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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approach has made it a significant player in modernizing business communications, moving companies away from outdated, on-premises systems to efficient, cloud-based solutions.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) and Frontier (NASDAQ: FYBR) have partnered to launch an all-in-one productivity solution aimed at small businesses. This package includes cloud communications, high-speed fiber internet, and a reliable business phone system, enabling seamless operation from anywhere. The bundle supports video conferencing for 100 participants and offers internet speeds up to 2 Gig, enhancing bandwidth needs for modern workplaces. Available since March 3, 2022, it covers approximately 4 million homes and businesses.
RingCentral (NYSE: RNG) launched two new products, RingCentral Education Essentials and RingCentral Education Standard, aimed at enhancing hybrid learning environments for educational institutions. These solutions provide seamless communication through a unified app, connecting students, educators, and administrators via messaging, phone, and video. Additional features include campus safety support, simplified administration, and real-time classroom materials sharing. Both products are set to be available by the end of March, emphasizing security with a 99.999% uptime SLA.
RingCentral reported strong financial results for Q4 and FY 2021, with total revenue rising 34% year-over-year to $448 million. Annualized Exit Monthly Recurring Subscriptions (ARR) reached $1.8 billion, up 39%. Subscriptions revenue constituted over 90% of total revenue, reaching $420 million, a 37% increase. Despite a GAAP operating loss of $103 million, non-GAAP operating income was $47 million, improved from $34 million last year. The company projects 2022 revenue between $1.990 billion and $2.015 billion, indicating annual growth of 25% to 26%. CEO Vlad Shmunis emphasized momentum with larger customers and strategic partnerships.
RingCentral (NYSE: RNG) and Zoom (NASDAQ: ZM) have mutually agreed to withdraw from all ongoing legal proceedings, allowing both companies to focus on transitioning RingCentral Meetings customers to the new RingCentral Video™ platform. The resolution means no further claims will be pursued, ensuring customers experience a smooth migration with full support during the transition period. RingCentral's existing customers will continue to receive core features and updates throughout this process. Further details regarding the settlement were not disclosed.
The partnership between RingCentral and Deutsche Telekom has expanded with the launch of RingCentral X powered by Telekom, a comprehensive communications solution that combines messaging, video meetings, and cloud phone systems. This service will roll out to all German business customers by the end of Q1 2022, enhancing collaboration and flexibility for users.
RingCentral has also obtained the C5 certification from the German Federal Office for Information Security, ensuring compliance with security standards for government institutions.
Vodafone Business and RingCentral (NYSE: RNG) launched the 'Vodafone Business UC with RingCentral,' a new communications platform that combines RingCentral's MVP™ with Vodafone's 5G capabilities. This platform aims to enhance workforce collaboration, offering features like team messaging, HD video meetings, and cloud phone capabilities in a single app. Initially rolled out in the UK, Germany, Hong Kong, Italy, Portugal, Singapore, Spain, and Sweden, it supports hybrid work environments, enabling businesses to transition from legacy systems securely and efficiently.
RingCentral, Inc. (NYSE: RNG) will report its fourth-quarter financial results for the period ending December 31, 2021, on February 22, 2022, after market close. The company will host a conference call on the same day at 2:00 PM Pacific Time to discuss these results. Investors can access a live webcast and replay through RingCentral's investor relations page.
RingCentral offers a comprehensive portfolio of cloud communications solutions including its MVP platform, video meetings, and contact center services, designed to support modern, mobile workforces.
RingCentral (NYSE:RNG) has appointed Mo Katibeh as its new Chief Operating Officer, effective January 18, 2022. Previously serving AT&T as Chief Product and Marketing Officer, Katibeh brings over 20 years of experience, overseeing $36 billion in annual revenue and global workforce management of 50,000. His track record includes leading major cloud-based communication initiatives, crucial for adapting to the evolving hybrid workforce. CEO Vlad Shmunis emphasized Katibeh's importance in driving innovation and growth as the company targets a $100B market in cloud communications.
RingCentral, Inc. (NYSE: RNG) has announced a new share repurchase program, enabling the company to buy back up to $100 million of its Class A common stock. This decision underscores the Board's confidence in the company's long-term growth potential, which they believe is not currently reflected in its market valuation. Repurchases will be funded through future cash flows and additional sources, with strategy dependent on market conditions. The program is effective until December 31, 2022, and will be periodically reviewed for potential adjustments.
RingCentral (NYSE: RNG) announced that Anand Eswaran is stepping down as President and COO, effective January 1, 2022. Vaibhav Agarwal, previously Chief Accounting Officer, will take on the role of Interim CFO. The leadership change aims to ensure business continuity amid ongoing digital transformation opportunities. Despite the transition, RingCentral maintains its guidance for full-year 2021 revenue between $1.580 billion and $1.581 billion, reflecting a 33% to 34% growth compared to the previous year. Eswaran will assist in the transition until the end of 2021.
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