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RingCentral, Inc. (symbol: RNG) is a leading provider in the Unified Communications as a Service (UCaaS) sector, offering businesses a seamless and secure way to manage voice, fax, text, and conferencing needs regardless of their size, location, device, or budget. Established in 2003, RingCentral has developed a robust cloud computing platform that ensures reliable and mission-critical business communications.
Unlike traditional phone companies, RingCentral delivers a flexible and easy-to-manage cloud communications solution that eliminates the need for on-premise phone systems and associated hardware. This allows businesses to easily set up, access, and control their communication services online or via a mobile device.
RingCentral's core product is the RingCentral MVP (Message, Video, Phone) solution, which integrates multiple communication methods into a single platform. Additionally, the company offers a cloud-based contact center solution and a stand-alone video meetings solution, as well as webinars.
Recent achievements include major partnerships and integrations with other cloud applications, further enhancing their service flexibility and scalability. The company’s financial health is underscored by consistent investments in their technology infrastructure, which has allowed them to provide a highly reliable and adaptable communication service.
RingCentral’s transformative approach has made it a significant player in modernizing business communications, moving companies away from outdated, on-premises systems to efficient, cloud-based solutions.
RingCentral (NYSE: RNG) has appointed Kira Makagon as President and Chief Operating Officer, effective immediately. Makagon, who previously served as Chief Innovation Officer and CMO, will oversee the company's product and technology organization, direct and channel sales, customer success, marketing, and operations organizations.
With over a decade of leadership at RingCentral, Makagon has been instrumental in driving product innovation and establishing the brand's industry leadership. CEO Vlad Shmunis emphasized her proven track record in building high-performing teams and understanding customer needs, positioning her as key to accelerating the company's next growth phase.
In her new role, Makagon highlighted RingCentral's unique position to leverage AI in business communications, particularly in unlocking the potential of voice data from billions of call minutes on their network. The company aims to enhance communication experiences for customers, employees, and support agents through AI-driven solutions.
RingCentral (NYSE:RNG) reported strong Q4 2024 results with total revenue reaching $615 million, up 8% year-over-year. The company achieved GAAP operating income of $16 million, compared to a loss of ($45) million in Q4 2023.
Key Q4 highlights include:
- Subscription revenue of $590 million (96% of total revenue)
- Non-GAAP operating income of $131 million (21.3% margin)
- Free cash flow of $112 million (18.2% of revenue)
- Over 30 deals worth $1+ million in total contract value
For full-year 2024, RingCentral posted total revenue of $2.4 billion, up 9% from 2023. The company announced positive GAAP operating income of $3 million, compared to a loss of ($199) million in 2023. The board increased share repurchase authorization by $100 million, with approximately $270 million remaining. Additionally, Kira Makagon was promoted to President and Chief Operating Officer.
RingCentral (NYSE: RNG) has introduced RingCentral AI Receptionist (AIR), an AI-powered phone agent embedded into their phone system that automatically handles customer inquiries and call routing. Unlike complex contact center solutions, AIR is designed for easy deployment without IT setup.
Key features include generative AI-powered customer inquiry resolution, multi-location support, intelligent call routing, SMS confirmations, call transcripts, and analytics. The system currently supports English, with Spanish launching in Q1 and more languages to follow.
Early customer results show significant impact: a security company resolved over 50% of inbound calls automatically, a home tech service company handled 60% of calls and captured additional leads, and a healthcare provider reduced average answer times from 12 to 0 seconds.
The service is currently available to selected U.S. businesses with a one-month, 100-minute free trial, with broader rollout planned for Q2 2025.
RingCentral (NYSE: RNG) and BT have launched Cloud Work RingCX, an AI-powered, cloud-based contact center platform. This platform is designed to enhance customer experiences through a combination of voice and messaging apps. It marks a significant evolution in RingCentral's decade-long strategic partnership with BT.
Cloud Work RingCX integrates seamlessly with BT Cloud Work, enabling agents to handle voice, video, and digital channels from a unified platform. It offers real-time analytics and AI assistance, helping agents resolve issues faster and more accurately. Supervisors can monitor performance, identify areas for improvement, and provide targeted coaching.
The platform aims to enhance operational efficiency and customer engagement, with a planned rollout to small and medium business customers later this year. Key benefits include enhanced customer experience through AI-driven tools, seamless integration with BT’s unified communications services, and advanced security and fraud management.
RingCentral (NYSE: RNG), a leader in AI-powered business communications, has scheduled its fourth quarter 2024 financial results announcement for February 20, 2025, after market close. The company will host a conference call at 2:00 PM Pacific Time (5:00 PM Eastern Time) on the same day to discuss the results.
Interested parties can join the conference call by dialing 1-888-349-0093 (US) or 1-412-317-5201 (International). A replay will be available until February 27, 2025, accessible by dialing 1-844-512-2921 (US) or 1-412-317-6671 (International) with access code 10195940. The event will also be available via webcast on RingCentral's investor relations website.
RingCentral (NYSE: RNG) has announced significant enhancements to its Events platform, including the launch of Studio, a new capability that enables organizers to stream and produce branded events within a single interface. The company has also introduced AI Clips, a feature that automatically generates highlights from event recordings.
The platform has gained notable traction with Fortune 500 customers, including AWS, Trimble, MSNBC, Target, Adobe, Block, Lattice, and DHL. Studio offers key features such as real-time streaming, seamless event management, and enhanced audience engagement tools, all available at no additional cost to RingCentral Events customers.
According to Optimizely's Senior Director of Global Marketing Campaigns, the platform has demonstrated success in hosting larger, more complex online events, resulting in increased attendee engagement and qualified leads from virtual events.
RingCentral (NYSE: RNG) has enhanced its Zendesk integration by launching Zendesk Talk Partner Edition for RingEX™. The upgrade embeds RingEX's voice capabilities and call data into Zendesk's platform, featuring Voice Comment and Standard Call Object capabilities. LUSH, a cosmetics retailer, reports saving 3-5 minutes per call with this integration, totaling about 40 minutes saved per agent daily. The solution offers 99.999% uptime, improved ticket management, and enhanced flexibility in call handling methods. The integration allows users to seamlessly switch between communication channels while maintaining context-aware customer interactions.
RingCentral (NYSE: RNG), a leading provider of AI communications solutions, has announced its management team's participation in two upcoming investor conferences. The company will present at the UBS Global Technology and AI Conference on December 3, 2024, at 10:15 a.m. MT, and the Barclays 22nd Annual Global Technology Conference on December 11, 2024, at 10:25 a.m. PT. Both presentations will be available via live webcast on RingCentral's investor relations website.
RingCentral (NYSE: RNG) and Verint (NASDAQ: VRNT) have announced a strategic partnership to enhance RingCX customers' experiences with AI-powered Workforce Engagement Management (WEM) and Customer Experience (CX) automation. This collaboration aims to improve employee productivity and customer satisfaction through Verint's leading WEM and CX solutions, complementing RingCentral's AI capabilities. Key benefits for RingCX customers include enhanced interaction analytics, forecasting, scheduling, AI automation for routine tasks, intelligent virtual agents for 24x7 support, and centralized knowledge management. The partnership is expected to drive competitive advantage and operational efficiency, benefiting a broad range of sophisticated contact center use cases.
RingCentral announced its Q3 2024 financial results, reporting a 9% year-over-year revenue increase to $609 million. Subscriptions revenue rose 10% to $583 million, representing 96% of total revenue. The company achieved a GAAP operating profit for the first time, with a margin of 0.5%, up from a loss of (9.7%) last year. Non-GAAP operating margin improved to 21%, up 190 basis points. Net cash from operations increased 47% to $127 million, and free cash flow grew 51% to $105 million. RingCentral raised its 2024 revenue guidance to $2.397-$2.399 billion and non-GAAP EPS to $3.69. The company also announced new innovations for its AI-powered contact center solution and strategic partnerships with Verint and Zayo. Additionally, RingCentral received a PAN-India license to operate across all telecommunications circles in India and renewed its agreement with AT&T.
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