chunk) - RingCentral has **never paid cash dividends** and does not intend to in the foreseeable future, planning to retain earnings for business operations[265](index=265&type=chunk) Share Repurchase Activity (Q4 2022) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Oct 2022 | — | $ — | | Nov 2022 | 1,314,610 | $37.12 | | Dec 2022 | 142,465 | $35.08 | | **Total Q4** | **1,457,075** | **N/A** | - The company completed its **$100 million share repurchase program** on December 31, 2022, and the Board authorized a new **$175 million program** in February 2023[269](index=269&type=chunk) [[Reserved]](index=52&type=section&id=Item%206.%20%5BReserved%5D) This item is reserved and contains no information [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=53&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Fiscal year 2022 saw 25% revenue growth to $1.99 billion, but a significant net loss of $879.2 million due to asset write-downs and investment losses Key Business Metrics (2021-2022) | Metric | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Annualized Exit Monthly Recurring Subscriptions (ARR) | $2.1 billion | $1.8 billion | | Net Monthly Subscription Dollar Retention Rate | >99% | >99% | Financial Performance Summary (in thousands) | Metric | FY 2022 | FY 2021 | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $1,988,330 | $1,594,754 | 25% | | Subscriptions Revenue | $1,887,756 | $1,482,080 | 27% | | Gross Profit | $1,346,599 | $1,146,385 | 17% | | Loss from Operations | ($649,475) | ($301,786) | 115% | | Net Loss | ($879,166) | ($376,250) | 134% | - The increase in net loss was primarily driven by a **non-cash asset write-down charge of $283.7 million** related to the Avaya partnership and **unrealized losses of $188.1 million** from investments[324](index=324&type=chunk)[326](index=326&type=chunk)[328](index=328&type=chunk) - Sales and marketing expenses increased by **24% to $1.06 billion** in 2022, driven by higher commissions and personnel costs to support growth[319](index=319&type=chunk) - Net cash provided by operating activities was **$191.3 million** for 2022, an increase from $152.2 million in 2021[337](index=337&type=chunk)[339](index=339&type=chunk) - The company ended 2022 with **$270.0 million in cash and cash equivalents**, compared to $267.2 million at the end of 2021[332](index=332&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=68&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk exposures relate to foreign currency exchange rates, interest rates, and fluctuations affecting its investments - Growing international operations expose the company to fluctuations in currencies like the **British Pound, Euro, and Canadian Dollar**[365](index=365&type=chunk) - Interest rate risk is primarily associated with cash equivalents and the fair value of its convertible senior notes, though the notes carry a **0% fixed annual interest rate**[366](index=366&type=chunk)[367](index=367&type=chunk) - Long-term investments are subject to market-related risks that could impact their fair value[368](index=368&type=chunk) - The company does not believe that **inflation has had a material effect** on its business or results of operations[369](index=369&type=chunk) [Consolidated Financial Statements and Supplementary Data](index=69&type=section&id=Item%208.%20Consolidated%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements and the independent auditor's report for the fiscal year ended December 31, 2022 Consolidated Balance Sheet Data (in thousands) | | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$2,073,662** | **$2,579,039** | | Total Current Assets | $796,016 | $650,741 | | **Total Liabilities** | **$2,357,000** | **$2,040,623** | | Total Current Liabilities | $652,559 | $526,270 | | **Total Stockholders' (Deficit) Equity** | **($482,787)** | **$338,967** | Consolidated Statement of Operations Data (in thousands) | | FY 2022 | FY 2021 | FY 2020 | | :--- | :--- | :--- | :--- | | **Total Revenues** | **$1,988,330** | **$1,594,754** | **$1,183,657** | | Gross Profit | $1,346,599 | $1,146,385 | $860,050 | | Loss from Operations | ($649,475) | ($301,786) | ($113,239) | | **Net Loss** | **($879,166)** | **($376,250)** | **($82,996)** | | Net Loss Per Share | ($9.23) | ($4.10) | ($0.94) | Consolidated Statement of Cash Flows Data (in thousands) | | FY 2022 | FY 2021 | FY 2020 | | :--- | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $191,305 | $152,151 | ($35,191) | | Net cash used in investing activities | ($87,210) | ($396,829) | ($107,686) | | Net cash provided by (used in) financing activities | ($98,218) | ($127,051) | $437,590 | - The independent auditor, **KPMG LLP**, issued an **unqualified opinion** on the consolidated financial statements and the effectiveness of internal control over financial reporting[373](index=373&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=104&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting principles or financial disclosure - None[548](index=548&type=chunk) [Controls and Procedures](index=104&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and internal control over financial reporting were effective as of December 31, 2022 - Management concluded that **disclosure controls and procedures were effective** as of the end of the period covered by the report[549](index=549&type=chunk)[551](index=551&type=chunk) - Management's annual report concluded that **internal controls over financial reporting were effective** as of December 31, 2022, based on the COSO framework[552](index=552&type=chunk) - There were **no material changes** in internal control over financial reporting during the fourth quarter of 2022[554](index=554&type=chunk) [Other Information](index=105&type=section&id=Item%209B.%20Other%20Information) A director resigned from the board in February 2023 for reasons unrelated to company operations, policies, or practices - Sridhar Srinivasan **resigned from the Board of Directors** effective February 18, 2023[557](index=557&type=chunk) - The resignation was **not the result of any disagreement** with the company or its management[557](index=557&type=chunk) [Disclosure Regarding Foreign Jurisdictions That Prevent Inspections](index=105&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20That%20Prevent%20Inspections) This item is not applicable to the company - None[558](index=558&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=106&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) The board consists of eight members, seven of whom are independent, with established audit, compensation, and governance committees - The board is composed of **eight members**, with **seven determined to be independent** under NYSE rules[561](index=561&type=chunk)[587](index=587&type=chunk) - Vladimir Shmunis serves as both **Chairman and CEO**, while Robert Theis serves as the **Lead Independent Director**[588](index=588&type=chunk)[590](index=590&type=chunk) - The board has established an **Audit Committee, a Compensation Committee, and a Nominating and Corporate Governance Committee**[591](index=591&type=chunk) - The report details committee responsibilities, including the designation of four members of the Audit Committee as **"audit committee financial experts"**[592](index=592&type=chunk)[594](index=594&type=chunk)[597](index=597&type=chunk)[599](index=599&type=chunk) - Biographies are provided for all directors and executive officers as of December 31, 2022[563](index=563&type=chunk)[580](index=580&type=chunk) [Executive Compensation](index=115&type=section&id=Item%2011.%20Executive%20Compensation) The executive compensation program ties pay to performance, focusing on revenue growth and Non-GAAP operating margin through a mix of salary and equity - The executive compensation program's objective is to **tie executive pay to company performance** and align executive and stockholder interests[634](index=634&type=chunk) - The 2022 annual bonus plan was based on quarterly achievement of **revenues and Non-GAAP operating margin**, with payouts made in fully vested RSUs[659](index=659&type=chunk)[666](index=666&type=chunk) - The company offered an Equity Compensation Program allowing NEOs to receive a portion of their 2022 base salary in **fully vested RSUs** to conserve cash[649](index=649&type=chunk) - Long-term incentive compensation is delivered through **RSU grants** to promote retention and align with long-term stockholder value[669](index=669&type=chunk)[671](index=671&type=chunk)[675](index=675&type=chunk) - The company has a **"double-trigger" change-in-control policy**, requiring both a change-in-control and a qualifying termination for vesting acceleration[638](index=638&type=chunk)[692](index=692&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=139&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) This section details beneficial stock ownership, highlighting significant holdings by company founders and major institutional investors Security Ownership of Major Holders (as of Jan 31, 2023) | Holder | % of Total Voting Power | | :--- | :--- | | Entities affiliated with Vladimir Shmunis | 29.7% | | Entities affiliated with Vlad Vendrow | 16.2% | | Capital World Investors | 7.0% | | Vanguard Group Inc. | 5.3% | | All current executive officers and directors as a group | 31.4% | - The company has a dual-class stock structure where **Class A common stock has one vote** per share, while **Class B common stock has 10 votes** per share[773](index=773&type=chunk) - As of December 31, 2022, **19.6 million shares** were available for future issuance under the 2013 Equity Incentive Plan[778](index=778&type=chunk) [Certain Relationships and Related Transactions and Director Independence](index=142&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%20and%20Director%20Independence) The company discloses transactions with related parties, including an aircraft charter arrangement with the CEO's company and employment of a director's son - The company has an aircraft charter arrangement with RZS, LLC, a company owned by CEO Vladimir Shmunis, paying **$170,433** for business use in 2022[785](index=785&type=chunk) - David Theis, son of board member Rob Theis, is employed by the company in a non-executive capacity[784](index=784&type=chunk) - The company has a policy requiring **audit committee review and approval** of any related party transaction exceeding **$120,000**[791](index=791&type=chunk) - RingCentral has entered into **indemnification agreements** with its directors and executive officers[787](index=787&type=chunk)[788](index=788&type=chunk) [Principal Accountant Fees and Services](index=144&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) This section details fees paid to the independent auditor, KPMG LLP, which were pre-approved by the audit committee Fees Paid to KPMG LLP (in thousands) | Fee Category | 2022 | 2021 | | :--- | :--- | :--- | | Audit Fees | $2,178 | $2,597 | | Audit-Related Fees | $— | $350 | | All Other Fees | $111 | $10 | | **Total Fees** | **$2,289** | **$2,957** | - The audit committee has a **pre-approval policy** for all audit and permissible non-audit services provided by the independent auditor[795](index=795&type=chunk) - All services provided by KPMG LLP in 2022 and 2021 were **pre-approved by the audit committee**[796](index=796&type=chunk) Part IV [Exhibits](index=146&type=section&id=Item%2015.%20Exhibits) This section lists all exhibits filed with the Form 10-K, including corporate governance documents, material contracts, and required certifications - Lists key corporate documents, including the **Certificate of Incorporation and Bylaws**[799](index=799&type=chunk) - Includes indentures for the **0% Convertible Senior Notes due 2025 and 2026**[799](index=799&type=chunk) - Contains various management and compensatory plans, such as the **2013 Equity Incentive Plan** and employment letters for named executive officers[799](index=799&type=chunk)[800](index=800&type=chunk) - Includes required certifications from the CEO and CFO under **Sections 302 and 906 of the Sarbanes-Oxley Act**[802](index=802&type=chunk)

Financial Performance & Growth - Q4 2022 subscriptions revenue reached $502 million, a 19% year-over-year increase[46] - Q4 2022 total ARR (Annual Recurring Revenue) hit $21 billion, up 17% year-over-year[47] - The company achieved a Q4 2022 non-GAAP operating margin of 140%, representing a 340 bps year-over-year increase[48] - FY2022 subscriptions revenue was $189 billion, a 27% year-over-year increase[52] - FY2022 total revenue reached $199 billion, up 25% year-over-year[53] - The company's FY2022 non-GAAP operating margin was 124%, a 220 bps year-over-year increase[54] Future Outlook - The company projects Q1 2023 subscriptions revenue growth of 14%-15% year-over-year[63] - The company anticipates Q1 2023 total revenue growth of 12%-13% year-over-year[63] - The company forecasts a Q1 2023 non-GAAP operating margin of 165%[63] - The company expects a FY2023 non-GAAP operating margin of at least 180%[63]

RingCentral, Inc. (NYSE:RNG) Q4 2022 Earnings Conference Call February 15, 2023 5:00 PM ET Company Participants Will Wong – Vice President-Investor Relations Vlad Shmunis – Founder, Chairman and Chief Executive Officer Mo Katibeh – President and Chief Operating Officer Sonalee Parekh – Chief Financial Officer. Conference Call Participants Samad Samana – Jefferies Sterling Auty – SVB Kash Rangan – Goldman Sachs Meta Marshall – Morgan Stanley Brian Peterson – Raymond James Strecker Backe – Wolfe Matt Bullock ...

| --- | --- | |-------------------------------|-------------------| | | | | | | | | | | Q3 2022 Earnings Presentation | | | | | | November 9, 2022 | ©2022 RingCentral | | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

RingCentral, Inc. (NYSE:RNG) Q3 2022 Earnings Conference Call November 9, 2022 5:00 PM ET Company Participants Will Wong - Vice President, Investor Relations Vlad Shmunis - Founder, Chairman and CEO Mo Katibeh - President and COO Sonalee Parekh - Chief Financial Officer Conference Call Participants Kash Rangan - Goldman Sachs Meta Marshall - Morgan Stanley Ryan MacWilliams - Barclays Michael Turrin - Wells Fargo Michael Funk - Bank of America Peter Burkly - Evercore ISI James Fish - Piper Sandler Siti Panig ...