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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approach has made it a significant player in modernizing business communications, moving companies away from outdated, on-premises systems to efficient, cloud-based solutions.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) announced its Q2 2024 financial results, showing strong year-over-year growth. Total revenue increased by 10% to $593 million, with subscription revenue also up 10% to $567 million. Mid-market and Enterprise ARR saw 11% growth to $1.52 billion, and Enterprise ARR rose 12% to $1.05 billion. GAAP operating margin improved to (0.9%) from (8.4%) last year, while non-GAAP operating margin was 20.9%, up 160 basis points. Adjusted EBITDA reached $146 million, 24.6% of total revenue. Free cash flow hit a record $109 million. Guidance for 2024 has been raised, with expected total revenue between $2.393 and $2.399 billion and non-GAAP EPS of $3.62 to $3.67. Q3 2024 guidance includes a total revenue range of $600.5 to $603.5 million. Notable achievements include major deals with Whirlpool and other enterprise customers and a strategic partnership expansion with Cox Communications and Vodafone Business.
RingCentral's AI-driven cloud communications solutions have significantly improved MedCare Equipment's operations and patient experience. MedCare Equipment, a leading provider of home and durable medical equipment, has achieved:
- 40% reduction in average call wait times
- 92% time savings on agent call reviews and coaching
- Anticipated 20% faster resolution of customer issues and deal closures
These improvements are attributed to RingCentral's RingEX unified communications solution and RingSense for Sales. The implementation has provided MedCare with unparalleled reliability, call quality, and enhanced analytics capabilities. RingSense's AI-generated analyses have streamlined agent coaching and uncovered valuable business intelligence, particularly in identifying moments of uncertainty during customer interactions.
Four Inc. has been named a public sector aggregator for RingCentral, Inc. (NYSE: RNG), a leading provider of AI-driven cloud business communications solutions. The partnership will make RingCentral's RingEX™ and RingCX™ solutions available to the public sector through various contract vehicles, including NASA SEWPV, ITES-SW2, GSA, and OMNIA Partners.
This collaboration aims to enhance communication and collaboration capabilities for government agencies, offering a comprehensive suite of AI-powered tools for voice, video meetings, team messaging, and contact center solutions. RingCentral's platform is recognized for its robust security, reliability, and scalability, making it suitable for high-performance and compliance-focused government organizations.
RingCentral (NYSE: RNG) is expanding its strategic partnership with Vodafone Business to offer Vodafone Business Contact Center with RingCentral, powered by RingCX™. This expansion adds Contact Center as a Service (CCaaS) to Vodafone's existing Unified Communications as a Service (UCaaS) offering. Vodafone Business will extend its UC with RingCentral to 30 markets globally by early 2025.
The new contact center solution features AI-driven tools for call summaries, transcripts, automated scorecards, and coaching. It also includes voice and 20+ digital channels. The rollout will start in the UK, followed by Germany later this year. This expansion aims to enhance customer experiences and drive operational efficiency for Vodafone's multinational customers.
RingCentral (NYSE: RNG), a leader in AI-driven cloud business communications, will report its Q2 2024 financial results on August 1, 2024, post-market close. The company will also host a conference call at 2:00 PM PT (5:00 PM ET) the same day to discuss the results. Investors can access the call via phone or a live webcast on the company’s investor relations website. A replay will be available until August 8, 2024.
Vodafone Business Ireland and RingCentral (NYSE: RNG) launched Vodafone Business UC with RingCentral, a hybrid work solution, in Ireland. Already available in Italy, Spain, Portugal, Germany, and the UK, this platform aims to enhance communication and collaboration across devices.
With unified communications cloud penetration in Ireland at 43.7% and expected to surpass 80% by 2028, the market is ripe for growth. The solution offers team messaging, video meetings, and integrates with popular applications, driven by RingCentral's AI-powered platform, for increased productivity.
Vodafone Business UC with RingCentral is now available for new and existing Vodafone Business customers in Ireland.
Avaya and RingCentral announced an expanded partnership offering a new hybrid solution combining RingCentral's AI-powered cloud communications with Avaya Aura telephony, enhancing collaboration capabilities. This hybrid solution allows seamless collaboration across different telephony solutions within an organization, providing additional value for Avaya customers. The integration includes RingSense AI features such as live transcriptions, closed captioning, video summaries, and highlights. Furthermore, the partnership includes an integration of ACO phone capabilities with Microsoft Teams and an updated integration of AXP public cloud contact center with ACO for a unified communications and contact center experience. Overall, the partnership aims to empower customers with innovative communication solutions and flexible deployment options.
RingCentral, Inc. (NYSE: RNG) will be presenting at several upcoming investor conferences in May and June 2024. The company is a leading provider of AI-driven cloud business communications, contact center, video, and hybrid event solutions.
RingCentral, Inc. announced its first quarter 2024 financial results, exceeding revenue guidance with total revenue up 9% to $584 million and subscriptions revenue up 10% to $557 million. The company reported a solid performance, with a 40,000 seat deal with a Fortune 500 retailer and RingSense AI winning Best Overall Award at Enterprise Connect. The GAAP operating margin improved to (1.9%), and non-GAAP operating margin rose to 20.7%. RingCentral raised its 2024 revenue outlook and share repurchase authorization by $250 million.
RingCentral, Inc. (NYSE: RNG) announced new platform capabilities allowing users to embed AI, video, and social messaging into workflows without coding. Developers can gain insights into audio and video interactions, enhancing customer engagement. The platform offers new APIs for RingSense AI, Video SDK, and Social Messaging APIs, available to RingCentral Video Pro+™ and RingEX™ customers for free. The company also introduced RingCentral Workflow Builder for custom and automated workflows to enhance workplace efficiency and customer experiences.
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