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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) today reported financial results for the third quarter ended June 30, 2019.
GAAP
Non-GAAP (1)
(In millions, except percentages)
Q3 2019
Q2 2019
Q3 2018
Q3 2019
Q2 2019
Q3 2018
Revenue
$
717
$
709
$
692
$
720
$
714
$
755
Gross margin
54.4
%
54.4
%
50.9
%
60.8
%
61.5
%
61.9
%
Operating margin
(85.5
)%
5.4
%
(7.1
)%
20.1
%
20.9
%
20.0
%
"I am pleased with our solid execution and the continued strength in our strategic growth areas, especially in our public and private cloud ReadyNow offers. We believe we are well positioned to capitalize on these long-term growth opportunities," stated Jim Chirico, President and CEO of Avaya. "The progress we have made drove third quarter financial results toward the high end of our guidance and continued into the fourth quarter as demonstrated by the two landmark government wins."
Mr. Chirico added, "As an update on the strategic alternatives process we are conducting with J.P. Morgan, at this time we are in advanced discussions with multiple parties on a range of strategic transactions to maximize shareholder value. We expect to bring this process to a conclusion within the next 30 days."
During the quarter, Avaya recorded a non-cash goodwill impairment charge of $657 million related to the company’s Products & Solutions segment. The charge was taken after an interim assessment prompted by a sustained decline in the company’s stock price during the period, which the company believes was due to year-to-date financial results and revision of fiscal 2019 guidance. The company’s long-term forecast provided at its December 2018 investor day should no longer be relied upon. Management expects to provide an updated long-term outlook upon completion of the company’s review of its strategic alternatives.
Third Quarter Fiscal 2019 Financial Results(1)
Third Quarter Fiscal 2019 Business Metrics(1)
(1) Non-GAAP revenue, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, adjusted EBITDA and free cash flow are not measures calculated in accordance with generally accepted accounting principles in the U.S. ("GAAP"). Refer to the Supplemental Financial Information accompanying this press release for more information, including a reconciliation of these measures to the most closely comparable measure calculated in accordance with GAAP.
* We define TCV as the value of all active ratable contracts that have not been recognized as revenue, including both billed and unbilled backlog.
Third Quarter Fiscal 2019 Company Highlights
Financial Outlook - Q4 Fiscal 2019 under ASC 606
Our financial outlook reflects the adoption of ASC 606, which became effective for Avaya on October 1, 2018. Avaya has adopted ASC 606 using the modified retrospective transition method.
Financial Outlook - Fiscal 2019 under ASC 606
Avaya’s outlook does not include the potential impact of any business combinations, asset acquisitions, divestitures, strategic investments, potential impairments or other significant transactions that may be completed after August 13, 2019. Actual results may differ materially from Avaya’s outlook as a result of, among other things, the factors described under "Forward-Looking Statements" below.
Conference Call and Webcast
Avaya will host a live webcast and conference call to discuss its financial results at 8:30 a.m. Eastern Time on August 13, 2019. To access the live conference call by phone, listeners should dial +1-833-224-0545 in the U.S. or Canada and +1-647-689-4064 for international callers. 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. A replay of the conference call will be available for one week soon after the call by phone by dialing +1-800-585-8367 in the U.S. or Canada and +1-416-621-4642 for international callers, using the conference access code: 6988044.
About Avaya
Businesses are built on the experiences they provide, and every day millions of those experiences are built by Avaya (NYSE: AVYA). For over one hundred years, we’ve enabled organizations around the globe to win - by creating intelligent communications experiences for customers and employees. Avaya builds open, converged and innovative solutions to enhance and simplify communications and collaboration - in the cloud, on-premise or a hybrid of both. To grow your business, we’re committed to innovation, partnership, and a relentless focus on what’s next. We’re the technology company you trust to help you deliver Experiences that Matter. Visit us at www.avaya.com.
Cautionary Note Regarding Forward-Looking Statements
This document 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 and include, but are not limited to, the outlook for the fourth quarter of fiscal 2019 and fiscal year 2019, including the expected impact of the adoption of ASC 606, and statements about the Board's exploration of strategic alternatives. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. 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 announcement that the Board is exploring strategic alternatives and the potential impact of such announcement on the Company's current or potential customers, partners or personnel; the cost of such exploration and the disruption it may have on the Company's operations, including diverting the attention of the Company's management and employees; and other risks 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 or achievements to differ materially from any future results, performance 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.
Condensed Consolidated Statements of Operations (Unaudited)
(In millions, except per share amounts)
Successor
Predecessor
Non- GAAP Combined(1)
Three months ended June 30, 2019
Three months ended June 30, 2018
Nine months ended June 30, 2019
Period from December 16, 2017 through June 30, 2018
Period from October 1, 2017 through December 15, 2017
Nine months ended June 30, 2018
REVENUE
Products
$
297
$
300
$
908
$
664
$
253
$
917
Services
420
392
1,256
848
351
1,199
717
692
2,164
1,512
604
2,116
COSTS
Products:
Costs
109
114
329
257
84
341
Amortization of technology intangible assets
43
44
130
92
3
95
Services
175
182
522
410
155
565
327
340
981
759
242
1,001
GROSS PROFIT
390
352
1,183
753
362
1,115
OPERATING EXPENSES
Selling, general and administrative
253
281
761
613
264
877
Research and development
49
51
154
110
38
148
Amortization of intangible assets
41
39
122
86
10
96
Impairment charges
659
—
659
—
—
—
Restructuring charges, net
1
30
12
80
14
94
1,003
401
1,708
889
326
1,215
OPERATING (LOSS) INCOME
(613
)
(49
)
(525
)
(136
)
36
(100
)
Interest expense
(59
)
(56
)
(177
)
(112
)
(14
)
(126
)
Other income (expense), net
12
37
35
32
(2
)
30
Reorganization items, net
—
—
—
—
3,416
3,416
(LOSS) INCOME BEFORE INCOME TAXES
(660
)
(68
)
(667
)
(216
)
3,436
3,220
Benefit from (provision for) income taxes
27
(20
)
30
235
(459
)
(224
)
NET (LOSS) INCOME
$
(633
)
$
(88
)
$
(637
)
$
19
$
2,977
$
2,996
(LOSS) EARNINGS PER SHARE
Basic
$
(5.70
)
$
(0.80
)
$
(5.75
)
$
0.17
$
5.19
Diluted
$
(5.70
)
$
(0.80
)
$
(5.75
)
$
0.17
$
5.19
Weighted average shares outstanding
Basic
111.0
109.8
110.7
109.8
497.3
Diluted
111.0
109.8
110.7
111.0
497.3
(1) See "Use of non-GAAP (Adjusted) Financial Measures" below.
Avaya Holdings Corp.
Condensed Consolidated Balance Sheets (Unaudited)
(In millions, except per share and shares amounts)
June 30, 2019
September 30, 2018
ASSETS
Current assets:
Cash and cash equivalents
$
729
$
700
Accounts receivable, net
276
377
Inventory
71
81
Contract assets
178
—
Contract costs
128
—
Other current assets
149
170
TOTAL CURRENT ASSETS
1,531
1,328
Property, plant and equipment, net
243
250
Deferred income taxes, net
25
29
Intangible assets, net
2,978
3,234
Goodwill, net
2,105
2,764
Other assets
109
74
TOTAL ASSETS
$
6,991
$
7,679
LIABILITIES
Current liabilities:
Debt maturing within one year
$
29
$
29
Accounts payable
292
266
Payroll and benefit obligations
126
145
Contract liabilities
470
484
Business restructuring reserve
36
51
Other current liabilities
130
148
TOTAL CURRENT LIABILITIES
1,083
1,123
Non-current liabilities:
Long-term debt, net of current portion
3,091
3,097
Pension obligations
619
671
Other post-retirement obligations
181
176
Deferred income taxes, net
120
140
Business restructuring reserve
37
47
Other liabilities
390
374
TOTAL NON-CURRENT LIABILITIES
4,438
4,505
TOTAL LIABILITIES
5,521
5,628
Commitments and contingencies
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value; 55,000,000 shares authorized, no shares issued or outstanding at June 30, 2019 and September 30, 2018
—
—
Common stock, $0.01 par value; 550,000,000 shares authorized; 110,887,967 shares issued and 110,875,287 shares outstanding at June 30, 2019; and 110,218,653 shares issued and 110,012,790 shares outstanding at September 30, 2018
1
1
Additional paid-in capital
1,756
1,745
(Accumulated deficit) retained earnings
(255
)
287
Accumulated other comprehensive (loss) income
(32
)
18
TOTAL STOCKHOLDERS' EQUITY
1,470
2,051
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
6,991
$
7,679
Avaya Holdings Corp.
Condensed Statements of Cash Flows
(Unaudited; in millions)
Successor
Predecessor
Non-GAAP Combined(1)
Nine months ended June 30, 2019
Period from December 16, 2017 through June 30, 2018
Period from October 1, 2017 through December 15, 2017
Nine months ended June 30, 2018
Net cash provided by (used for):
Operating activities
$
175
$
177
$
(414
)
$
(237
)
Investing activities
(95
)
(192
)
(13
)
(205
)
Financing activities
(51
)
284
(102
)
182
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
1
(5
)
(2
)
(7
)
Net increase (decrease) in cash, cash equivalents, and restricted cash
30
264
(531
)
(267
)
Cash, cash equivalents, and restricted cash at beginning of period
704
435
966
966
Cash, cash equivalents, and restricted cash at end of period
$
734
$
699
$
435
$
699
(1) See "Use of non-GAAP (Adjusted) Financial Measures" below.
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 the combined nine month period ending June 30, 2018 and financial measures labeled as “non-GAAP” or “adjusted.”
Although GAAP requires that we report on our results for the periods October 1, 2017 through December 15, 2017 (the "Predecessor" period) and December 16, 2017 through June 30, 2018 (the "Successor" period) separately, management reviews the Company’s operating results for the nine months ended June 30, 2018 by combining the results of these periods because such presentation provides the most meaningful comparison of our results. The Company cannot adequately benchmark the operating results of the 197-day period ended June 30, 2018 against any of the previous periods reported in its condensed consolidated financial statements and does not believe that reviewing the results of this period in isolation would be useful in identifying any trends regarding the Company’s overall performance. Management believes that the key performance metrics such as revenue, gross margin and operating income, among others, when combined for the nine months ended June 30, 2018 provide meaningful comparisons to other periods and are useful in identifying current business trends.
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 EBITDA and 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. However, 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), however, these are expenses that may recur, may vary and are difficult to predict.
We also present the measures non-GAAP revenue, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and non-GAAP operating margin 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 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 2019 non-GAAP revenue, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin 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 present Successor, Predecessor and combined results and reconcile historical GAAP measures to non-GAAP measures.
Avaya Holdings Corp.
Supplemental Schedules of Non-GAAP Adjusted EBITDA
(Unaudited; in millions)
Successor
Predecessor
Non- GAAP Combined
Three months ended June 30, 2019
Three months ended June 30, 2018
Nine months
ended June 30, 2019
Period from December 16, 2017 through June 30, 2018
Period from October 1, 2017 through December 15, 2017
Nine months ended June 30, 2018
Net (loss) income
$
(633
)
$
(88
)
$
(637
)
$
19
$
2,977
$
2,996
Interest expense
59
56
177
112
14
126
Interest income
(4
)
(1
)
(11
)
(2
)
(2
)
(4
)
(Benefit from) provision for income taxes
(27
)
20
(30
)
(235
)
459
224
Depreciation and amortization
110
119
335
264
31
295
EBITDA
(495
)
106
(166
)
158
3,479
3,637
Impact of fresh start accounting adjustments
(2
)
54
7
167
—
167
Restructuring charges, net
1
30
12
80
14
94
Advisory fees
1
3
3
15
3
18
Acquisition-related costs
1
4
8
11
—
11
Reorganization items, net
—
—
—
—
(3,416
)
(3,416
)
Non-cash share-based compensation
8
7
19
13
—
13
Impairment charges
659
—
659
—
—
—
Loss on sale/disposal of long-lived assets, net
—
2
—
4
1
5
Resolution of certain legal matters
—
—
—
—
37
37
Change in fair value of Emergence Date Warrants
(7
)
(6
)
(28
)
9
—
9
Loss (gain) on foreign currency transactions
1
(25
)
8
(24
)
—
(24
)
Pension/OPEB/nonretirement postemployment benefits and long-term disability costs
—
—
—
—
17
17
Adjusted EBITDA
$
167
$
175
$
522
$
433
$
135
$
568
Avaya Holdings Corp.
Supplemental Schedules of Non-GAAP Revenue
(Unaudited; in millions)
Three Months Ended
Change
Three Months Ended
June 30, 2019
Adj. for Fresh Start Accounting
Non- GAAP June 30, 2019
Non- GAAP June 30, 2018 (4)
Amount
Pct.
Pct., net of fx impact
Non- GAAP Mar. 31, 2019 (1)
Non- GAAP Dec. 31, 2018 (2)
Non- GAAP Sept. 30, 2018 (3)
Revenue by Segment
Products & Solutions
$
298
$
—
$
298
$
322
$
(24
)
(7
)%
(7
)%
$
289
$
326
$
336
Services
422
—
422
433
(11
)
(3
)%
(1
)%
425
422
434
Unallocated amounts
(3
)
3
—
—
—
n/a
n/a
—
—
—
Total revenue
$
717
$
3
$
720
$
755
$
(35
)
(5
)%
(3
)%
$
714
$
748
$
770
Revenue by Geography
U.S.
$
392
$
2
$
394
$
399
$
(5
)
(1
)%
(1
)%
$
378
$
401
$
417
International:
EMEA
183
—
183
202
(19
)
(9
)%
(6
)%
189
200
202
APAC - Asia Pacific
85
—
85
86
(1
)
(1
)%
1
%
80
79
81
Americas International
57
1
58
68
(10
)
(15
)%
(12
)%
67
68
70
Total International
325
1
326
356
(30
)
(8
)%
(6
)%
336
347
353
Total revenue
$
717
$
3
$
720
$
755
$
(35
)
(5
)%
(3
)%
$
714
$
748
$
770
(1) - (4) Reconciliation of Non-GAAP measures above:
(1) Q219 Non-GAAP Results
(2) Q119 Non-GAAP Results
Three Months Ended
Three Months Ended
Mar. 31, 2019
Adj. for Fresh Start Accounting
Non-GAAP Mar. 31, 2019
Dec. 31, 2018
Adj. for Fresh Start Accounting
Non-GAAP Dec. 31, 2018
Revenue by Segment
Products & Solutions
$
289
$
—
$
289
$
326
$
—
$
326
Services
425
—
425
422
—
422
Unallocated amounts
(5
)
5
—
(10
)
10
—
Total revenue
$
709
$
5
$
714
$
738
$
10
$
748
Revenue by Geography
U.S.
$
375
$
3
$
378
$
394
$
7
$
401
International:
EMEA
188
1
189
199
1
200
APAC - Asia Pacific
79
1
80
78
1
79
Americas International
67
—
67
67
1
68
Total International
334
2
336
344
3
347
Total revenue
$
709
$
5
$
714
$
738
$
10
$
748
(3) Q418 Non-GAAP Results
(4) Q318 Non-GAAP Results
Three Months Ended
Three Months Ended
Sept. 30, 2018
Adj. for Fresh Start Accounting
Non-GAAP Sept. 30, 2018
June 30, 2018
Adj. for Fresh Start Accounting
Non-GAAP June 30, 2018
Revenue by Segment
Products & Solutions
$
336
$
—
$
336
$
322
—
$
322
Services
434
—
434
433
—
433
Unallocated amounts
(35
)
35
—
(63
)
63
—
Total revenue
$
735
$
35
$
770
$
692
$
63
$
755
Revenue by Geography
U.S.
$
393
$
24
$
417
$
356
$
43
$
399
International:
EMEA
196
6
202
193
9
202
APAC - Asia Pacific
78
3
81
81
5
86
Americas International
68
2
70
62
6
68
Total International
342
11
353
336
20
356
Total revenue
$
735
$
35
$
770
$
692
$
63
$
755
Avaya Holdings Corp.
Supplemental Schedules of Non-GAAP Reconciliations
(Unaudited; in millions)
Three Months Ended
June 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sept. 30, 2018
June 30, 2018
Reconciliation of Non-GAAP Gross Profit and Non-GAAP Gross Margin
Gross Profit
$
390
$
386
$
407
$
390
$
352
Items excluded:
Adj. for fresh start accounting
5
9
19
54
69
Amortization of technology intangible assets
43
44
43
43
44
Loss on disposal of long-lived assets
—
—
—
—
2
Non-cash share-based compensation
—
—
—
1
—
Non-GAAP Gross Profit
$
438
$
439
$
469
$
488
$
467
GAAP Gross Margin
54.4
%
54.4
%
55.1
%
53.1
%
50.9
%
Non-GAAP Gross Margin
60.8
%
61.5
%
62.7
%
63.4
%
61.9
%
Reconciliation of Non-GAAP Operating Income
Operating (Loss) Income
$
(613
)
$
38
$
50
$
11
$
(49
)
Items excluded:
Adj. for fresh start accounting
4
12
20
48
71
Amortization of intangible assets
84
85
83
84
83
Impairment charges
659
—
—
—
—
Restructuring charges, net
1
4
7
1
30
Acquisition-related costs
1
4
3
4
4
Loss on disposal of long-lived assets
—
—
—
—
2
Advisory fees
1
1
1
3
3
Non-cash share-based compensation
8
5
6
6
7
Non-GAAP Operating Income
$
145
$
149
$
170
$
157
$
151
GAAP Operating Margin
-85.5
%
5.4
%
6.8
%
1.5
%
-7.1
%
Non-GAAP Operating Margin
20.1
%
20.9
%
22.7
%
20.4
%
20.0
%
Avaya Holdings Corp.
Supplemental Schedules of Non-GAAP Reconciliation of Gross Profit and Gross Margin by Portfolio
(Unaudited; in millions)
Three months ended
June 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sept. 30, 2018
June 30, 2018
Reconciliation of Non-GAAP Gross Profit and Non-GAAP Gross Margin - Products
Revenue
$
297
$
287
$
324
$
325
$
300
Costs
109
105
115
115
114
Amortization of technology intangible assets
43
44
43
43
44
GAAP Gross Profit
145
138
166
167
142
Items excluded:
Adj. for fresh start accounting
2
2
5
16
24
Amortization of technology intangible assets
43
44
43
43
44
Loss on disposal of long-lived assets
—
—
—
—
1
Non-GAAP Gross Profit
$
190
$
184
$
214
$
226
$
211
GAAP Gross Margin
48.8
%
48.1
%
51.2
%
51.4
%
47.3
%
Non-GAAP Gross Margin
63.8
%
63.7
%
65.6
%
67.3
%
65.5
%
Reconciliation of Non-GAAP Gross Profit and Non-GAAP Gross Margin - Services
Revenue
$
420
$
422
$
414
$
410
$
392
Costs
175
174
173
187
182
GAAP Gross Profit
245
248
241
223
210
Items excluded:
Adj. for fresh start accounting
3
7
14
38
45
Loss on disposal of long-lived assets
—
—
—
—
1
Share-based comp
—
—
—
1
—
Non-GAAP Gross Profit
$
248
$
255
$
255
$
262
$
256
GAAP Gross Margin
58.3
%
58.8
%
58.2
%
54.4
%
53.6
%
Non-GAAP Gross Margin
58.8
%
60.0
%
60.4
%
60.4
%
59.1
%
Avaya Holdings Corp.
Reconciliation of ASC 606 to ASC 605 GAAP results
Three months ended June 30, 2019
(Unaudited; in millions)
Q3 FY19 results under ASC 606
ASC 606 Impact
Q3 FY19 results under ASC 605
REVENUE
Products
$
297
$
(26
)
$
271
Services
420
(19
)
401
717
(45
)
672
COSTS
Products:
Costs
109
(4
)
105
Amortization of technology intangible assets
43
—
43
Services
175
(7
)
168
327
(11
)
316
GROSS PROFIT
390
(34
)
356
OPERATING EXPENSES
Selling, general and administrative
253
(1
)
252
Research and development
49
—
49
Amortization of intangible assets
41
—
41
Impairment charges
659
—
659
Restructuring charges, net
1
—
1
1,003
(1
)
1,002
OPERATING LOSS
(613
)
(33
)
(646
)
Interest expense
(59
)
—
(59
)
Other income, net
12
—
12
LOSS BEFORE INCOME TAXES
(660
)
(33
)
(693
)
Benefit from (provision for) income taxes
27
(37
)
(10
)
NET LOSS
$
(633
)
$
(70
)
$
(703
)
Avaya Holdings Corp.
Supplemental Schedules of Free Cash Flow
(Unaudited; in millions)
Three months ended
June 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sept. 30, 2018
June 30, 2018
Net cash provided by operating activities
$
52
$
37
$
86
$
25
$
83
Less:
Capital expenditures
(37
)
(26
)
(21
)
(25
)
(18
)
Free cash flow
$
15
$
11
$
65
$
—
$
65
Source: Avaya Newsroom
View source version on businesswire.com: https://www.businesswire.com/news/home/20190813005258/en/
Media Inquiries: Alex Alias 669-242-8034 alalias@avaya.com
Investor Inquiries: Michael McCarthy 919-425-8330 mikemccarthy@avaya.com
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