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Avaya Holdings Corp. (AVYA) reported its fiscal results for Q4 2020, revealing revenues of $755 million and GAAP net income of $37 million. The company’s recurring revenue rose to 63%, and CAPS revenue increased to 33% of total revenue. Adjusted EBITDA was $200 million, marking a 26.4% margin. Strong performance was attributed to a successful cloud strategy and innovation investments, alongside completion of a refinancing that improved financial flexibility. Looking forward, Avaya projects Q1 2021 GAAP revenue between $710 million and $730 million.
Avaya (NYSE: AVYA) and RingCentral (NYSE: RNG) announce an expansion of Avaya Cloud Office™ to five major European economies: Austria, Belgium, Germany, Italy, and Spain, set for December. This expansion follows the service's U.S. launch in March and will cover 12 countries in total. The demand for this unified communications as a service (UCaaS) solution stems from partners and customers seeking flexibility for remote work. The euro area is projected to grow by 6.1% in 2021, enhancing Avaya Cloud Office's appeal during economic uncertainty.
Avaya Holdings Corp. (NYSE: AVYA) will release its financial results for Q4 fiscal 2020 on November 18, 2020, before the market opens. A live webcast and conference call featuring CEO Jim Chirico and CFO Kieran McGrath will take place at 8:30 a.m. ET. Investors can access the conference call by phone or via the investor page on Avaya's website. A replay will be available for one week. Avaya focuses on innovative cloud communications solutions that enhance customer and employee experiences, aiming to support business growth.
Avaya has redesigned its award-winning Avaya Vantage™ desktop device, enhancing the home-office experience with features like HD conferencing, wideband audio, and built-in microphones. The device integrates with Avaya Spaces™, a cloud-based collaboration tool, allowing seamless communication for remote workforces. Key findings from a survey indicate 65% of companies are adopting new video conferencing tools, while projections suggest that 30% of the workforce may work from home post-pandemic. Avaya Vantage aims to streamline meetings and offload tasks from laptops, improving productivity.
Avaya (NYSE: AVYA) released its "Work from Anywhere" study, revealing 72% of U.S. businesses are reevaluating their work models due to COVID-19. The study shows that 58% believe remote work allows for a wider talent pool, while 80% are improving customer and employee experiences. Key findings include 83% of businesses feeling prepared for remote work, with 85% planning to keep new technologies permanently. Notably, 71% of decision-makers reported accelerated tech adoption, focusing on security and collaboration tools.
Avaya has partnered with Telecom Consulting Group (TCG) to enhance its presence in the U.S. market. TCG will become a Master Agent for Avaya Cloud Office by RingCentral, offering a unified communications platform that combines voice, video, messaging, and file sharing. This collaboration is expected to benefit TCG's 5,000 agents and expand Avaya’s reach in the UCaaS sector. The platform features over 150 integrations, simplifying workflows for users.
Avaya has been selected by the U.S. Social Security Administration (SSA) for its digital transformation initiative, utilizing the Avaya OneCloud portfolio of communication solutions. This partnership aims to enhance customer experience for over 65 million beneficiaries while managing operational costs. Avaya's solutions will support SSA's workforce of 62,000 employees across 1,300 locations, facilitating a more flexible and efficient customer service environment. The collaboration emphasizes the agency's commitment to modern technology to meet evolving user demands.
Avaya (NYSE: AVYA) has been recognized as a Niche Player in the 2020 Gartner Magic Quadrant for Meeting Solutions, reflecting its progress in innovative communication solutions. Avaya Spaces™, a video conferencing and collaboration tool, has seen a significant increase in usage, particularly during the COVID-19 pandemic, with video traffic surging by 2500%. The app facilitates collaboration across nearly 100 countries, catering to businesses, schools, and government sectors. Avaya also announced partnerships, including one with NVIDIA, to enhance AI-powered meeting capabilities.
Avaya (NYSE: AVYA) is offering critical support to customers potentially impacted by Hurricane Delta. The company provides a free 60-day trial of its cloud-based collaboration app, Avaya Spaces, along with 90-day complimentary licenses for its Contact Center and Unified Communications solutions. Additionally, Avaya introduces short-term, pay-as-you-go offers for cloud-based IVR and mass notifications.
These measures aim to ensure businesses can maintain communication and operational continuity during the crisis.
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