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     517  0 Kommentare Avaya Reports Fourth Quarter and Fiscal Year 2016 Financial Results

    SANTA CLARA, CA--(Marketwired - January 19, 2017) -

    Fourth Quarter Fiscal 2016:

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    • Revenue of $958 million, exceeding high-end of preliminary results
    • Gross margin 60.9%, non-GAAP gross margin 61.8%
    • Adjusted EBITDA(1) up sequentially and year-over-year to $284 million, a record 29.6% of revenue

    Fiscal Year 2016:

    • Revenue of $3,702 million
    • Gross margin 60.6%, non-GAAP gross margin a record 61.5%
    • Adjusted EBITDA(1) of $940 million, a record 25.4% of revenue
    • Free cash flow positive for the year

    Avaya reported financial results for the fourth fiscal quarter and fiscal year ended September 30, 2016.

    Total revenue for the fourth quarter was $958 million, up $76 million compared to the prior quarter as demand improved for products and services, and decreased $50 million year-over-year, due to lower demand for unified communications hardware. GAAP gross margin was 60.9% for the fourth quarter. Non-GAAP gross margin was 61.8%, which compares to 62.4% for the prior quarter and 62.0% for the fourth quarter of 2015. GAAP operating loss was $428 million, reflecting $542 million of impairment of goodwill and intangibles. Non-GAAP operating income was $229 million which compares to $180 million for the prior quarter and $202 million for the fourth quarter of fiscal 2015. For the quarter, adjusted EBITDA was $284 million or 29.6% of revenue, which compares to adjusted EBITDA of $223 million or 25.3% for the prior quarter, and $246 million or 24.4% for the fourth quarter of fiscal 2015.

    For fiscal 2016, Avaya reported revenue of $3,702 million, down 9% compared to fiscal 2015, or down 8% in constant currency. GAAP gross margin for fiscal 2016 was 60.6%. Non-GAAP gross margin was a record 61.5%. GAAP operating loss was $262 million, reflecting $542 million of impairment of goodwill and intangibles. Non-GAAP operating income was $756 million in fiscal 2016 compared to $718 million in fiscal 2015. Fiscal 2016 adjusted EBITDA of $940 million represented a record 25.4% of revenue, and was $40 million higher compared to fiscal 2015. Cash flow from operations was $113 million and free cash flow was $17 million for fiscal year 2016, reflecting one-time payments of approximately $82 million for a legal settlement and advisory fees. Cash and cash equivalents totaled $336 million as of September 30, 2016, an increase of $67 million from the prior quarter and up $13 million from fourth quarter 2015.

    "Avaya's fourth fiscal quarter results reflect the strength of our technology portfolio, with major competitive wins at government agencies and enterprise customers across networking, contact center and private cloud services underpinned by continued transformation of the company to a superior operating model," said Kevin Kennedy, president and CEO.

    "Revenue and adjusted EBITDA exceeded the high end of our preliminary stated range," continued Mr. Kennedy. "In constant currency, contact center and networking revenue increased double digit percentages from both the prior quarter and year-over-year, while unified communications products declined year-over-year and grew sequentially. Non-GAAP operating income as a percentage of revenue and adjusted EBITDA as a percentage of revenue reached new records for the company for both the quarter and full year 2016 driven by lower operating expenses. Our strategic roadmap is being well received as customers are upgrading to our newest platforms due to our industry leadership position and outstanding customer service as witnessed by Avaya's fourth quarter Net Promoter Score of 58. As mentioned in our press release today, the decision to restructure through a chapter 11 process reflects the company's debt structure, as opposed to the strength of Avaya's operations and business model. Looking forward, we remain committed to improving our operating performance and capital structure while creating value for our customers."

    Fourth Fiscal Quarter Highlights

    • Company book-to-bill was greater than 1. Total bookings for the fourth quarter increased 13% from the prior quarter and were 7% below the prior year in constant currency
    • Industry leading service and support drives Net Promoter Score of 58 for customer satisfaction
    • Estimated total contract value was approximately $3 billion up 6% from the fourth quarter of fiscal 2015 in constant currency. This amount includes $760 million for private cloud and managed services, a 13% increase from the fourth quarter of fiscal 2015 in constant currency
    • Product revenue of $469 million increased 18% from the prior quarter and declined 6% year-over-year, service revenue of $489 million grew 1% sequentially and declined 4% year-over-year, each in constant currency
    • Cloud and managed services revenue grew 3% year-over-year, contact center product revenue increased 13% year-over-year, and networking improved 31% year-over-year, each in constant currency
    • Software and services accounted for 74.1% of total revenue in fourth quarter 2016
    • Recurring revenue represented 51.1% of total revenue, up from 49.6% year-over-year, in constant currency
    • Gross margin was 60.9% compared to 61.5% for the prior quarter and 61.1% for the fourth quarter of fiscal 2015
    • Non-GAAP gross margin was 61.8% compared to 62.4% for the prior quarter and 62.0% for the fourth quarter of fiscal 2015
    • Adjusted EBITDA was $284 million or a record 29.6% of revenue compared to $223 million or 25.3% of revenue for the prior quarter and $246 million or 24.4% of revenue for the fourth quarter of fiscal 2015
    • For the fourth fiscal quarter, percentage of revenue by geography was:
      - U.S. -- 58%
      - EMEA -- 22%
      - Asia-Pacific -- 11%
      - Americas International -- 9%

    Fiscal Year Highlights

    • Cloud and managed services revenue grew 5%, and contact center product revenue increased 6% compared to fiscal year 2015, each in constant currency
    • Software and services accounted for 74.9% of total revenue in fiscal 2016, up from 71.3% for fiscal 2015
    • Recurring revenue represented 52.1% of total revenue for fiscal 2016, up from 48.9% of revenue for fiscal 2015, in constant currency
    • Gross margin was 60.6% compared 59.5% for fiscal 2015
    • Non-GAAP gross margin was 61.5% compared to 60.5% for fiscal 2015
    • Adjusted EBITDA was $940 million or a record 25.4% of revenue compared to $900 million or 22.1% of revenue for fiscal 2015
    • For the fiscal year, percentage of revenue by geography in constant currency was:
      - U.S. -- 56%
      - EMEA -- 24%
      - Asia-Pacific -- 11%
      - Americas International -- 9%

    Preliminary Fiscal First Quarter 2017 Results

    Preliminary unaudited financial results for the fiscal first quarter 2017 ended December 31, 2016:

    1. Revenue in the range of $870 million to $875 million dollars,
    2. Non-GAAP gross margin between approximately 61% to 62% of revenue, and
    3. Adjusted EBITDA in the range of $235 million to $240 million or approximately 27% to 27.4% of revenue, a record for first fiscal quarter results.

    The company noted that these financial results for the first fiscal quarter 2017 are preliminary and subject to the completion of its financial closing procedures and review by its independent auditors. There can be no assurance that the company's final results for the first fiscal quarter will not differ from these preliminary estimates as a result of quarter-end closing, review procedures, or review adjustments, and any such changes could be material.

    Conference Call and Webcast

    Avaya will not host a conference call and webcast to discuss its Q4 and fiscal year end 2016 financial results. The reporting date for first fiscal quarter 2017 results will be announced separately.

    Links to this financial results press release and accompanying slides are all available on the investor page of Avaya's website (www.avaya.com/investors).

    About Avaya
    Avaya enables the mission critical, real-time communication applications of the world's most important operations. As the global leader in delivering superior communications experiences, Avaya provides the most complete portfolio of software and services for contact center and unified communications with integrated, secure networking -- offered on premises, in the cloud, or a hybrid. Today's digital world requires some form of communications enablement, and no other company is better positioned to do this than Avaya. For more information, please visit www.avaya.com.

    Cautionary Note Regarding the Chapter 11 Case

    The Company's security holders are cautioned that trading in securities of the Company during the pendency of these Chapter 11 cases will be highly speculative and will pose substantial risks. It is possible some or all of the Company's currently outstanding securities may be cancelled and extinguished upon confirmation of a restructuring plan by the Bankruptcy Court. In such an event, the Company's security holders would not be entitled to receive or retain any cash, securities or other property on account of their cancelled securities. Trading prices for the Company's securities may bear little or no relation to actual recovery, if any, by holders thereof in the Company's Chapter 11 cases. Accordingly, the Company urges extreme caution with respect to existing and future investments in its securities.

    Cautionary Note Regarding Forward-Looking Statements

    This document contains certain forward-looking statements. These statements may be identified by the use of forward-looking terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "our vision," "plan," "potential," "preliminary," "predict," "should," "will," or "would" or the negative thereof or other variations thereof or other comparable terminology and include, but are not limited to, statements regarding the Company's preliminary financial results for 1Q17, expected motions to be filed in the Chapter 11 proceeding and the dispositions of such motions, continued operations and customer and supplier programs while in a Chapter 11 proceeding, cash needed to support our operations while in a Chapter 11 proceeding, ability to lower debt and interest payments, ability to operate while in a Chapter 11 proceeding, ability to pay our creditors, credit rating and ability to manage its pension obligations. We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control, including, but not limited to: the actions and decisions of our creditors and other third parties with interests in the Chapter 11 cases; our ability to maintain liquidity to fund our operations during the Chapter 11 cases; our ability to obtain Bankruptcy Court approvals in connection with the Chapter 11 cases; our ability to consummate any transactions once approved by the Bankruptcy Court and the time to consummation of such transactions; adjustments in the calculation of financial results for the quarter or year end, or the application of accounting principles; discovery of new information that alters expectations about financial results or impacts valuation methodologies underlying financial results; accounting changes required by United States generally accepted accounting principles; and other factors affecting the Company detailed from time to time in the Company's filings with the SEC that are available at www.sec.gov. These and other important factors may cause our actual results, performance, or achievements to differ materially from any future results, performance, or achievements expressed or implied by these forward-looking statements. For a list and description of such risks and uncertainties, please refer to Avaya's filings with the SEC that are available at www.sec.gov and in particular, our 2015 Form 10-K filed with the SEC on November 23, 2015. We caution you that the list of important factors included in our SEC filings may not contain all of the material factors that are important to you. In addition, in light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this document may not in fact occur. Avaya disclaims any intention or obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise, except as otherwise required by law.

    1 Refer to Supplemental Financial Information accompanying this press release for a reconciliation of GAAP to non-GAAP numbers and for reconciliation of adjusted EBITDA for the third quarter of fiscal 2016 see our Form 8-K filed with the SEC on August 11, 2016 at www.sec.gov.

       
       
    Avaya Inc.  
    Consolidated Statements of Operations  
    (Unaudited; in millions)  
        Three months ended
    September 30,
        Fiscal years ended
    September 30,
     
       
        2016     2015     2016     2015  
    REVENUE                                
      Products   $ 469     $ 499     $ 1,755     $ 2,029  
      Services     489       509       1,947       2,052  
          958       1,008       3,702       4,081  
    COSTS                                
      Products:                                
        Costs (exclusive of amortization of acquired technology intangible assets)     169       173       630       744  
        Amortization of acquired technology intangible assets     8       9       30       35  
      Services     198       210       797       872  
          375       392       1,457       1,651  
    GROSS PROFIT     583       616       2,245       2,430  
    OPERATING EXPENSES                                
      Selling, general and administrative     332       346       1,359       1,432  
      Research and development     64       82       275       338  
      Amortization of acquired intangible assets     56       57       226       226  
      Impairment of indefinite-lived intangible assets     100       -       100       -  
      Goodwill impairment     442       -       442       -  
      Restructuring charges, net     17       30       105       62  
      Acquisition-related costs     -       1       -       1  
          1,011       516       2,507       2,059  
    OPERATING (LOSS) INCOME     (428 )     100       (262 )     371  
      Interest expense     (118 )     (117 )     (470 )     (452 )
      Loss on extinguishment of debt     -       -       -       (6 )
      Other (expense) income, net     (12 )     11       (5 )     13  
    LOSS BEFORE INCOME TAXES     (558 )     (6 )     (737 )     (74 )
    Benefit from (provision for) income taxes     53       (70 )     (13 )     (70 )
    NET LOSS   $ (505 )   $ (76 )   $ (750 )   $ (144 )
                                     
       
    Avaya Inc.  
    Consolidated Balance Sheets  
    (Unaudited; in millions)  
                 
        September 30,
    2016
        September 30,
    2015
     
    ASSETS                
    Current assets:                
      Cash and cash equivalents   $ 336     $ 323  
      Accounts receivable, net     584       678  
      Inventory     153       174  
      Deferred income taxes, net     -       26  
      Other current assets     187       171  
    TOTAL CURRENT ASSETS     1,260       1,372  
      Property, plant and equipment, net     253       282  
      Deferred income taxes, net     -       34  
      Acquired intangible assets, net     617       970  
      Goodwill     3,629       4,074  
      Other assets     62       130  
    TOTAL ASSETS   $ 5,821     $ 6,862  
    LIABILITIES                
    Current liabilities:                
      Debt maturing within one year   $ 6,018     $ 7  
      Accounts payable     338       379  
      Payroll and benefit obligations     183       229  
      Deferred revenue     705       665  
      Business restructuring reserve, current portion     69       90  
      Other current liabilities     267       282  
    TOTAL CURRENT LIABILITIES     7,580       1,652  
      Long-term debt     -       5,960  
      Pension obligations     1,743       1,690  
      Other postretirement obligations     245       194  
      Deferred income taxes, net     169       262  
      Business restructuring reserve, non-current portion     65       67  
      Other liabilities     439       415  
    TOTAL NON-CURRENT LIABILITIES     2,661       8,588  
    Commitments and contingencies                
    STOCKHOLDER'S DEFICIENCY                
      Common stock     -       -  
      Additional paid-in capital     2,966       2,981  
      Accumulated deficit     (5,725 )     (4,975 )
      Accumulated other comprehensive loss     (1,661 )     (1,384 )
    TOTAL STOCKHOLDER'S DEFICIENCY     (4,420 )     (3,378 )
    TOTAL LIABILITIES AND STOCKHOLDER'S DEFICIENCY   $ 5,821     $ 6,862  
       
       
    Avaya Inc.  
    Condensed Statements of Cash Flows  
    (Unaudited; in millions)  
        Fiscal years ended
    September 30,
     
        2016     2015  
    Net cash (used for) provided by:                
      Net loss Net loss   $ (750 )   $ (144 )
        Adjustments to net loss for non-cash items     904       444  
        Changes in operating assets and liabilities     (41 )     (85 )
      Operating activities     113       215  
      Investing activities     (100 )     (129 )
      Financing activities     9       (53 )
      Effect of exchange rate changes on cash and cash equivalents     (9 )     (32 )
    Net increase in cash and cash equivalents     13       1  
    Cash and cash equivalents at beginning of period     323       322  
    Cash and cash equivalents at end of period   $ 336     $ 323  
     
     
    Avaya Inc.
    Supplemental Schedules of Revenue
    (Unaudited; in millions)
        Three Months Ended   Three Months Ended September 30,
                    Revenues   Mix   Change
        Dec. 31, 2015   Mar. 31, 2016   June 30, 2016   2016   2015   2016   2015   Amount   Pct.   Pct., net of FX impact
                                                                   
    Revenue by Segment                                                              
    GCS   $ 414   $ 379   $ 351   $ 392   $ 440   41 %   44 %   $ (48 )   -11 %   -10 %
    Networking     50     45     47     77     59   8 %   6 %     18     31 %   31 %
    Total ECS product revenue     464     424     398     469     499   49 %   50 %     (30 )   -6 %   -6 %
    AGS     494     480     484     489     509   51 %   50 %     (20 )   -4 %   -4 %
    Total revenue   $ 958   $ 904   $ 882   $ 958   $ 1,008   100 %   100 %   $ (50 )   -5 %   -5 %
                                                                   
                                                                   
    Revenue by Geography                                                              
    U.S.   $ 528   $ 505   $ 487   $ 552   $ 562   58 %   56 %   $ (10 )   -2 %   -2 %
    International:                                                              
      EMEA     239     218     206     217     243   22 %   24 %     (26 )   -11 %   -9 %
      APAC - Asia Pacific     106     104     102     104     113   11 %   11 %     (9 )   -8 %   -8 %
      Americas International - Canada and Latin America     85     77     87     85     90   9 %   9 %     (5 )   -6 %   -5 %
    Total International     430     399     395     406     446   42 %   44 %     (40 )   -9 %   -8 %
    Total revenue   $ 958   $ 904   $ 882   $ 958   $ 1,008   100 %   100 %   $ (50 )   -5 %   -5 %

    Use of non-GAAP (Adjusted) Financial Measures

    The information furnished in this release includes non-GAAP financial measures that differ from measures calculated in accordance with generally accepted accounting principles in the United States of America ("GAAP"), including Adjusted EBITDA and non-GAAP gross margin.

    EBITDA is defined as net income (loss) before income taxes, interest expense, interest income and depreciation and amortization. Adjusted EBITDA is EBITDA further adjusted to exclude certain charges and other adjustments described in our SEC filings.

    We believe that including supplementary information concerning Adjusted EBITDA is appropriate because it serves as a basis for determining management and employee compensation. In addition, we believe Adjusted EBITDA provides more comparability between our historical results and results that reflect purchase accounting and our current capital structure. Accordingly, Adjusted EBITDA measures our financial performance based on operational factors that management can impact in the short-term, such as our pricing strategies, volume, costs and expenses of the organization and it presents our financial performance in a way that can be more easily compared to prior quarters or fiscal years.

    EBITDA and Adjusted EBITDA have limitations as analytical tools. EBITDA measures do not represent net income (loss) or cash flow from operations as those terms are defined by GAAP and do not necessarily indicate whether cash flows will be sufficient to fund cash needs. While EBITDA measures are frequently used as measures of operations and the ability to meet debt service requirements, these terms are not necessarily comparable to other similarly titled captions of other companies due to the potential inconsistencies in the method of calculation. Adjusted EBITDA excludes the impact of earnings or charges resulting from matters that we consider not to be indicative of our ongoing operations. In particular, our formulation of Adjusted EBITDA allows adjustment for certain amounts that are included in calculating net income (loss) as set forth in the following table including, but not limited to, restructuring charges, certain fees payable to our private equity sponsors and other advisors, resolution of certain legal matters and a portion of our pension costs and post-employment benefits costs which represents the amortization of pension service costs and actuarial gain (loss) associated with these benefits. However, these are expenses that may recur, may vary and are difficult to predict.

    The estimate of Adjusted EBITDA provided in this press release has been determined consistent with the methodology for calculating Adjusted EBITDA as set forth in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2015.

    Non-GAAP gross margin excludes the amortization of acquired technology intangible assets, share based compensation, costs to settle certain legal matters, impairment of long lived assets, and purchase accounting adjustments. We have included non-GAAP gross margin because we believe it provides additional useful information to investors regarding our operations by excluding those charges that management does not believe are reflective of the Company's ongoing operating results when assessing the performance of the business.

    Non-GAAP operating income excludes the amortization of acquired technology intangible assets, restructuring and impairment charges, acquisition and integration related costs, third party sales transformation and advisory costs, share based compensation, costs to settle certain legal matters, impairment of long lived assets and purchase accounting adjustments. We have included non-GAAP operating income because we believe it provides additional useful information to investors regarding our operations by excluding those charges that management does not believe are reflective of the company's ongoing operating results when assessing the performance of the business.

    Free cash flow is a non-GAAP metric defined as net cash provided by operating activities minus capital expenditures which are included in net cash used for investing activities. We have included free-cash flow as a non-GAAP metric because we believe it provides additional useful information to investors regarding the Company's ongoing operating results when assessing the performance of the business.

    These non-GAAP measures are not based on any comprehensive set of accounting rules or principles and have limitations as analytical tools in that they do not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP. As such, these measures should only be used to evaluate the Company's results of operations in conjunction with the corresponding GAAP measures.

    The following tables reconcile GAAP measures to non-GAAP measures:

       
       
    Avaya Inc.  
    Supplemental Schedule of Non-GAAP Adjusted EBITDA  
    (Unaudited; in millions)  
                 
        Three months ended
    September 30,
        Fiscal years ended
    September 30,
     
       
        2016     2015     2016     2015  
    Net loss   $ (505 )   $ (76 )   $ (750 )   $ (144 )
      Interest expense     118       117       470       452  
      Interest income     -       -       (1 )     (1 )
      (Benefit from) provision for income taxes     (53 )     70       13       70  
      Depreciation and amortization     97       92       374       371  
    EBITDA     (343 )     203       106       748  
      Restructuring charges, net     17       30       105       62  
      Sponsors' and other advisory fees     28       2       43       7  
      Acquisition and integration-related costs     -       2       2       4  
      Third-party sales transformation costs     -       -       5       -  
      Loss on extinguishment of debt     -       -       -       6  
      Third-party fees expensed in connection with the debt modification     -       -       -       8  
      Share-based and other compensation     7       4       19       19  
      Loss (gain) on disposal of long-lived assets, net     1       -       1       (1 )
      Change in certain tax indemnifications     -       -       -       (9 )
      Impairment of indefinite-lived intangible assets     100       -       100       -  
      Goodwill impairment     442       -       442       -  
      Impairment of investment     11       -       11       -  
      Resolution of certain legal matters     -       -       53       -  
      Gain on foreign currency transactions     -       (12 )     (10 )     (14 )
      Pension/OPEB/nonretirement postemployment benefits and long-term disability costs     21       17       63       69  
      Other     -       -       -       1  
    Adjusted EBITDA   $ 284     $ 246     $ 940     $ 900  
       
       
    Avaya Inc.  
    Supplemental Schedules of Non-GAAP Reconciliations  
    (Unaudited; in millions)  
       
        Three Months Ended  
        Sept. 30,     Dec. 31,     Mar. 31,     June 30,     Sept. 30,  
        2015     2015     2016     2016     2016  
                                   
    Reconciliation of Non-GAAP Gross Profit and Non-GAAP Gross Margin                                        
      Gross Profit   $ 616     $ 579     $ 541     $ 542     $ 583  
      Gross Margin     61.1 %     60.4 %     59.8 %     61.5 %     60.9 %
                                               
      Items excluded:                                        
        Amortization of acquired technology intangible assets     9       8       7       7       8  
        Share-based and other compensation     -       -       -       -       1  
        Resolution of certain legal matters     -       -       1       1       -  
      Non-GAAP Gross Profit   $ 625     $ 587     $ 549     $ 550     $ 592  
                                             
      Non-GAAP Gross Margin     62.0 %     61.3 %     60.7 %     62.4 %     61.8 %
                                             
                                             
    Reconciliation of Non-GAAP Operating Income (Loss)                                        
      Operating Income (Loss)   $ 100     $ 91     $ 17     $ 58     $ (428 )
        Percentage of Revenue     9.9 %     9.5 %     1.9 %     6.6 %     -44.7 %
                                             
      Items excluded:                                        
        Amortization of acquired intangible assets     66       65       63       64       64  
        Restructuring charges, net     30       23       21       44       17  
        Acquisition and integration-related costs     2       -       1       1       -  
        Impairment charges     -       -       -       -       542  
        Advisory fees     -       -       2       7       27  
        Third-party sales transformation costs     -       2       3       -       -  
        Share-based and other compensation     4       4       4       4       7  
        Resolution of certain legal matters     -       -       51       2       -  
                                             
      Non-GAAP Operating Income   $ 202     $ 185     $ 162     $ 180     $ 229  
                                             
      Non-GAAP Operating Margin     20.0 %     19.3 %     17.9 %     20.4 %     23.9 %
                                             
       
       
    Avaya Inc.  
    Supplemental Schedules of Non-GAAP Reconciliation of Gross Profit and Gross Margin by Portfolio  
    (Unaudited; in millions)  
       
        Three Months Ended  
        Sept. 30,     Dec. 31,     Mar. 31,     June 30,     Sept. 30,  
        2015     2015     2016     2016     2016  
                                   
    Reconciliation of Non-GAAP Gross Profit and Non-GAAP Gross Margin - Products                                        
        Revenue   $ 499     $ 464     $ 424     $ 398     $ 469  
        Costs (exclusive of amortization of technology intangible assets) Costs (exclusive of amortization of acquired technology intangible assets)     173       164       156       141       169  
        Amortization of technology intangible assets Amortization of acquired technology intangible assets     9       8       7       7       8  
      GAAP Gross Profit     317       292       261       250       292  
      GAAP Gross Margin     63.5 %     62.9 %     61.6 %     62.8 %     62.3 %
                                             
      Items excluded:                                        
        Amortization of acquired technology intangible assets     9       8       7       7       8  
        Resolution of certain legal matters     -       -       1       1       -  
      Non-GAAP Gross Profit   $ 326     $ 300     $ 269     $ 258     $ 300  
                                             
      Non-GAAP Gross Margin     65.3 %     64.7 %     63.4 %     64.8 %     64.0 %
                                             
                                             
    Reconciliation of Non-GAAP Gross Profit and Non-GAAP Gross Margin - Services                                        
        Revenue   $ 509     $ 494     $ 480     $ 484     $ 489  
        Costs     210       207       200       192       198  
      GAAP Gross Profit     299       287       280       292       291  
      GAAP Gross Margin     58.7 %     58.1 %     58.3 %     60.3 %     59.5 %
                                             
      Items excluded:                                        
        Share-based and other compensation     -       -       -       -       1  
      Non-GAAP Gross Profit   $ 299     $ 287     $ 280     $ 292     $ 292  
                                             
      Non-GAAP Gross Margin     58.7 %     58.1 %     58.3 %     60.3 %     59.7 %
                                             
                                             

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    Verfasst von Marketwired
    Avaya Reports Fourth Quarter and Fiscal Year 2016 Financial Results SANTA CLARA, CA--(Marketwired - January 19, 2017) - Fourth Quarter Fiscal 2016:Revenue of $958 million, exceeding high-end of preliminary resultsGross margin 60.9%, non-GAAP gross margin 61.8%Adjusted EBITDA(1) up sequentially and year-over-year to …