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ShoreTel Q1 2016 total revenue $90.2 million

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Staff writer ▼ | October 23, 2015
ShoreTel announced financial results for the first quarter of its fiscal year 2016, which ended September 30, 2015.
ShoreTel
ShoreTel   Non-GAAP net income was $6.2 million
Total revenue was $90.2 million, compared to $90.4 million in the first quarter of fiscal 2015.

Non-GAAP net income, which excludes stock-based compensation charges, amortization of acquisition-related intangibles, other adjustments and related tax changes, for the first quarter of fiscal year 2016, was $6.2 million, or $0.09 per diluted share.

This compares with a non-GAAP net income of $4.7 million, or $0.07 per diluted share, in the first quarter of fiscal 2015. GAAP net income was $2.1 million, or $0.03 per diluted share, in the first quarter of fiscal 2016, compared with a GAAP net income of $0.4 million, or $0.01 per diluted share, in the first quarter of fiscal 2015.

Recurring revenues, which consist of all hosted and related services revenue plus support revenues, represented 51 percent of total revenue in the first quarter of fiscal 2016 and reached an annualized value of $184 million; an increase of 15 percent compared to the first quarter of fiscal 2015.

Non-GAAP total gross margin, which excludes stock-based compensation charges, amortization of acquisition-related intangibles and other adjustments, for the first quarter of fiscal year 2016, was 66.0 percent, compared with 61.3 percent in the year-ago period. GAAP gross margin for the first quarter of fiscal year 2016 was 64.4 percent compared with 59.5 percent in the first quarter of fiscal year 2015.

Hosted revenues of $29.6 million were up 19 percent year-over-year and 4 percent sequentially. Non-GAAP hosted gross margin increased to 56.9 percent in the first quarter of fiscal 2016, representing a significant improvement over the 42.1 percent in the first quarter of fiscal 2015.

GAAP hosted gross margin for the first quarter of fiscal year 2016 was 52.8 percent, compared with 37.4 percent in the first quarter of fiscal year 2015. The total number of installed customer seats increased 18 percent over the first quarter of fiscal 2015 to approximately 189,200. Hosted revenue churn was approximately 5 percent annualized in the first quarter of fiscal 2016.

Product revenues of $41.5 million were down 13 percent year-over-year and down 12 percent sequentially. Non-GAAP product gross margin was 67.6 percent in the first quarter of fiscal 2016, compared with 65.5 percent in the first quarter of fiscal 2015.

GAAP product gross margin for the first quarter of fiscal year 2016 was 67.5 percent, compared with 64.8 percent in the first quarter of fiscal year 2015.

Support and services revenues of $19.1 million were up 7 percent year-over-year and 2 percent sequentially. Non-GAAP support and service gross margin was 76.5 percent in the first quarter of fiscal 2016, compared with 77.0 percent in the first quarter of fiscal 2015. GAAP support and service gross margin for the first quarter of fiscal year 2016 was 75.4 percent, compared with 76.0 percent in the first quarter of fiscal year 2015.

As of September 30, 2015 the company had $106.1 million in cash, cash equivalents and short-term investments and no outstanding debt. The company generated $19.6 million in cash flow from operations in the quarter ended September 30, 2015.


 

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