8x8 (EGHT) 2027财年第二季度业绩电话会：使用量增长推动上调预期

8x8公司（NASDAQ: EGHT）公布2027财年第二季度业绩，营收实现增长，平台使用量提升且运营费用下降。该公司上调了全财年营收、盈利及运营现金流指引。

核心要点

• 总营收同比增长4.3%至1.92亿美元，服务营收增长4.9%至创纪录的1.878亿美元。这是8x8连续第六个季度实现营收同比增长。
• 平台使用费营收同比增长约51%，创历史新高，主要得益于亚太地区通信API使用量的增长。该业务包括通信API、数字及语音AI交互以及通话分钟数。
• Non-GAAP营业利润达2070万美元，营业利润率为10.8%。运营费用同比减少约900万美元。
• 运营现金流为1310万美元，连续第23个季度实现运营现金流为正。截至季度末，现金、现金等价物及受限资金为1.026亿美元。
• 来自AI解决方案的经常性收入同比增长58%。截至9月底，使用至少一种AI解决方案的客户约占经常性收入的13%，高于上年同期的7%。
• 管理层上调了2027财年的营收、Non-GAAP营业利润、Non-GAAP每股收益及运营现金流指引。

核心财务业绩

在10月份完成偿还后，定期贷款余额降至9500万美元，总债务降至约2.97亿美元。以此计算，债务本金已较2022年8月5.48亿美元的峰值下降逾2.5亿美元，降幅约46%。

业务与运营表现

基于使用量的产品依然是主要增长引擎。管理层表示，平台使用费营收的大部分仍来自亚太地区，当地的核心CPaaS业务持续扩张。公司同时表示该地区以外的使用量也有所增加。

在亚太以外地区，将CPaaS API集成至自身工作流的客户数量同比翻倍。其中超过半数的新增客户来自第二财季。

多产品采用率亦有所提高。使用三款或以上创收型8x8产品的客户数量同比增长19%，使用四款或以上产品的客户数量增长超过50%。Engage客户数量实现翻倍以上增长。

现有客户群体的AI采用明显提速。来自AI解决方案的经常性收入增长58%，而在该产品于4月上线应用商店后，由AI Studio驱动的交互量增长了近450%。管理层提醒称，尽管客户已在生产环境中部署智能体，但AI Studio的业务量目前规模仍然较小。

8x8针对Direct Routing和Operator Connect的会话边界控制器技术亦获得了微软认证。该公司计划自主运营相关基础设施，管理层预计此举将提升8x8及微软合作伙伴的服务质量、可靠性与经济效益。

管理层指引

2027财年第三季度

管理层预计第三财季平台使用费营收将同比增长35%至45%，较第二季度的51%有所放缓，主要因上年同期基数较高以及公司聚焦于更高利润率的CPaaS解决方案。公司预计，业务结构持续向基于使用量的收入倾斜将对毛利率造成压力。

2027财年

更新后的业绩展望假定随着8x8加大对基于使用量产品的布局，公司将继续保持严格的运营支出纪律。稀释每股收益指引基于约1.50亿股的平均稀释流通股本。

风险与关注点

• 管理层指出，使用费收入不具备合约约束力，尽管近期实现增长，但降低了未来的营收确定性。
• 基于使用量的产品整体利润率相对较低。业务结构持续向其倾斜预计将对综合毛利率形成压力。
• 平台使用费营收的大部分仍集中在亚太地区，尽管公司在其他地区也看到了增长。
• AI Studio的交互量虽在低基数下迅速增长，但管理层表示当前规模依然有限。
• 剩余的定期贷款因将于2027年8月到期，已被归类为流动负债。管理层表示再融资谈判进展顺利，并对妥善处理定期贷款及2028年到期的可转换票据表示有信心，但未提供具体的交易细节。

分析师问答要点

管理层将平台使用费营收51%的增长归因于广泛的业务提振，其中以东南亚的CPaaS业务以及基于使用量的AI产品采用率提升为主导。管理层补充称，部分竞争对手实际上已退出东南亚的部分市场，从而创造了更多机遇。

在获客方面，管理层表示8x8正在通过多产品策略赢得更多新客户。然而在亚洲以外地区，大多数基于使用量的产品仍是作为现有统一通信或联络中心部署的补充。而在亚洲，CPaaS客户通常最初就是纯按使用量计费的账户。

财报电话会议完整实录

完整财报电话会议逐字稿

管理层陈述

Operator

Good day, and thank you for standing by. Welcome to the 8x8, Inc. Q2 2027 Earnings Conference Call.

[Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your first speaker today, Kate Patterson, Head of Investor Relations. Please go ahead.

Kate Patterson

Thank you. Good afternoon, everyone. Today's agenda will include a review of our results for the second quarter of fiscal 2027 with Samuel Wilson, our Chief Executive Officer; and Kevin Kraus, our Chief Financial Officer. Following our prepared remarks, there will be a question-and-answer session.

Unless otherwise noted, all financial metrics discussed on this call other than revenue and cash flow from operations are non-GAAP. These non-GAAP metrics were not prepared in accordance with the U.S. generally accepted accounting principles or GAAP. A reconciliation of these non-GAAP metrics to the most directly comparable GAAP metric is provided in our earnings press release, shareholder letter and earnings presentation slides, each of which is available on the Quarterly Results section of our Investor Relations website.

Before we get started, let me remind you that our discussion today includes forward-looking statements about our future financial performance, including investments in innovation and our focus on profitability and cash flow, our plans to refinance our debt as well as statements regarding our business, products and growth strategies. We caution you not to put undue reliance on these forward-looking statements as they involve risks and uncertainties that may cause actual results to vary materially from forward-looking statements as described in our risk factors in our most recent report 10-K -- Form 10-K and our quarterly report on Form 10-Q to be filed with the SEC. Any forward-looking statements made on this call and in the presentation slides reflect our analysis as of today, and we have no plans or obligation to update them.

With that, I'll turn the call over to our Chief Executive Officer, Samuel Wilson.

Samuel Wilson

Thank you, and good afternoon, everyone. We delivered another strong quarter ending in September; our sixth consecutive quarter of year-over-year revenue growth. Service revenue reached $187.8 million, up 4.9% year-over-year. Platform usage revenue, which includes the use of our communications APIs, digital and voice AI interactions, telephony minutes grew 51%, driven primarily by the use of our communications APIs in Asia Pacific. Our second quarter outperformance led us to raise our full year outlook for revenue, profitability and operating cash flow. Kevin will cover the financial results and outlook.

I want to focus on the business we're building and how we turn more of our platform into value for customers and growth for 8x8. Our promise is to make every conversation count. AI gives that promise new power. It can automate the work of a conversation sets in motion, help people resolve problems faster and turn conversation data into knowledge that makes the next interaction more useful. That starts with reliable communications. Our global carrier-grade voice network combines decades of voice expertise with the connectivity, quality and operating experience needed to serve businesses around the world. Voice remains central to customer service, particularly when an interaction is complex, urgent or personal. As AI agents handle more conversations, reliable connections, high-quality audio and seamless handoffs to employees become even more important. Our platform brings that network together with contact center applications, communications APIs, interaction data and native AI. Customers can put these capabilities to work together with fewer systems to integrate and manage.

Our priorities remain the same as we outlined in Q1, become truly partner first, improving customer satisfaction and retention and increasing multiproduct adoption. Let me start with partners. We are committing resources, strengthening leadership and tailoring our offerings to help partners win customers, retain them and expand their relationships. Our growth depends on their success. During Q2, we introduced a tiered reseller program that rewards those outcomes. We also introduced 8x8 Small Business, a flexible consumption-based offering that lets resellers serve smaller organizations without fixed seat commitments.

Microsoft Teams gives us another opportunity to expand our reach. On November 2, we announced that 8x8 has earned Microsoft certification for our session border controller technology for both Direct Routing and Operator Connect. We will now run this SBC infrastructure ourselves with no third-party infrastructure provider, which we will expect to result in improved quality and reliability with better economics for both 8x8 and Microsoft partners. We are one of the only native cloud communications company providers with Microsoft-certified SBC technology, enabling both calling options. Hundreds of millions of people use Teams, bringing external calling into the environment where they already work is a substantial opportunity for us and our partners.

The next opportunity is within our installed base. Many customers first choose 8x8 for a single product. As their needs grow, we want them and their trusted partners to look to us for more. AI increases what those products can do; transcription, analytics, call summaries turn conversations into useful knowledge. Shared context makes that knowledge available to employees and AI agents, so the next interaction can pick up where the last one ends. Our October updates make this tangible. Customer 360 brings interaction history into agent workspace with sentiment and topic insights where speech analytics is enabled. JourneyIQ puts voice interactions across Work, Contact Center, Engage and AI Studio on one time line, helping teams see where calls transferred, stalled or dropped. Engage brings contact center capabilities to customer-facing employees in sales, field service, finance and customer success. They gain tools for more responsive service while supervisors get visibility across Engage and the contact center. Engage customers more than doubled year-over-year.

CPaaS APIs extend those workflows further. Teams can move from a call to a video, send a secure payment link or follow-up through messaging. Those are enterprise applications connecting communications directly to business processes. Outside Asia Pacific, customers integrating CPaaS APIs into their workflows doubled year-over-year. More than half of those year-over-year customer additions came in the second quarter. As customers deploy applications and build usage, we see an opportunity to expand this enterprise traffic, particularly in EMEA and North America. We are also seeing broader adoption of premium capabilities and an acceleration in the adoption of our AI solutions. Overall, customers using three or more revenue-producing 8x8 products grew 19% in the second quarter. Those using four or more products grew more than 50%, both year-over-year numbers.

Recurring revenue from our AI solutions grew 58% year-over-year and customers using at least one AI solution represented approximately 13% of total recurring revenue at the end of September, up from 7% a year ago. AI Studio opens up another dimension to the AI opportunity. Communications, conversation intelligence and shared context are the building blocks for better customer experiences. AI Studio is our native development environment built directly into the platform where customers and partners can bring those capabilities together in their own agents and workflows. They describe what they want to accomplish in a plain language, their agents can draw on customer contacts, connect to business systems and work across voice and digital channels.

Starting within 8x8's platform reduces the complexity of assembling separate technologies and connecting them afterwards. AI Studio has moved from open beta to our early adopter program. We provide free credits for every customer to get them started with AI Studio through our App Store without additional AI Studio licensing fees, so they can get started building agents immediately. AI Studio is HIPAA-ready and designed to support our customers' GDPR compliance, helping them address privacy and data handling requirements. Interactions powered by AI Studio have grown nearly 450% since it became available through the App Store in April. The numbers are still small. but the customers are already putting agents to work in production. A health care organization is routing callers to the right department, an IT services provider has connected the phone and chat agents to its ticketing system, an utility provider has expanded priority routing into after-hour technical support and automated call evaluation. That last example illustrates the expansion opportunity.

A customer solves one problem, sees the value, identifies another use case and builds another agent. Partners can multiply this effect. They can turn industry expertise into applications that they adapt and deploy across multiple customers. Pool credits and consolidated invoicing makes those accounts easier to manage. It's a classic flywheel. Partners build differentiated services, customers get applications tailored to their needs, and our opportunity grows as adoption expands.

Here's the message I want to leave you with before I turn over the call to Kevin. 8x8 is a healthy growing business with a strong financial foundation and substantial opportunities ahead. Our network connects the conversations businesses depend on, our platform turns them into insights and shared context, AI Studio allows customers and partners to build their own agents and apps, creating more ways to put those capabilities to work. Capturing the opportunity ahead of us takes focused execution, helping customers succeed and stay with us, expanding adoption and helping partners grow. That is how we intend to deliver on our promise to make every conversation count and create greater long-term value for our stockholders. Thank you to our customers, partners and employees and to our stockholders for their continued support.

Kevin, over to you.

Kevin Kraus

Thanks, Sam. Good afternoon, everyone, and thank you for joining us for our fiscal second quarter earnings call.

In addition to our shareholder letter, detailed financial results are available in our press release and on our Investor Relations website. Therefore, I'll focus my remarks on a few key highlights. Unless otherwise stated, all figures other than revenue and cash flow are presented on a non-GAAP basis. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in our press release and shareholder letter.

Q2 marks our sixth consecutive quarter of year-over-year revenue growth, extending the momentum we built in fiscal 2026 as we again delivered healthy operating profit and further strengthened our balance sheet. We exceeded the high end of our guidance ranges for service revenue, total revenue, operating margin, earnings per share and cash flow from operations. We had another record quarter for service revenue and generated positive cash flow from operations for the 23rd consecutive quarter.

Total revenue was $192 million and service revenue was $187.8 million, growing 4.3% and 4.9% year-over-year, respectively. These results again reflected continued strength in our usage-based offerings. Our platform usage revenue, which includes the use of our communication APIs, digital and voice AI interactions and telephony minutes set another all-time record, growing approximately 51% year-over-year and representing an increasing share of our service revenue. Gross profit was approximately $115.5 million, above the gross profit dollars implied by the midpoint of our Q2 guidance. Gross margin was 60.1%, reflecting the continued mix shift toward our usage-based offerings, which in aggregate carry a lower margin profile, but can add meaningful growth in operating profit dollars as the business scales.

We are focused on increasing gross profit dollars. As platform usage grows, we expect gross profit dollars to increase, but the mix shift will continue to impact the consolidated gross margin percentage, and this is a deliberate choice. We are prioritizing share capture in the fastest-growing part of the customer engagement market, where AI is reshaping how enterprises connect with customers. Usage-based revenue scaled efficiently and combined with disciplined expense management, this allows us to continue growing operating income dollars and cash flow, which we expect to strengthen over time.

Operating expenses were down approximately $9 million year-over-year with savings realized across several functional areas. As a result, operating income came in at $20.7 million and operating margin was 10.8%, both above the high end of our guidance range. The combination of higher revenue, lower operating expenses and lower interest expense resulted in net income of $17.6 million and fully diluted EPS of $0.12 per share, also above the high end of our guidance range. Contractual interest expense was $3.9 million, down from $4.5 million a year ago, reflecting the continued decline in our debt balances. As expected, cash interest paid in Q2 was approximately $5.9 million since we paid both our term loan interest payment and the semiannual interest payment on our 2028 convertible notes.

Cash flow from operations was $13.1 million for the quarter, above the high-end of our guidance range. We ended the quarter with $102.6 million in cash, cash equivalents and restricted cash, an increase of approximately $10.3 million sequentially, reflecting strong operating cash generation. We ended Q2 '27 with $309.4 million of principal debt outstanding. On October 9, we repaid an additional $12.5 million in principal, bringing the balance of the term loan down to $95 million and total debt to approximately $297 million. On a post-payment basis, we have reduced principal debt by more than $250 million or approximately 46% from the August 2022 peak of $548 million.

As we previewed last quarter, our remaining term loan balance has been reclassified to current liabilities on our balance sheet, consistent with standard GAAP treatment ahead of the August 2027 maturity. We are well along in our refinancing process, and we are confident that we will have a solution in place that addresses our debt structure, including the term loan and the 2028 notes ahead of the August 2027 maturity of the term loan. Our consistent cash flow generation, operating discipline and multiyear track record of debt reduction provide a strong foundation for this process. We will share additional details at the appropriate time.

Turning to guidance. We are providing both third quarter and updated full year fiscal 2027 guidance. Our outlook reflects continued focused execution and operating discipline as we continue building a more diversified durable business. We are leaning into where the market is growing fastest while protecting profitability and cash flow through the operating discipline we have demonstrated quarter after quarter.

For fiscal Q3 '27, we are providing the following guidance. Service revenue is expected to be between $184 million and $188 million. Total revenue is anticipated to be between $188 million and $192 million. We anticipate gross margin between 58% and 60%, reflecting the continued mix shift toward usage-based revenue. We anticipate operating margin between 8% and 10%. This results in a range for fully diluted non-GAAP earnings per share of $0.08 to $0.09 per share based on approximately 150 million fully diluted shares outstanding. In fiscal Q3, we expect contractual interest expense, which excludes amortization of debt issuance costs, to be approximately $3.7 million based on current interest rates and the principal outstanding on our term loan and 2028 convertible notes. We expect to make cash interest payments of approximately $1.7 million, reflecting our term loan interest payment. We anticipate cash flow from operations to be between $11 million and $13 million.

Let me provide a little more color on the model dynamics driving our Q3 guidance. We are assuming continued strong growth for platform usage, although the year-over-year growth rate is expected to moderate from 51% in Q2 to the 35% to 45% range year-over-year as we lap a strong Q3 '26 comparison and focus on higher-margin solutions within the CPaaS portfolio. That said, the continued mix shift to platform usage drives our gross margin outlook slightly down from Q2. We are keeping operating expenses tightly managed, consistent with our commitment to deliver on our operating income and cash flow targets for the year.

For full year fiscal 2027, we are updating our guidance as follows. We are raising our service revenue guidance range to between $732 million and $752 million, an increase of $7 million from our prior range of $725 million to $745 million. This reflects our revenue overperformance in Q2 as well as our confidence in current business trends. Total revenue is anticipated to be between $750 million and $770 million, an increase of $5 million from our prior range of $745 million to $765 million. We anticipate gross margin to be between 59.7% and 60.2%, reflecting the increasing amount of usage-based revenue in our revenue mix.

While our updated gross margin range reflects the continued mix shift toward usage-based offerings, we are managing that mix operationally through disciplined operating expense management. This allows us to raise our full year non-GAAP operating income, earnings per share and cash flow operations outlook even as our revenue mix continues to evolve. Our prior guidance for non-GAAP operating margin implied non-GAAP operating income of approximately $70 million at the midpoint, and we are raising this to a midpoint of $73 million and a range of $68 million to $78 million. This yields an operating margin range of 9.1% to 10.1%. We are also raising our range for fully diluted non-GAAP earnings per share to $0.36 to $0.40 per share from our prior range of $0.33 to $0.38 per share, assuming approximately 150 million average diluted shares outstanding. For full year fiscal 2027, we are raising our guidance range for cash flow from operations to between $49 million and $54 million, up from our prior range of $45 million to $52 million.

In closing, Q2 was another quarter in which we delivered strong financial results. The investments in our platform are driving top line momentum, while our commitment to financial discipline gives us the flexibility to invest in high-growth areas while raising our profitability and cash flow outlook for the fiscal year. Our updated outlook reflects both our confidence in the trajectory of the business and the operating discipline we continue to demonstrate. I want to thank our customers for their continued partnership, our employees for their dedication and our investors for their continued support.

With that, I will turn the call over for Q&A.

Operator

[Operator Instructions] Our first question comes from Matthew Maus from B. Riley Securities.

分析师问答

Josh Nichols

It's Josh Nichols here from B. Riley. Well, look, congrats on the record quarter. Clearly, like the usage revenue came in well above the 30% to 35% guide. Maybe if you could just give a little bit more color on what's driving that, traditional CPaaS versus AI and Engage platform offerings overall?

Samuel Wilson

All right. I'll take the first part of that, and I'll let Kevin make any comment on the number. Okay. So it's across the board, we're seeing increases in usage product. But a couple of things are going on, Josh. First, yes, the core CPaaS business in Southeast Asia continues to grow very robustly. We've seen some of our competitors effectively exit the market, opening the door to more opportunities there, and we've been seizing on them. Also, all of our AI products are usage-based by nature for the most part when we charge for them. And we're seeing a very rapid adoption of AI products into our base and those kinds of things. And we put out numbers recently in a release. We mentioned them on the call also, right? I think it's -- Kate can bring it. I think it's 13% of our revenue now has -- of our revenue has an AI product attached to it. So we're seeing that adoption increase, and that's coming through in the usage base line also. And so the hard part, obviously, with usage is not contracted. And so there's not that forward certainty of revenue, but we're really pleased with how it's been going.

Kevin Kraus

Yes. And I'll echo what Sam just saying, Josh, it is we do have growth in various areas across the platform usage. Still the bulk of the revenue is in APAC, but we are seeing upticks elsewhere. So that's a good sign.

Josh Nichols

And I noticed a couple of things. One, you've had very good success, the multiproduct customers that are ramping. I'm kind of curious with like the new customers that you're seeing coming on board, are they coming in like strictly as usage customers or are some landing and then expanding like more UC and contact center or more of the customers now signing up initially from like a multiproduct offering?

Samuel Wilson

I mean the thing is it's a little bit of everything, right? So we are winning more multiproduct land new logos. Obviously, a vast majority of our usage-based are add-ons to existing UC/CC customers. And still landing with that seat message is -- that seat product is generally the first -- the core of the land. So even if we sell an AI Studio or we sell one of CPaaS or one of the other things or SMS messaging or WhatsApp or anything else, most of those are effectively added on to that core UC platform land for our main business. And then in Asia, for our CPaaS business, that just starts as all usage, all new logos or usage. We sell obviously, in Australia, New Zealand and other places, UC/CC, but it's not as big as the CPaaS business. But it's a little bit of everything. I'd love to tell you it's really straightforward, but it all depends on the problem the customer is trying to solve.

Josh Nichols

Fair point. I think that's good for now.

Operator

[Operator Instructions] I'm showing no further questions at this time. I would now like to turn it back to Sam Wilson for closing remarks.

Samuel Wilson

All right. So thank you, everyone. I know it's a super busy day with the elections yesterday and lots of earnings today. So I appreciate the time to be on the call tonight. I just want to refer everybody back to in our IR section as we did an analyst event or kind of a readout, a virtual event last quarter. I think there's a lot of super important information, long-term operating model, those kinds of things. We're in that thing. So you have any questions about the company, et cetera, as you read this transcript, please refer to that. That's a great source of information. And otherwise, we won't probably speak to you again until after the holidays. So I wish everybody a happy holidays coming up and look forward to talking to you again in January and February. Thank you.

Operator

Thank you for your participation in today's conference. This does conclude the program, and you may now disconnect.