RingCentral FY 2024 Raising Subscriptions Revenue To $2.282-$2.288B And Total Revenue To $2.393-$2.399B, Both Up 9%; Updating GAAP Operating Margin To -1.3% - -0.8%; Maintaining Non-GAAP Operating Margin Of 21.0% And Tax Rate Of 22.5%; Raising Non-GAAP EPS To $3.62 - $3.67; Lowering Share-Based Compensation To $370-$380M; Maintaining $140M Amortization Of Acquired Intangibles; Updating Restructuring Costs To $6-$7M; Raising Free Cash Flow To $395-$400M
Portfolio Pulse from Benzinga Newsdesk
RingCentral has updated its FY 2024 financial outlook, raising subscription and total revenue by 9%, updating GAAP operating margin to -1.3% to -0.8%, maintaining non-GAAP operating margin at 21.0%, and raising non-GAAP EPS to $3.62 - $3.67. The company is also lowering share-based compensation and raising free cash flow.
August 01, 2024 | 8:17 pm
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RingCentral has raised its FY 2024 subscription and total revenue by 9%, updated its GAAP operating margin to -1.3% to -0.8%, maintained its non-GAAP operating margin at 21.0%, and raised its non-GAAP EPS to $3.62 - $3.67. The company is also lowering share-based compensation and raising free cash flow.
The increase in revenue and non-GAAP EPS, along with higher free cash flow, are positive indicators for RingCentral's financial health. The updated GAAP operating margin, while still negative, shows improvement. These factors are likely to positively impact the stock price in the short term.
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