(SeaPRwire) – Ring beat fourth-quarter earnings expectations with a year-over-year revenue increase of 8.9% reaching $571.3 million, surpassing the consensus estimate of $570 million.
Hardware revenues, which accounted for 95.8% of total revenues, rose 9.1% year over year to $547.4 million. Other revenues, making up 4.2% of total revenues, increased 3.3% year over year to $23.9 million.
Annualized Exit Monthly Recurring Subscriptions (ARR) grew by 11% year over year to $2.3 billion. Mid-market ARR increased by 10%, while Enterprise ARR increased by 13% year over year, reaching $1 billion.
In Q4 2023, Ring expanded its product offerings with the introduction of three new products: Ring, Ring Sense for Business, and Ring Car Cam. These products were designed to meet evolving customer needs in areas such as contact center solutions, sales automation, and event management.
The non-GAAP gross margin for the fourth quarter of 2023 contracted by 60 basis points (bps) from the previous year to 78.4%. On a non-GAAP basis, research and development expenses increased by 6.4% year over year to $59.9 million, sales and marketing expenses increased by 0.5% to $230.7 million, while general and administrative expenses increased by 11.4% to $40.4 million.
Non-GAAP operating income was $117 million, up 59.3% year over year, and the non-GAAP operating margin increased by 650 bps from the previous year to 20.5%. As of December 31, 2023, cash and cash equivalents were $222.1 million, compared with $432.4 million as of September 30, 2023.
Cash flow from operations was $113.8 million in the fourth quarter, compared with $86.6 million in the third quarter of 2023. Non-GAAP free cash flow was $96.9 million, up from $86.7 million in the previous quarter.
For the first quarter of 2024, Ring expects revenues between $575 million and $580 million, representing year-over-year growth of 8-9%. Subscription revenues are expected to be between $550 million and $555 million, reflecting the same year-over-year growth rate.
The non-GAAP operating margin is expected to be 19.5% in Q1 2024, with non-GAAP net income per share expected to be 79-80 cents per share. Share-based compensation is expected to be in the range of $98-$100 million in the first quarter of 2024.
Artikel ini disediakan oleh pembekal kandungan pihak ketiga. SeaPRwire (https://www.seaprwire.com/) tidak memberi sebarang waranti atau perwakilan berkaitan dengannya.
Sektor: Top Story, Berita Harian
SeaPRwire menyampaikan edaran siaran akhbar secara masa nyata untuk syarikat dan institusi, mencapai lebih daripada 6,500 kedai media, 86,000 penyunting dan wartawan, dan 3.5 juta desktop profesional di seluruh 90 negara. SeaPRwire menyokong pengedaran siaran akhbar dalam bahasa Inggeris, Korea, Jepun, Arab, Cina Ringkas, Cina Tradisional, Vietnam, Thai, Indonesia, Melayu, Jerman, Rusia, Perancis, Sepanyol, Portugis dan bahasa-bahasa lain.
Year to date, Ring shares have lost 9.1% compared with the Computer & Technology sector’s increase of 7.7%.