Ribbon munications (US:RBBN)2024-04-24 12:03Revenue Performance - Revenue for Q1 2024 was $180 million, a decrease from $186 million in Q1 2023[4] - Total revenue for Q1 2024 was $179.664 million, a decrease of 20.6% from $226.401 million in Q4 2023 and a decrease of 3.4% from $186.159 million in Q1 2023[30] - The company projects Q2 2024 revenue between $200 million and $210 million, with Non-GAAP gross margin expected to be between 53.5% and 54.5%[10] - The company projects Q2 2024 revenue to be approximately $205 million, with a range of +/- $5 million, and FY 2024 revenue to be around $855 million, with a range of +/- $15 million[44] Profitability Metrics - GAAP Loss from Operations improved by $22 million year over year, while Non-GAAP Adjusted EBITDA improved by $14 million to $12 million[4] - Gross Margin increased by over 700 basis points year over year, exceeding 40% for the IP Optical Networks segment[4][6] - Gross profit for Q1 2024 was $91.955 million, resulting in a gross margin of 51.2%, compared to 53.8% in Q4 2023 and 43.7% in Q1 2023[30] - GAAP Gross margin for Q1 2024 decreased to 51.2% from 53.8% in Q4 2023 and 43.7% in Q1 2023[40] - Non-GAAP Net income for Q1 2024 was a loss of $1.096 million, compared to a profit of $21.572 million in Q4 2023 and a loss of $2.827 million in Q1 2023[40] - Non-GAAP Adjusted EBITDA for the trailing twelve months reached $104.634 million, up from $90.509 million in the previous quarter and $70.272 million a year ago[42] - Adjusted EBITDA for Q2 2024 is projected to be between $20 million and $25 million[10] - GAAP income (loss) from operations for Q2 2024 is projected at $(2.5) million, with an expected Non-GAAP outlook of $22.5 million[44] Operating Expenses and Cash Flow - Operating expenses totaled $105.441 million in Q1 2024, slightly up from $105.038 million in Q4 2023 and down from $116.591 million in Q1 2023[30] - Cash from operations for Q1 2024 was $13 million, indicating solid order bookings[9] - The company reported a net cash provided by operating activities of $13.100 million in Q1 2024, compared to $11.133 million in Q1 2023[34] - Cash and cash equivalents increased to $30.931 million as of March 31, 2024, up from $26.630 million at the end of 2023[32] Debt and Liabilities - Current liabilities surged to $504.315 million as of March 31, 2024, compared to $341.073 million at the end of 2023, primarily due to the current portion of term debt[32] - The company is currently seeking to refinance its term debt, which is scheduled to mature on March 3, 2025[32] Regional Performance - EMEA region sales grew by 24% year over year across Service Provider and Critical Infrastructure markets[5] - IP Optical Networks segment sales increased by 9% year over year for the seventh consecutive quarter[6] Stock-Based Compensation and Other Expenses - Stock-based compensation for Q1 2024 totaled $4.522 million, down from $4.892 million in Q4 2023 and $5.848 million in Q1 2023[38] - The company incurred litigation costs of $951,000 in Q1 2024, compared to $538,000 in Q4 2023 and $177,000 in Q1 2023[40] - Amortization of acquired intangible assets for Q1 2024 was $13.257 million, slightly up from $13.166 million in Q4 2023 and down from $14.653 million in Q1 2023[40] Shareholder Metrics - The weighted average shares used to compute GAAP diluted earnings per share increased to 172,428 in Q1 2024 from 171,755 in Q4 2023 and 168,541 in Q1 2023[40]