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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Avaya Holdings Corporation | NYSE:AVYA | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.2753 | 0 | 01:00:00 |
Avaya Holdings Corp. (NYSE: AVYA) ("Avaya" or "the Company") today reported selected additional preliminary financial results for the third quarter of fiscal 2022 ended June 30, 2022. All financial results for the third quarter ended June 30, 2022 and related comparisons to prior periods included in this release are preliminary, have not been reviewed or audited, are based on the Company's estimates and were prepared prior to the completion of the Company's financial statement close process.
Preliminary Third Quarter Financial Results Highlights
1 The Company's interim impairment tests as of June 30, 2022 indicated that the carrying amount of the Company’s indefinite-lived intangible asset, the Avaya Trade Name, and its Services reporting unit exceeded their respective estimated fair values. As a result, the preliminary financial statements reflect impairment charges of $1,272 million and the Company expects to record impairment charges between $1,272 million to $1,804 million related to the Company’s indefinite-lived intangible asset and goodwill during the three months ended June 30, 2022.
Alan Masarek, President and CEO of Avaya, said, “Our preliminary financial results for the quarter reflect operational and executional shortcomings, amplified against the backdrop of a volatile economic environment. We are taking aggressive actions to right-size Avaya’s cost structure to align with our contractual, recurring revenue business model. We have already begun operationalizing our recently announced savings initiatives and expect to identify additional areas as our work continues. At the same time, we will focus our investments on driving innovation and advancing product development for the benefit of our customers. The July 2022 financings, together with our cost-cutting initiatives, are important steps towards maintaining our financial and operating flexibility to continue to invest in our business and to sustain our business model transition. Although we have a lot of work to do, we have a tremendous foundation to build on as we become a stronger, leaner, more agile, and innovative organization."
GAAP
Non-GAAP (1)
(In millions, except percentages)
3Q22
2Q22
3Q21
3Q22
2Q22
3Q21
Revenue
$
577
$
716
$
732
$
577
$
716
$
732
Gross margin
44.9
%
51.8
%
55.6
%
51.0
%
56.7
%
61.5
%
Operating (loss) income
$
(1,353
)
$
23
$
41
$
20
$
115
$
146
Net (loss) income
$
(1,408
)
$
(1
)
$
43
$
(20
)
$
51
$
73
(Loss) earnings per share - Diluted
$
(16.27
)
$
(0.02
)
$
0.43
$
(0.24
)
$
0.53
$
0.75
(In millions, except percentages)
3Q22
2Q22
3Q21
Adjusted EBITDA(1)
$
54
$
145
$
173
Adjusted EBITDA margin(1)
9.4
%
20.3
%
23.6
%
Cash (used for) provided by operations
$
(85
)
$
(2
)
$
11
Cash and cash equivalents
$
217
$
324
$
562
Additional Preliminary Third Quarter Fiscal 2022 Expected Highlights
As Avaya’s CAPS metric reflects revenue that is already recognized, management believes it is helpful to provide investors with a better view into the performance of the Company’s broader-based OneCloud software solutions that are driving the Company’s recurring revenue growth by also providing a forward-looking metric, Annualized Recurring Revenue, or OneCloud ARR.
OneCloud ARR represents the Company's estimate of the annualized revenue run-rate of certain components from active term OneCloud contracts (whether or not terminable) at the end of the reporting period. More specifically, OneCloud ARR includes OneCloud subscription revenue, ACO recurring revenue and revenue from CCaaS, Spaces, CPaaS, DaaS and private cloud, and excludes maintenance, managed services revenue and ACO one-time payments. The One Cloud ARR metric, combined with the Company’s CAPS metric, provides investors enhanced visibility into Avaya’s transformational Cloud journey. Per period OneCloud ARR figures are provided in the slides published on Avaya’s website at http://www.avaya.com on the Investor Relations page.
(1) Non-GAAP adjusted EBITDA, non-GAAP adjusted EBITDA margin, non-GAAP gross margin, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, non-GAAP earnings per share and constant currency are not measures calculated in accordance with generally accepted accounting principles in the U.S. ("GAAP"). Refer to the "Use of non-GAAP (Adjusted) Financial Measures" below and the Supplemental Financial Information accompanying this press release for more information on the calculation of constant currency and a reconciliation of the non-GAAP measures included in this release to their most closely comparable measure calculated in accordance with GAAP.
Other Highlights
Going Concern, Audit Committee Internal Investigations and Filing Extension for Quarterly Report on Form 10-Q for the Quarter Ended June 30, 2022
As noted above, the Company completed a series of financing transactions in July 2022, intended in part to provide financing to fund the repurchase or repayment of the convertible notes, which mature in June 2023 and accordingly are classified as a current liability on June 30, 2022. The Company is currently engaging with its advisors to assess its options with respect to addressing the 2023 convertible notes, but there can be no assurance as to the certainty of the outcome of that assessment. As a result of the foregoing, in addition to the Company’s decline in revenues during the third quarter, which represented substantially lower revenues than previous Company expectations, and the negative impact of significant operating losses on the Company's cash balance in the year to date, as of the date of this release, the Company has determined that there is substantial doubt about the Company's ability to continue as a going concern.
The Audit Committee of the Company's Board of Directors has commenced an internal investigation to review the circumstances surrounding the Company's financial results for the quarter ended June 30, 2022.
Furthermore, and separately, the Audit Committee has also commenced an internal investigation to review matters related to a whistleblower letter.
The Audit Committee has engaged outside counsel to assist in the investigations and has notified the Securities and Exchange Commission (the "SEC") and the Company’s external auditor, PricewaterhouseCoopers LLP, of its investigations. As the investigations are not complete, the Audit Committee requires additional time to complete its initial assessments. As a result, the Company requires additional time to complete its review of its financial statements and finalize its disclosures in the Form 10-Q. Accordingly, the Company will be unable to file its Form 10-Q on or prior to the required filing date and has filed a Form 12b-25 Notification of Late Filing for its Quarterly Report on Form 10-Q for the Quarter Ended June 30, 2022.
Video Conference and Webcast
Avaya will host a live webcast and video conference to discuss its preliminary financial results at 8:30 AM Eastern Time on August 9, 2022. To access the live conference call by phone, listeners should dial +1-888-660-6347 toll free or +1-929-201-6594, and use the conference ID: 6784722. To join the live webcast, listeners should access the investor page of Avaya's website at https://investors.avaya.com.
Following the live webcast, a replay will be available on the investor page of Avaya's website for a period of one year.
About Avaya
Businesses are built by the experiences they provide, and everyday millions of those experiences are delivered by Avaya Holdings Corp. (NYSE: AVYA). Avaya is shaping what's next for the future of work, with innovation and partnerships that deliver game-changing business benefits. Our cloud communications solutions and multi-cloud application ecosystem power personalized, intelligent, and effortless customer and employee experiences to help achieve strategic ambitions and desired outcomes. Together, we are committed to help grow your business by delivering Experiences that Matter. Learn more at http://www.avaya.com.
Cautionary Note Regarding Preliminary Financial Information
All financial results for the third quarter ended June 30, 2022 and related comparisons to prior periods included in this release are preliminary, have not been reviewed or audited, are based upon the Company's estimates, and were prepared prior to the completion of the Company's financial statement close process. These selected preliminary financial results should not be viewed as a substitute for the Company's full third quarter results and do not present all information necessary for an understanding of the Company's financial performance as of June 30, 2022, and should not be considered final until the Company files its Quarterly Report on Form 10-Q for the quarter ended June 30, 2022. During the course of the preparation of the Company's financial statements as of and for the three and nine months ended June 30, 2022, the Company may identify items that could cause its final reported results to be materially different from the preliminary financial information set forth in this release. Accordingly, undue reliance should not be placed on this preliminary data.
Cautionary Note Regarding Forward-Looking Statements
This release contains certain "forward-looking statements." All statements other than statements of historical fact are "forward-looking" statements for purposes of the U.S. federal and state securities laws. 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 comparable terminology. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. These statements, including the Company’s outlook, do not include the potential impact of any business combinations, asset acquisitions, divestitures, strategic investments or other strategic transactions completed after the date hereof. While the Company believes 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 its control. Risks and uncertainties that may cause these forward-looking statements to be inaccurate include, among others: the finalization of the Company's third quarter financial statements; the findings of the Audit Committee’s investigations; the effectiveness of the Company’s internal control over financial reporting and disclosure controls and procedures, and the potential for a material weaknesses in the Company’s internal controls over financial reporting or other potential weaknesses of which the Company is not currently aware or which have not been detected; the Company’s ability to continue as a going concern; the impact of litigation and regulatory proceedings; the impact and timing of any cost-savings measures; the termination or modification of current contracts which could impair attainment of our OneCloud ARR metric; the duration, severity and impact of the coronavirus pandemic ("COVID-19"); the impact of the Russia/Ukraine conflict on the global economy and our business, including impacts from related sanctions and export controls imposed by the U.S., UK and the EU on certain industries and Russian parties as a result of the conflict, as well as responses by the governments of Russia or other jurisdictions; and other factors discussed in the Company's Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission (the "SEC"). These risks and uncertainties may cause the Company’s actual results, performance, liquidity or achievements to differ materially from any future results, performance, liquidity or achievements expressed or implied by these forward-looking statements. For a further list and description of such risks and uncertainties, please refer to the Company’s filings with the SEC that are available at www.sec.gov. The Company cautions you that the list of important factors included in the Company’s 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 report may not in fact occur. The Company undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
Avaya Holdings Corp.
Preliminary Condensed Consolidated Statements of Operations (Unaudited)
(In millions, except per share amounts)
Three months ended June 30,
Nine months ended June 30,
2022
2021
2022
2021
REVENUE
Products
$
169
$
254
$
623
$
746
Services
408
478
1,383
1,467
577
732
2,006
2,213
COSTS
Products:
Costs
95
98
325
295
Amortization of technology intangible assets
35
43
112
129
Services
188
184
570
554
318
325
1,007
978
GROSS PROFIT
259
407
999
1,235
OPERATING EXPENSES
Selling, general and administrative
236
266
743
785
Research and development
53
55
174
167
Amortization of intangible assets
39
40
119
119
Impairment charges(1)
1,272
—
1,272
—
Restructuring charges, net
12
5
22
17
1,612
366
2,330
1,088
OPERATING (LOSS) INCOME
(1,353
)
41
(1,331
)
147
Interest expense
(54
)
(54
)
(162
)
(169
)
Other income, net
13
10
37
11
LOSS BEFORE INCOME TAXES
(1,394
)
(3
)
(1,456
)
(11
)
(Provision for) benefit from income taxes(2)
(14
)
46
(19
)
(8
)
NET (LOSS) INCOME
$
(1,408
)
$
43
$
(1,475
)
$
(19
)
(LOSS) EARNINGS PER SHARE
Basic
$
(16.27
)
$
0.45
$
(17.27
)
$
(0.26
)
Diluted
$
(16.27
)
$
0.43
$
(17.27
)
$
(0.26
)
Weighted average shares outstanding
Basic
86.6
84.9
85.6
84.4
Diluted
86.6
88.0
85.6
84.4
Avaya Holdings Corp.
Preliminary Condensed Consolidated Balance Sheets (Unaudited)
(In millions, except per share and shares amounts)
June 30, 2022
September 30, 2021
ASSETS
Current assets:
Cash and cash equivalents
$
217
$
498
Accounts receivable, net
305
307
Inventory
50
51
Contract assets, net
639
518
Contract costs
118
117
Other current assets
111
100
TOTAL CURRENT ASSETS
1,440
1,591
Property, plant and equipment, net
300
295
Deferred income taxes, net
30
40
Intangible assets, net
1,903
2,235
Goodwill
296
1,480
Operating lease right-of-use assets
104
135
Other assets
264
209
TOTAL ASSETS
$
4,337
$
5,985
LIABILITIES
Current liabilities:
Debt maturing within one year
$
327
$
—
Accounts payable
313
295
Payroll and benefit obligations
121
193
Contract liabilities
264
360
Operating lease liabilities
41
49
Business restructuring reserves
14
19
Other current liabilities
139
181
TOTAL CURRENT LIABILITIES
1,219
1,097
Non-current liabilities:
Long-term debt
2,507
2,813
Pension obligations
570
648
Other post-retirement obligations
149
153
Deferred income taxes, net
45
53
Contract liabilities
315
305
Operating lease liabilities
78
102
Business restructuring reserves
16
25
Other liabilities
234
267
TOTAL NON-CURRENT LIABILITIES
3,914
4,366
TOTAL LIABILITIES
5,133
5,463
Commitments and contingencies
Preferred stock, $0.01 par value; 55,000,000 shares authorized at June 30, 2022 and September 30, 2021
Convertible series A preferred stock; 125,000 shares issued and outstanding at June 30, 2022 and September 30, 2021
132
130
STOCKHOLDERS' (DEFICIT) EQUITY
Common stock, $0.01 par value; 550,000,000 shares authorized; 86,846,958 shares issued and outstanding at June 30, 2022; and 84,115,602 shares issued and outstanding at September 30, 2021
1
1
Additional paid-in capital
1,502
1,467
Accumulated deficit
(2,460
)
(985
)
Accumulated other comprehensive income (loss)
29
(91
)
TOTAL STOCKHOLDERS' (DEFICIT) EQUITY
(928
)
392
TOTAL LIABILITIES, PREFERRED STOCK AND STOCKHOLDERS' (DEFICIT) EQUITY
$
4,337
$
5,985
Avaya Holdings Corp.
Preliminary Condensed Statements of Cash Flows
(Unaudited; in millions)
Nine months ended June 30,
(In millions)
2022
2021
Net cash (used for) provided by:
Operating activities
$
(198
)
$
35
Investing activities
(80
)
(78
)
Financing activities
2
(126
)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
(5
)
4
Net decrease in cash, cash equivalents, and restricted cash
(281
)
(165
)
Cash, cash equivalents, and restricted cash at beginning of period
502
731
Cash, cash equivalents, and restricted cash at end of period
$
221
$
566
Avaya Holdings Corp.
Preliminary Supplemental Schedule of Revenue by Segment and Geography
(Unaudited; in millions)
Three months ended June 30,
Change
Three months ended March 31, 2022
2022
2021
Amount
Pct.
Pct., net of fx impact
Revenue by Segment
Products & Solutions
$
169
$
254
$
(85
)
(33
) %
(32
) %
$
223
Services
408
478
(70
)
(15
) %
(13
) %
493
Total revenue
$
577
$
732
$
(155
)
(21
) %
(20
) %
$
716
Revenue by Geography
U.S.
$
316
$
418
$
(102
)
(24
) %
(24
) %
$
422
International:
Europe, Middle East and Africa
148
181
(33
)
(18
) %
(14
) %
175
Asia Pacific
63
72
(9
)
(13
) %
(10
) %
67
Americas International - Canada and Latin America
50
61
(11
)
(18
) %
(16
) %
52
Total International
261
314
(53
)
(17
) %
(13
) %
294
Total revenue
$
577
$
732
$
(155
)
(21
) %
(20
) %
$
716
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 financial measures labeled as "non-GAAP" or "adjusted."
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 and the tables below.
We believe that including supplementary information concerning adjusted EBITDA is appropriate because it serves as a basis for determining management and employee compensation and it is used as a basis for calculating covenants in our credit agreements. In addition, we believe adjusted EBITDA provides more comparability between our historical results and results that reflect purchase accounting and our current capital structure. We also present adjusted EBITDA because we believe analysts and investors utilize these measures in analyzing our results. 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. Adjusted EBITDA excludes the impact of earnings or charges resulting from matters that we do not consider indicative of our ongoing operations but that still affect our net income (loss). In particular, our formulation of adjusted EBITDA allows adjustment for certain amounts that are included in calculating net income (loss), however, these are expenses that may recur, may vary and are difficult to predict. In addition, these terms are not necessarily comparable to other similarly titled captions of other companies due to the potential inconsistencies in the method of calculation.
We also present the measures non-GAAP gross margin, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income and non-GAAP earnings per share as a supplement to our unaudited condensed consolidated financial statements presented in accordance with GAAP. We believe these non-GAAP measures are the most meaningful for period to period comparisons because they exclude the impact of the earnings and charges noted in the applicable tables below that resulted from matters that we consider not to be indicative of our ongoing operations.
The Company presents constant currency information to provide a framework to assess how the company’s underlying businesses performance excluding the effect of foreign currency rate fluctuations. To present this information for current and comparative prior period results for entities reporting in currencies other than U.S. dollars, the amounts are converted into U.S. dollars at the exchange rate in effect on the last day of the company’s prior fiscal year (i.e. September 30, 2021), unless otherwise noted.
In addition, we present the liquidity measure of free cash flow. Free cash flow is calculated by subtracting capital expenditures from Net cash provided by operating activities. We believe free cash flow is a measure often used by analysts and investors to compare the cash flow and liquidity of companies in the same industry.
The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, as substitute for, or superior to, the financial information prepared and presented in accordance with GAAP and may be different from the non-GAAP financial measures used by other companies. In addition, these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the Company’s results of operations as determined in accordance with GAAP.
We do not provide a forward-looking reconciliation of expected fourth quarter and full year fiscal 2022 non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, non-GAAP earnings per share or adjusted EBITDA guidance as the amount and significance of special items required to develop meaningful comparable GAAP financial measures cannot be estimated at this time without unreasonable efforts. These special items could be meaningful.
The following tables reconcile historical GAAP measures to non-GAAP measures.
Avaya Holdings Corp.
Preliminary Supplemental Schedules of Non-GAAP Adjusted EBITDA
(Unaudited; in millions)
Three months ended,
June 30, 2022
March 31, 2022
June 30, 2021
Net (loss) income
$
(1,408
)
$
(1
)
$
43
Interest expense
54
54
54
Interest income
(1
)
(1
)
—
Provision for (benefit from) income taxes
14
(13
)
(46
)
Depreciation and amortization
103
99
105
EBITDA
(1,238
)
138
156
Impact of fresh start accounting adjustments(1)
1
—
1
Restructuring charges(2)
11
3
5
Advisory fees(3)
8
—
—
Acquisition-related costs
—
—
2
Share-based compensation
6
14
14
Impairment charges(4)
1,272
—
—
Pension and post-retirement benefit costs
(1
)
(1
)
(1
)
Change in fair value of Emergence Date Warrants
(1
)
(7
)
—
Gain on foreign currency transactions
(4
)
(2
)
(4
)
Adjusted EBITDA
$
54
$
145
$
173
Avaya Holdings Corp.
Preliminary Supplemental Schedules of Non-GAAP (Loss) Earnings per Share
(Unaudited; in millions)
Three months ended,
June 30, 2022
March 31, 2022
June 30, 2021
GAAP Net (Loss) Income
$
(1,408
)
$
(1
)
$
43
Non-GAAP Adjustments:
Impact of fresh start accounting(1)
1
—
1
Restructuring charges, net(2)
12
3
5
Advisory fees(3)
8
—
—
Acquisition-related costs
—
—
2
Share-based compensation
6
14
14
Impairment charges(4)
1,272
—
—
Pension and post-retirement benefit costs
(1
)
(1
)
(1
)
Change in fair value of Emergence Date Warrants
(1
)
(7
)
—
Gain on foreign currency transactions
(4
)
(2
)
(4
)
Amortization of intangible assets
74
75
83
Income tax expense effects(5)
21
(30
)
(70
)
Non-GAAP Net (Loss) Income
$
(20
)
$
51
$
73
Dividends and accretion to preferred stockholders
(1
)
(1
)
(1
)
Undistributed Non-GAAP (Loss) Income
$
(21
)
$
50
$
72
Percentage allocated to common stockholders(6)
100.0
%
91.3
%
91.3
%
Numerator for Non-GAAP diluted (loss) earnings per common share
$
(21
)
$
46
$
66
Diluted Weighted Average Shares - GAAP
86.6
85.6
88.0
Share adjustment(7)
—
1.2
(0.2
)
Diluted Weighted Average Shares - Non-GAAP
86.6
86.8
87.8
GAAP (Loss) Earnings per Share - Diluted
$
(16.27
)
$
(0.02
)
$
0.43
Non-GAAP (Loss) Earnings per Share - Diluted
$
(0.24
)
$
0.53
$
0.75
Avaya Holdings Corp.
Preliminary Supplemental Schedules of Non-GAAP Reconciliations of Gross Margin and Operating (Loss) Income
(Unaudited; in millions)
Three months ended,
June 30, 2022
March 31, 2022
June 30, 2021
Reconciliation of Non-GAAP Gross Profit and Non-GAAP Gross Margin
Gross Profit
$
259
$
371
$
407
Items excluded:
Amortization of technology intangible assets
35
35
43
Non-GAAP Gross Profit
$
294
$
406
$
450
GAAP Gross Margin
44.9
%
51.8
%
55.6
%
Non-GAAP Gross Margin
51.0
%
56.7
%
61.5
%
Reconciliation of Non-GAAP Operating (Loss) Income
Operating (Loss) Income
$
(1,353
)
$
23
$
41
Items excluded:
Adj. for fresh start accounting
1
—
1
Amortization of intangible assets
74
75
83
Advisory fees
8
—
—
Acquisition-related costs
—
—
2
Restructuring charges, net
12
3
5
Share-based compensation
6
14
14
Impairment charges
1,272
—
—
Non-GAAP Operating Income
$
20
$
115
$
146
GAAP Operating Margin
(234.5
) %
3.2
%
5.6
%
Non-GAAP Operating Margin
3.5
%
16.1
%
19.9
%
Avaya Holdings Corp.
Preliminary Supplemental Schedules of Non-GAAP Reconciliation of Gross Profit and Gross Margin by Portfolio
(Unaudited; in millions)
Three months ended,
June 30, 2022
March 31, 2022
June 30, 2021
Reconciliation of Non-GAAP Gross Profit and Non-GAAP Gross Margin - Products & Solutions
Revenue
$
169
$
223
$
254
Costs
95
119
98
Amortization of technology intangible assets
35
35
43
GAAP Gross Profit
39
69
113
Items excluded:
Amortization of technology intangible assets
35
35
43
Non-GAAP Gross Profit
$
74
$
104
$
156
GAAP Gross Margin
23.1
%
30.9
%
44.5
%
Non-GAAP Gross Margin
43.8
%
46.6
%
61.4
%
Reconciliation of Non-GAAP Gross Profit and Non-GAAP Gross Margin - Services
Revenue
$
408
$
493
$
478
Costs
188
191
184
GAAP Gross Profit
220
302
294
Items excluded:
Non-GAAP Gross Profit
$
220
$
302
$
294
GAAP Gross Margin
53.9
%
61.3
%
61.5
%
Non-GAAP Gross Margin
53.9
%
61.3
%
61.5
%
Avaya Holdings Corp.
Preliminary Supplemental Schedules of Free Cash Flow
(Unaudited; in millions)
Three months ended,
June 30, 2022
Mar. 31, 2022
Dec. 31, 2021
Sept. 30, 2021
June 30, 2021
Net cash (used for) provided by operating activities
$
(85
)
$
(2
)
$
(111
)
$
(5
)
$
11
Less:
Capital expenditures
28
25
27
28
25
Free cash flow
$
(113
)
$
(27
)
$
(138
)
$
(33
)
$
(14
)
Source: Avaya Newsroom
View source version on businesswire.com: https://www.businesswire.com/news/home/20220809005519/en/
Media Inquiries: Alex Alias alalias@avaya.com
Investor Inquiries: Tyler Chambers investors@avaya.com
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