Avaya Holdings Corp. (AVYA) 10K Annual Reports & 10Q SEC Filings

Raleigh-Durham, NC, - November 22, 2021 - Avaya Holdings Corp. (NYSE: AVYA) today reported financial results for the fourth quarter of fiscal 2021 ended September 30, 2021.

Financial Highlights

•Q4 Revenues of $760 million and fiscal 2021 revenues of $2.973 billion. Fiscal 2021 revenue includes an adjustment of approximately $15 million for the cumulative effect of an understatement of revenue in prior periods(1)

•OneCloud ARR (Annualized Recurring Revenue) was $530 million, up 25% sequentially and 177% from a year ago

•CAPS (Cloud, Alliance Partner and Subscription) was 44% of revenue, up from 33% a year ago; and 40% for fiscal 2021

•For fiscal 2021, software and services were 88% of revenue, flat year over year

•Recurring revenue was 66% for fiscal 2021, up from 63% a year ago

•GAAP Operating income was $33 million and Non-GAAP Operating income was $145 million; for fiscal 2021 GAAP Operating income was $180 million and Non-GAAP Operating income was $602 million

•GAAP Net income was $6 million and Non-GAAP Net income was $74 million; for fiscal 2021 GAAP Net loss was $13 million and Non-GAAP Net income was $304 million

•Adjusted EBITDA was $179 million, 23.6% of revenue, down 290 basis points year over year; for fiscal 2021 Adjusted EBITDA was $719 million, 24.2% of revenue

•GAAP Earnings Per Share of $0.06 and Non-GAAP Earnings Per Share of $0.77; for fiscal 2021 GAAP Loss Per Share was $0.20 and Non-GAAP Earnings Per Share was $3.16

The following information was filed by Avaya Holdings Corp. (AVYA) on Monday, November 22, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Avaya Holdings Corp.'s 10-K Annual Report:

Revenue - Product Highlight
The change was primarily due to proceeds in the prior year period from the sale of shares of RingCentral common stock, which were received by the Company upon entry into the strategic partnership in October 2019, partially offset by an increase in capital expenditures and an asset acquisition in fiscal 2021.

Other - Other Highlight
See the "Cautionary Note Regarding Forward-looking Statements" above and Part 1, Item 1A, "Risk Factors" in this Annual Report on Form 10-K for additional information regarding forward-looking statements and the factors that could cause actual results to differ materially from those anticipated in the forward-looking statements.
Financial - Shares Highlight
The decrease was primarily due to lower repurchases of shares of common stock under the Company's share repurchase program; lower principal prepayments under the Term Loan Credit Agreement; higher proceeds from the Employee Stock Purchase Plan which was introduced in June 2020; and higher proceeds from the exercise of stock options, partially offset by the issuance of Series A Preferred Stock to RingCentral upon entry into the strategic partnership and higher debt issuance costs in the prior year period as a result of the issuance of the Company's Senior Notes and its Term Loan Credit Agreement refinancing in September 2020 described in more detail below.
Other - Other Highlight
As a result of the partial settlement of the post-retirement life insurance in fiscal 2021, which is further described within Note 15, "Benefit Obligations," the market-related value of the Company's plan assets for other post-retirement life insurance plan is determined using the fair market value technique.
Revenue - Product Highlight
The decrease was mainly attributable to the decline in revenue described above.
Other - Other
The expected return on assets...Read more
Other - Other
EBITDA and Adjusted EBITDA We...Read more
Financial - Income
The decrease was primarily due...Read more
Financial - Earnings
Services gross margin increased from...Read more
Other - Other
We also present EBITDA and...Read more
Revenue - Product
Our operating results for fiscal...Read more
Revenue - Product
We believe Adjusted EBITDA provides...Read more
Revenue - Product
The carrying amount of the...Read more
Other - Other
At September 30, 2021, the...Read more
Revenue - Product
The increase was mainly driven...Read more
Financial - Expense
Impairment expenses associated with goodwill...Read more
Revenue - Product
The total transaction price for...Read more
Financial - Income
The Company's policy is to...Read more
Financial - Debt
While EBITDA measures are frequently...Read more
Legal - Other
The Company adjusts its estimated...Read more
Financial - Shares
The increase was primarily attributable...Read more
Revenue - Product
The Company sells directly through...Read more
Other - Other
The aggregate additional principal amount...Read more
Other - Other
Any accruals or revisions in...Read more
M & A - Other
Unallocated amounts for fiscal 2021...Read more
Other - Other
An unfavorable resolution in this...Read more
Financial - Expense
Salary growth and healthcare cost...Read more
Other - Other
Adjusted EBITDA is EBITDA as...Read more
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Amortization of intangible assets for...Read more
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The Company selects the assumed...Read more
Financial - Expense
While the Company believes that...Read more
Other - Other
Our reliable, secure and scalable...Read more
Financial - Shares
(d)Realized and unrealized gains on...Read more
Revenue - Geography
The increase in Americas International...Read more
Other - Other
The Company performed its annual...Read more
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(b)Restructuring charges represent employee separation...Read more
Financial - Expense
(c)Advisory fees represent costs incurred...Read more
Financial - Earnings
EBITDA measures do not represent...Read more
Other - Other
Pension and Post-retirement Benefit Obligations...Read more
Other - Other
Goodwill and Indefinite-lived Intangible Assets...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Avaya Holdings Corp. provided additional information to their SEC Filing as exhibits

Exhibit 10.29: Material Contract

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: AVYA
CIK: 1418100
Form Type: 10-K Annual Report
Accession Number: 0001418100-21-000095
Submitted to the SEC: Mon Nov 22 2021 4:10:21 PM EST
Accepted by the SEC: Mon Nov 22 2021
Period: Thursday, September 30, 2021
Industry: Telephone And Telegraph Apparatus

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Avaya Holdings Corp. (AVYA) SEC Filing 10-K Annual Report for the fiscal year ending Thursday, September 30, 2021

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